The neurovascular devices market involves a variety of medical devices that are used during the treatment of neurological disorders. Some key products in this market include aneurysm coiling & embolization devices, cerebrospinal fluid management devices, intravascular stents, and neurothrombectomy devices. These devices are used for indications like aneurysms, arteriovenous malformations, stroke and others. The increasing prevalence of neurological disorders like stroke, aneurysm and arteriovenous malformations has been a primary factor driving the demand for neurovascular devices. Neurological disorders are becoming more prominent with rising geriatric population worldwide and changing lifestyle factors.
The Global neurovascular devices market is estimated to be valued at US$ 3.05 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Neurovascular Devices Market are 3M, Convatec Group PLC, Smith & Nephew PLC, Urgo Medical, and Coloplast Corporation, among others. The key players dominate the market with their extensive product portfolio and strong geographical presence across the world.
The major growth opportunities in the neurovascular devices market include rising demand for minimally invasive procedures and technological advancements in neurovascular devices. Companies are increasingly investing in R&D to develop advanced devices with improved functionalities.
The neurovascular devices market has seen significant global expansion over the past few years. Key players are focusing on expanding their presence in emerging markets of Asia Pacific, Latin America, and Middle East & Africa through new partnerships and distribution agreements. Growing healthcare infrastructure and increasing expenditure on healthcare in developing countries will drive the adoption of neurovascular devices.
Market Drivers
Increasing prevalence of neurological disorders - Some of the key neurological disorders driving demand include stroke, brain aneurysm and arteriovenous malformations. With rising geriatric population globally, the incident cases of such conditions are surging.
Growing demand for minimally invasive surgeries - Neurovascular interventions are gaining preference over traditional open surgical procedures owing to benefits like reduced risk of infections, less pain and quicker recovery times. This is positively impacting the neurovascular devices market.
Market Restraints
High cost of advanced neurovascular devices - Novel technologies such as flow diversion stents, liquid embolic systems come with a heavy price tag which may limit their widespread adoption in price sensitive markets.
Lack of reimbursement in developing regions - Unfavorable reimbursement scenario for neurovascular procedures in developing Asian and Latin American countries is a major barrier. This makes such treatments unaffordable for a large population.
Segment Analysis
The neurovascular devices market is segmented based on product into neuronavigation system, neuroendovascular devices, neurostimulation devices, and others. Among these, the neuroendovascular devices segment is dominating as it holds the largest market share. This is mainly because neuroendovascular devices play a crucial role in the treatment of aneurysms, brain arteriovenous malformations and other cerebrovascular disorders. Some of the commonly used neuroendovascular devices include embolic coils, carotid stents, flow diversion devices, and liquid embolic agents.
Global Analysis
Regionally, North America dominates the global neurovascular devices market and is expected to continue its dominance during the forecast period. This is attributed to the strong presence of key players, increasing awareness regarding cerebrovascular disorders, rising geriatric population in the US and Canada, and advanced healthcare infrastructure. Asia Pacific is anticipated to be the fastest growing market for neurovascular devices due to improving healthcare infrastructure, growing medical tourism industry and rising incidence of neurovascular diseases. Also, increasing disposable incomes of consumers are encouraging them to spend more on neurovascular treatments in emerging Asia Pacific countries like India, China and Japan.
Get more insights on Neurovascular Devices Market
Comments
0 comment