Fior Markets launched a study titled “Neurovascular Devices Market by Device Type (Neurothrombectomy, Cerebral Angioplasty & Stenting Systems, Others), Therapeutic Application, Regions”,and Global Forecast 2019-2026.
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The global neurovascular devices market is expected to grow from USD 2.19 Billion in 2018 to USD 3.48 Billion by 2026, at a CAGR of 5.96% during the forecast period 2019-2026. The rising incidence of neurological disorders coupled with a growing demand for the effective neurovascular devices are some of the factors that are expected to drive the global neurovascular devices market over the forecast period.
The cerebral embolization and aneurysm coiling devices segment had a market value of USD 1.02 billion in 2018
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 asbrain 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 cerebral aneurysm segment is anticipated to grow at the highest CAGR of 8.04% in 2019-2026
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.
Regional Segmentation Analysis:
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. 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. As a result the North America region dominated the demand for the neurovascular devices with USD 1.09 billion revenue in 2018. Whereas, the Asia Pacific region is anticipated to grow at the highest CAGR of 8.24% over the forecast period.
Even though the factors such as global increase in geriatric population,increasing prevalence of neurovascular disorders, favorable medical reimbursements regulations along with growing market demand for effective neurovascular devices are driving the global neurovascular devices market. The stringent regulatory approval process and paucity of skilled neurosurgeons are expected to hold back the growth of the market over the forecast period.
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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. In order to enhance market position, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership. For instance, in January 2019, Merit Medical acquired the assets of Vascular Insights, LLC. With this acquisition Merit Medical expanded its product portfolio with Vascular Insights’ products ClariVein®IC and ClariVein®OC specialty infusion and occlusion catheter systems.
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