Rapid Growth Projected for Neurovascular Devices Market:
The neurovascular devices market is set to experience substantial growth, with a projected CAGR of 7.6% from 2023 to 2033, reaching a valuation of US$ 7 billion by the end of the forecast period. Cerebral Embolization and Aneurysm Coiling Devices are anticipated to be the major revenue contributors, with a forecasted CAGR of around 9%. This growth is attributed to factors such as the increasing incidence of neurovascular diseases, a growing elderly population, and advancements in minimally invasive surgical techniques.
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Global Market Dynamics and Impact of COVID-19:
The global neurovascular devices market has witnessed steady growth from 2018 to 2022, with a historical CAGR of 6.8%. The rise in neurovascular diseases, coupled with technological advancements in interventional neurology, is driving market expansion. The COVID-19 pandemic had a significant impact due to the postponement of elective procedures, but the market is rebounding with increased demand for minimally invasive operations and ongoing research and development. The market is poised for further growth as governments invest in advanced healthcare infrastructure.
Regional Analysis and Key Player Strategies:
North America dominated the market in 2022, with the U.S. expected to have the largest market share of US$ 1.6 billion by the end of 2033. Factors such as an aging population, established healthcare infrastructure, and increased awareness of neurological illnesses contribute to the region’s growth. Asia Pacific is projected to be the most opportune market, driven by rising healthcare expenditure and government initiatives to improve healthcare infrastructure. Key players in the neurovascular devices market, including Johnson & Johnson and Stryker Corporation, are strategically investing in product development and launches to gain a larger market share.