The Neurovascular Devices Market is poised for a period of stable expansion over the next decade, according to a new report by Future Market Insights (FMI), a leading market research firm. The report estimates the current market value to be US$3.0 billion in 2024. Looking ahead, the market is projected to reach US$3.9 billion by 2034, reflecting a moderate Compound Annual Growth Rate (CAGR) of 2.7% throughout the forecast period.
One of the key drivers of this market’s growth is the increasing incidence of neurological disorders, particularly strokes. Strokes are a leading cause of death and disability worldwide, prompting healthcare providers to adopt advanced neurovascular devices for better patient outcomes. The shift from traditional open surgeries to minimally invasive procedures has not only improved patient comfort but has also reduced healthcare costs.
In recent years, technological advancements have led to the development of cutting-edge neurovascular devices. These devices include stent retrievers, embolization coils, flow diverters, and liquid embolic agents, among others. The continuous innovation in materials and design has enhanced the efficacy of these devices, making them safer and more efficient for neuro-interventional procedures.
Furthermore, the growing aging population has contributed to the expansion of the Global Neurovascular Devices Industry. With an aging demographic, there is an increased susceptibility to neurovascular diseases, necessitating a higher neurovascular guidewires market demand for these devices. Additionally, the expanding awareness of these conditions and the availability of advanced treatment options have spurred market growth.
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Key Neurovascular Devices Used In Interventional Neurology Include:
- Stent Devices: Stents are used to treat intracranial stenosis, which involves the narrowing of blood vessels in the brain. These devices are designed to improve blood flow and prevent strokes. They can be self-expanding or balloon-expandable.
- Coil Devices: Coils are used to treat intracranial aneurysms. They are inserted into the aneurysm to induce clotting, thereby preventing the risk of rupture. Coiling is a less invasive alternative to surgical clipping.
- Embolization Devices: These devices are used to block or divert blood flow in AVMs or other vascular abnormalities. They include detachable balloons and various embolic agents.
- Thrombectomy Devices: Thrombectomy devices are used to remove blood clots from the brain’s blood vessels, primarily in the treatment of acute ischemic strokes. These devices are highly time-sensitive, as quick intervention is crucial in stroke cases.
- Flow Diverters: Flow diverters are used to treat wide-necked aneurysms by diverting blood flow away from the aneurysm sac. They are relatively newer devices in the neurovascular field.
- Microcatheters: Microcatheters are thin, flexible catheters used to navigate the intricate blood vessels of the brain. They are crucial for precise device placement during neuro-interventional procedures.
- Guidewires: Neurovascular guidewires act as the compass for traversing the intricate pathways of the neurovasculature, providing a vital roadmap for the precise deployment of accompanying medical instruments.
The market for neurovascular devices in interventional neurology has been growing steadily due to several factors, including an aging population, increased awareness of neurovascular diseases, and advancements in technology and minimally invasive procedures. Additionally, research and development efforts continue to focus on improving the safety and efficacy of these devices.
Neurovascular Devices Market : A Look at Recent Developments:
- In 2020, Johnson & Johnson introduced a groundbreaking innovation in the field of stroke solutions with the launch of Cerenovus stroke solutions. This revolutionary product is designed to effectively address clot-related issues. At the heart of this cutting-edge solution lies the Big Bore Catheter, paired with the Emo Trap 3 revascularization device.
- In a strategic move to expand its presence in the global neurovascular market, Penumbra forged a strategic partnership with Genesis MedTech in 2021. This dynamic collaboration aims to elevate the market’s stature and impact in China, showcasing a commitment to advancing neurovascular healthcare in the region.
- In a parallel development, Pehnox, a prominent player in the neurovascular industry, ventured into the European market by establishing a new entity in the United Kingdom. This bold move underscores Pehnox’s dedication to enhancing the neurovascular market size across Europe, signaling a new era of neurovascular healthcare solutions for the continent.
Neurovascular Devices Market Key Competitor Companies:
- Johnson & Johnson
- Medtronic PLC
- Stryker Corporation
- Terumo Corporation
- Penumbra
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Neurovascular Devices Market: Segmentation
By Product:
- Aneurysm Coiling and Embolization Devices
- Cerebral Balloon Angioplasty
- Stenting Systems
- Support Devices
- Neurothrombectomy Devices
By Disease Pathology:
- Ischemic Strokes
- Cerebral Aneurysm
- Carotid Artery Stenosis
- Arteriovenous Malformations
- Fistulas
- Others
By End User:
- Hospitals and Surgical Centers
- Ambulatory Care Centers
- Research Laboratories
- Academic Institutes
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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