The neurovascular devices market consists of various medical devices used in the treatment of neurovascular diseases such as aneurysms, arteriovenous malformations, carotid artery disease, and cerebral atherosclerosis. Neurovascular devices include embolic coils, carotid stents, intracranial stents, neurovascular thrombers, and flow diverters. These devices aid surgeons in re-opening blocked vessels and restoring normal blood flow to the brain. The global neurovascular devices market is estimated to be valued at US$ 2.64 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

Rising prevalence of neurovascular diseases is expected to drive the growth of neurovascular devices market over the forecast period. Neurovascular diseases affect hundreds of thousands of people globally each year and can lead to strokes, debilitating conditions, and even death if not treated on time. The rise in risk factors such as hypertension, diabetes, and unhealthy lifestyle has significantly increased the incidence of conditions such as aneurysms and carotid artery disease. For instance, according to the American Stroke Association, nearly 800,000 people in the U.S. suffer a stroke annually. Thus, growing disease burden of neurovascular disorders has increased the demand for various neurovascular devices for efficient diagnosis and treatment of such conditions. This offers immense growth opportunities for players in the neurovascular devices market.

Porter's Analysis

Threat of new entrants: The Global neurovascular devices market size has high entry barriers such as high capital requirements and stringent regulatory norms.

Bargaining power of buyers: Individual consumers have low bargaining power while large hospitals and healthcare systems hold significant power in negotiations with device makers on pricing and supply.

Bargaining power of suppliers: Device makers hold a sizable degree of control over raw materials and component supply chains used in manufacturing neurovascular devices.

Threat of new substitutes: Alternatives like drug and minimally invasive therapy options pose a mild threat to neurovascular devices at present.

Competitive rivalry: The market landscape is moderately concentrated with notable competition among key global players.

SWOT Analysis

Strength: Neurovascular devices offer effective treatment for various brain and spine conditions with benefits like minimal invasiveness.

Weakness: High costs of neurovascular devices and procedures can limit widespread adoption in developing nations. Lack of skilled neurosurgeons in some regions also acts as a constraint.

Opportunity: Rising geriatric populations worldwide coupled with the growing prevalence of neurological disorders presents massive opportunities for growth.

Threats: Stringent regulatory approvals and clinical trials along with reimbursement issues in certain countries pose threats.

Key Takeaways

The global neurovascular devices market is expected to witness high growth over the forecast period of 2023 to 2030 on account of an aging demographic, rising incidence of neurological disorders, and technological advancement of treatment solutions.

Regionally, North America dominated the neurovascular devices landscape in 2024 with the United States accounting for the lion's share. This was attributed to factors such as the introduction of innovative products, availability of reimbursements, and growing demand for effective neurovascular procedures. Asia Pacific is anticipated to be the fastest growing market during the projection period driven by countries like China and India experiencing substantial economic development alongside growing medical tourism.

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