The neurovascular devices market is anticipated to grow at a CAGR 6.2% during the forecast period. The factors such as proactive government initiatives, increasing consumer awareness and large demand for minimally invasive surgeries have shown a positive impact on the growth of the neurovascular devices industry. The advancement in technology in the healthcare industry and the rising number of neurovascular procedures across the globe propel the growth of the market during the forecast period. Growing neurovascular disease along with a growing aging population is expected to create demand for neurovascular devices. American Stroke Association has started various initiatives to support the prevention and treatment of neurovascular such as strokes. However, the lack of availability of skilled professionals to deal with this device may hamper the growth of the market. Along with it, stringent government regulatory policies related to medical devices and product recalls are considerable challenges for the neurovascular devices market during the forecast period.

The major players are focusing on R&D activities for the introduction of new products and technologies to provide efficient disease treatment. For instance, in June 2018, MicroVention a US-based subsidiary of Terumo and a neurovascular company received FDA clearance for SOFIA catheter including contact aspiration techniques designed for distal navigation and revascularization of patients. Therefore, the commercialization of improved interventional neurology devices boosts the growth of the industry during the forecast period.

Segmental Outlook  

The global neurovascular devices market is segmented on the basis of application, and type. Based on applications, the market is segmented into a brain aneurysm, ischemic strokes, cerebral artery stenos is, and others. Based on type, the market is segmented into neurothrombectomy, cerebral angioplasty & stenting systems, embolization, and others. The categories include various neurovascular devices such as embolic coils, catheters, intravascular devices, stent retrievers, carotid stents, flow diverters, balloon systems, guide wires, and intracranial stents. These devices are used to treat neurological disorders. For instance, carotid stents are used during the procedure of carotid artery stenting. The device is used to open the carotid artery to improve blood flow to the brain and reduce the risk of stroke in patients that increase the adoption of neurovascular devices in the near future and fuel the growth of the neurovascular device market.

Ischemic Strokes will be the largest segment by Applications

Ischemic strokes are expected to have the largest market share in the neurovascular devices market during the forecast period due to the presence of a large patient pool suffering from ischemic stroke across the globe. Ischemic cerebrovascular disease is mainly caused by thrombosis, embolism, and focal hypoperfusion, all of which can lead to a reduction or an interruption in cerebral blood flow (CBF) that affect neurological function due to deprivation of the glucose and oxygen. Approximately 45% of ischemic strokes are caused by small or large artery thrombus, 20% are embolic in origin, and others have an unknown cause. Moreover, growing investment in R&D activities to develop advancement in technology devices for the treatment of acute ischemic stroke along with rising healthcare expenditure, thus fuel the growth of the segment in the neurovascular devices market. 

Global Neurovascular Devices Market Share by Applications, 2018 (%)

Regional Outlook

The global neurovascular devices market is further segmented based on geography including North America, Europe, Asia-Pacific and Rest of the World. North America is expected to have the largest market share in the neurovascular devices market during the forecast period. The market share in North America is attributed to extensive R&D investments and large product usage through neurosurgeons supported by the availability of improved technologies along with higher efficiency and reliability. Moreover, an increasing number of brain aneurysm, ischemic strokes, and stenosis and other neurovascular diseases are the factors that have shown a positive impact on the growth of the region in the neurovascular devices industry.

Global Neurovascular Devices Market Growth, by Region 2019-2025

Asia-Pacific will augment with the fastest rate in theneurovascular devices market

The market in Asia-Pacific is expected to be the fastest-growing region mainly owing to growing awareness related to advanced neurovascular devices, increasing healthcare expenditure and large patient pool in the highly populated emerging countries such as India and China are anticipated to have a positive impact on the growth of the Asia-Pacific neurovascular devices industry.   

Market Players Outlook

The key players of the neurovascular devices market include Medtronic Plc., Johnson & Johnson Service, Inc., Stryker Corp., W.L. Gore & Associates, Inc., LivaNova PLC, Penumbra, Inc., Boston Scientific Corp., and Terumo Medical Corp. These players are continuously making efforts to develop innovative medical devices for neurovascular diseases. For instance, in April 2017, LivaNova received a CE mark for Vagus Nerve Stimulation (VNS) therapy that comprises of SenTiva and next-generation programming system for the diagnosis and treatment of epilepsy patients. This product approval aids the company to improve its product portfolio and generate more revenue. 

The Report Covers

• Market value data analysis of 2018 and forecast to 2025.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global neurovascular devices market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.