The growth of the market is driven by innovation in the treatment for neurovascular disease and the growing target population for patients in emerging economies.
Market Size – USD 2.12 Billion in 2018, Market Growth - CAGR of 5.6%, Market Trends – Growing target population for patients, favorable medical reimbursements, expansion of healthcare infrastructure across emerging markets, and increased market demand for effective neurovascular devices.
NEW YORK, April 29, 2019 (GLOBE NEWSWIRE) -- The Neurovascular Devices Market is forecasted to grow from USD 2.12 Billion in 2018 to USD 3.35 Billion by 2026, at a CAGR of 5.6%, during the forecast period. The market is primarily driven by the growing target population for patients, favorable medical reimbursements, expansion of healthcare infrastructure across emerging markets, and increased market demand for effective neurovascular devices.
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Technological advances have increased life expectancy, resulting in an increase in geriatric population as a consequence. The geriatric population (age 60 & above) is projected to increase by 57% from 902 million in 2015 to 1.41 Billion by 2030, according to a report published by the United Nations. As a result, the aging population around the globe is expected to rise to boost demand for neurovascular devices.
Neurovascular therapy technological developments, such as the development of GORE TIGRIS by W L Gore and Medtronic distal filter embolic protection device SpiderFX, are expected to serve as a high impact rendering driver. It is expected that inclination for minimally invasive surgery in brain aneurysm and stroke treatments will be the key factor that will increase market growth.
Increasing numbers of neurovascular therapy research, increased demand for minimally invasive neurochirurgical procedures, and increased awareness for minimally invasive surgical procedures among neurochirurgists provide significant market growth opportunities. However, strict regulatory scenario and skilled neurosurgeon dearth may hinder the growth of the market during the forecast period.
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Further key findings from the report suggest
- The Neurovascular Devices Market is forecasted to grow from USD 2.12 Billion in 2018 to USD 3.35 Billion by 2026, at a CAGR of 5.6%, during the forecast period. The market is primarily driven by the growing target population for patients, favorable medical reimbursements, expansion of healthcare infrastructure across emerging markets, and increased market demand for effective neurovascular devices.
- The market for cerebral embolization and aneurysm coiling devices is expected to grow the largest at USD 1.11 Billion in 2026, at a CAGR of 6.5% during the forecast period. Growing geriatric population and cerebrovascular disorder prevalence are likely to encourage segment development. Cerebral angiography involves using contrast colors and X-rays to monitor blood flow through the brain. Products for neurothrombectomy are used in patients who are ineligible for activator therapy for tissue plasminogen.
- The market for stroke is expected to grow the largest at USD 1.91 Billion in 2026, at a CAGR of 6.1% during the forecast period. Motor impairment, which causes movement disabilities, is the most common outcome associated with stroke. The primary focus in stroke rehabilitation with the help of stents and embolization coils is the recovery of lost artery functions.
- In 2018, North America dominated the market for Neurovascular devices. The market for North America is expected to reach USD 1.21 Billion in 2026, at a CAGR of 6% during the forecast period. Key factors driving this growth include a favorable reimbursement structure, particularly in the U.S., large-scale R&D investments, and wide use of neurochirurgical products supported by the availability of advanced technologies with higher efficiency and confidence.
- The major players in the market are W. L. Gore & Associates, Inc. (US), Terumo Corp. (Japan), Abbott Laboratories (US), Merit Medical Systems, Inc. (US), Medtronic Plc (Ireland), Penumbra, Inc. (US), Stryker Corp. (US), Johnson & Johnson (US), MicroPort Scientific Corp. (China) and others.
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Segments covered in the report:
This report forecasts volume and revenue growth at a global, regional & country level, and provides an analysis on the industry trends in each of the sub-segments from 2016 to 2026. For the purpose of this study, Reports and Data have segmented the market on the basis of type, application and regional analysis.
Type (Revenue, USD Million; 2016-2026)
- Cerebral Embolization and Aneurysm Coiling
- Embolic Coils
- Flow Diversion
- Liquid Embolic Agents
- Cerebral Angioplasty and Stenting Systems
- Carotid Artery Stents
- Embolic Protection Systems
- Neurothrombectomy
- Clot Retrieval
- Suction
- Vascular Snares
- Support
- Micro Catheters
- Micro Guidewires
Application (Revenue, USD Million; 2016-2026)
- Cerebral Artery Stenosis
- Stroke
- Cerebral Aneurysm
- Others
Region (Revenue, USD Million; 2016-2026)
- North America
- US
- Europe
- France
- UK
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Middle East & Africa
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