Neurovascular devices are used to treat neurovascular illnesses, including atherosclerosis, arteriovenous malformations, aneurysms, etc., that affect the nervous system, brain, and blood vessels connected to it.

In 2021, the market for neurovascular devices was USD 2.82 billion, and by 2030 it will reach USD 5.92 billion, growing at a 8.6% CAGR during the forecast period. 

The development of the neurovascular devices market has been positively impacted by factors like proactive government initiatives, rising consumer awareness, and significant demand for minimally invasive surgeries. During the projection period, the market will grow due to the development of healthcare technology and the rise in neurovascular treatments performed worldwide. Demand for neurovascular devices will increase as the number of elderly people increases.

Market Dynamics

Drivers

The market for neurovascular devices is growing due to the increasing rate of neurovascular disorders globally. For the detection and treatment of illnesses of the brain and central nervous system, neurological gadgets are frequently utilized. The demand for neurovascular devices is developing due to the growing adoption of minimally invasive operations due to technological advancements in neurology. The rising rate of neurological conditions like stroke, epilepsy, and cerebral aneurysm in the general population is driving the need for neurovascular devices.

The development and greater use of neurovascular devices are a result of increasing corporate and government spending in research and development activities and the creation of sophisticated healthcare infrastructure. The existence of technologically advanced neurovascular devices has significantly aided in the development of advanced treatments for a variety of neurological illnesses.

Restraints

However, the shortage of qualified personnel to handle this technology could impede market expansion. Furthermore, the market for neurovascular devices will face significant obstacles from strict government regulations regarding medical equipment, and product recalls throughout the forecast period.

Opportunity 

Additionally, the market will expand in the coming years due to key players' strategic initiatives, such as research and development to create innovative devices and rising product launches, approvals, and technological advancements in devices to meet the rising demand for neurovascular devices.

Market Segmentation

By Device

In 2022, the cerebral embolization and aneurysm coiling devices segment led the market with a revenue share of nearly 34.79%. Aneurysms can be treated using coil embolization, a minimally invasive technique that seals the sac and lowers the risk of bleeding. The increasing rate of the aneurysm will drive segment growth throughout the forecast period. 

The neuro-thrombectomy devices segment will grow at the greatest CAGR over the forecast period. This segment will expand due to increased growth strategies used by the major market players, including product launches, mergers, and acquisitions, and a rise in the incidence of acute ischemic stroke.

By Therapeutic Application

Due to the rising frequency of hypertension, stroke, and other neurological illnesses, stroke held the biggest market share of nearly 57.10% in 2022. Strokes are the second largest cause of mortality worldwide, responsible for over 140,000 fatalities annually in the United States. The global government has launched several programs to avoid stroke. 

By End-Use

In 2022, the hospital segment was the biggest market, with a revenue share of nearly 70.95%. The largest share is due to the rise in patients with neurovascular conditions such as ischemic and hemorrhagic stroke, brain aneurysms, traumatic brain injury (TBI), and arteriovenous malformation. For instance, the World Stroke Organization estimates that 1 in 4 people above

25 have a stroke at some point in their lifetime. 

Regional Analysis

North America held a 26.44% market share for neurovascular devices in 2022. The significant share of this region is due to the existence of key companies in the region, including Penumbra, Inc., Stryker Corporation, Johnson & Johnson, and Merit medical systems, Inc. Additionally, this region's market for neurovascular devices is growing due to the increased frequency of neurological disorders and the rising desire for minimally invasive surgical treatments.

The Asia Pacific regional market will expand rapidly due to the rising burden of target diseases. In India, nearly 30 million people have neurological diseases of different types, with an average prevalence rate of 2,394 patients per 100,000 people. Factors like rising healthcare costs and the arrival of major players in the area also foster market expansion.

Key Players

· Stryker

· Terumo Corporation

· Penumbra. Inc.

· Medtronic Plc

· Micro Port Scientific Corporation

· Johnson & Johnson Corporation

· Merit Medical Systems

· WL. Gore & Associates Inc.

· Others

In 2021, the market for neurovascular devices was USD 2.82 billion, and by 2030 it will reach USD 5.92 billion, growing at a 8.6% CAGR during the forecast period. The global market for neurovascular devices has grown because of the growing geriatric population & the increasing frequency of neurovascular illnesses among people worldwide.

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