New Jersey, NJ, July 15, 2019 (GLOBE NEWSWIRE) -- Fior Markets launched a study titled, "Neurovascular Devices Market by Device Type (Neurothrombectomy, Cerebral Angioplasty & Stenting Systems, Others), Therapeutic Application, Regions, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2019 to 2026". As per the report, the global neurovascular devices market is expected to grow from USD 2.59 Billion in 2018 to USD 3.48 Billion by 2026, at a CAGR of 5.96% during the forecast period 2019-2026. Growing preference for the minimally invasive surgeries, the global increase in geriatric population and favorable medical reimbursement conditions are driving the global neurovascular devices market.
Neurovascular devices are mainly used in the surgery, diagnosis, and treatment of various neurological diseases. These devices are immensely used in the treatment and diagnosis of all categories of diseases and conditions involving the peripheral and central nervous system. Neurovascular devices aid in the treatment of various neurovascular disorders such as cerebral aneurysms and intracranial atherosclerotic disease. Thus, the rising incidence of the neurological disorders coupled with a growing demand for effective neurovascular devices is expected to drive the market growth over the forecast period.
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Global Neurovascular Devices Market Key Findings:
- The market demand for the neurovascular devices is increasing due to the factors such as increase in geriatric population, increasing prevalence of neurovascular disorders, favourable medical reimbursements regulations along. Furthermore the growing demand for effective neurovascular devices as well as increasing awareness among neurologists about the neurology devices is driving the global neurovascular devices market.
- However, the stringent regulatory approval process and paucity of skilled neurosurgeons are predicted to hold back the growth of the market over the forecast period.
- Increasing research activity in the field of neurovascular therapies, growing preference for the minimally invasive neurosurgical procedures are expected to create new opportunities for the market growth in upcoming years.
- Device type segment is divided into cerebral embolization and aneurysm coiling devices, cerebral angioplasty and stenting systems, neurothrombectomy devices and support devices. The cerebral embolization and aneurysm coiling devices segment emerged as the leader in the global neurovascular devices market with USD 1.02 billion revenue in 2018. Cerebral embolization is a process used in the blocking off part of a blood vessel that is causing problems. Factors such as large number of people undergoing the neurological surgery as well as availability of these products in various lengths and volumes were responsible for this increased market share. In addition, growing occurrence of brain diseases such as brain aneurysm has further supplemented the segment growth. The cerebral embolization and aneurysm coiling devices segment is expected to hold the largest CAGR of 7.94% during the forecast period.
- The therapeutic application segment contains stroke, cerebral artery stenosis, cerebral aneurysm, others. The cerebral aneurysm segment is projected to grow at the highest CAGR of 8.04% over the forecast period. Growing prevalence of the cerebral aneurysms along with its treatment with help of embolizing coils and stents are anticipated to propel this growth over the forecast period. However the stroke segment is anticipate to hold highest revenue due to the increasing cases of the stroke. According to Centers for Disease Control and Prevention (CDC), stroke kills about 140,000 Americans each year that is 1 out of every 20 deaths. Every year, more than 795,000 people suffer a stroke and about 87% of all strokes are ischemic strokes. This increasing rate of stoke is the major reason for the growth of the stroke segment in the global neurovascular devices market.
- The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region emerged as the largest market for the neurovascular devices with a 42.18% share of market revenue in 2018.
- North America has well-developed healthcare facilities, high incidence rate of the neurological stroke along with favorable reimbursement structure and availability of advanced technologies with higher efficiency and reliability.
- The Asia Pacific region is projected to grow at the highest CAGR of 8.24% over the forecast period. Growing awareness pertaining to neurovascular disorders and its management, rapid improvement in the standard of healthcare facilities are some of the factors that are expected to drive this increased growth rate.
- For instance in 2016, Medtronic plc launched its Pivox Oblique Lateral Spinal System with Lateral Plate for OLIF25 and Divergence-L Anterior/Oblique Lumbar Fusion System for OLIF51 for the development of OLIF (Oblique Lateral Interbody Fusion) Platform. The OLIF platform is a minimally invasive spine fusion procedure utilized for the placement of an implant into the disc space for anterior column support.
- For instance in 2016, Penumbra, Inc. launched ACE 68 Reperfusion Catheter for the treatment of acute ischemic stroke. It includes latest technological advancements to deliver maximum aspiration power for extracting thrombus in acute ischemic stroke patients.
- Major players in the global neurovascular devices market are Abbott Laboratories, W. L. Gore & Associates, Inc., Johnson & Johnson, Medtronic PLC, Merit Medical Systems, Inc., MicroPort Scientific Corporation, Penumbra, Inc., Stryker Corp., Terumo Medical Corporation, Integer Holdings Corporation, and Acandis GmbH & Co. KG among others.
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All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment.
This study forecasts revenue and volume growth at global, regional, and country levels from 2016 to 2026. Fior Markets has segmented the global neurovascular devices market on the basis of below-mentioned segments:
Global Neurovascular Devices Market by Device Type:
- Cerebral Embolization and Aneurysm Coiling Devices
- Cerebral Angioplasty and Stenting Systems
- Neurothrombectomy Devices
- Support devices
Global Neurovascular Devices Market by Therapeutic Application:
- Cerebral Artery Stenosis
- Cerebral Aneurysm
Global Neurovascular Devices Market by Region:
- North America
- South America
- Middle East and Africa
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