Global neurovascular devices market is expected to reach USD 3.48 Billion by 2026, at a CAGR of 5.97% from 2019 to 2026. Growing preference for the minimally invasive surgeries, 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 are expected to drive the market growth over the forecast period.
- The base year for the study has been considered 2018, historic year 2016 and 2017 and, the forecast period considered is from 2019 to 2026. The global neurovascular devices market is analysed on the basis of value (USD Billion) volume (Thousand Units), consumption (Thousand Units), imports (Thousand Units) and exports (Thousand Units).
- The study delivers a comprehensive analysis of global neurovascular devices market by device type, therapeutic application and regions. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The report emphasizes on all the key trends that play a vital role in the enlargement of the market from 2019 to 2026.
- Porter’s Five Forces model is used in order to recognize the competitive scenario in the global neurovascular devices market. This report incorporates the industry analysis which is focused on providing an extensive view of the neurovascular devices market.
- The study also includes attractiveness analysis of device type, therapeutic application and regions which are benchmarked based on their market size, growth rate and attractiveness in terms of present and future opportunity for understanding the future growth of the market.
- The report provides company profile of the key players operating in the neurovascular devices market and a comparative analysis based on their business overviews, product offering, segment market share, regional presence, business strategies, innovations, mergers & acquisitions, recent developments, joint venture, collaborations, partnerships, SWOT analysis, and key financial information.
- The market estimates have been evaluated by considering the effect of different political, economic, social, technological and legal factors which are based on our extensive secondary research, primary research, and in-house databases.
- Global increase in geriatric population
- Increasing prevalence of neurovascular disorders
- Favorable medical reimbursements regulations
- Growing market demand for effective neurovascular devices
- Stringent regulatory approval process
- Paucity of skilled neurosurgeons
- Increasing research activity in the field of neurovascular therapies
- Growing preference for the minimally invasive neurosurgical procedures
- Growing awareness among neurosurgeons about minimally invasive surgical procedures
Global Neurovascular Devices Market Key Findings:
All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment.
The global Neurovascular Devices market has been segmented on the basis of device type, and therapeutic application.
- 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 led the global market with a 38.74% share of market revenue in 2018. This increased market share can be attributed to the large number of people undergoing neurological surgery as well as availability of these products in various lengths and volumes.
- The therapeutic application segment includes stroke, cerebral artery stenosis, cerebral aneurysm, others. The cerebral aneurysm segment is anticipated to grow at an accelerated CAGR of 8.04% over the forecast period. Growing prevalence of the cerebral aneurysms along with its treatment with the help of embolizing coils and stents are expected to fuel this growth over the forecast period.
Regional Segmentation Analysis:
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.
- Presence of 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 led the North America region to dominate the global demand for the neurovascular devices in 2018.
- 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.
Global Neurovascular Devices Market Competitive Analysis:
Key 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. Major players are focusing on new product launch in order to effectively participate in the highly competitive market. 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.
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This study forecasts revenue and volume growth at global, regional, and country levels from 2016 to 2026. Fior Market Research 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