Market Definition
The Neurovascular Devices/Interventional Neurology Market is a crucial sector within the healthcare industry, providing innovative solutions for the diagnosis and treatment of neurovascular disorders. This market encompasses the production, development, and distribution of neurovascular devices—sophisticated medical tools designed for interventional procedures in the brain and nervous system. Neurovascular devices play a pivotal role in enhancing patient outcomes, enabling minimally invasive treatments, and advancing the field of interventional neurology.
Market Outlook
The global Neurovascular Devices/Interventional Neurology Market was valued at USD 2.9 billion in 2021 and it is anticipated to grow up to USD 5.4 billion by 2031, at a CAGR of 6.5% during the forecast period.
The Neurovascular Devices/Interventional Neurology Market is witnessing significant growth, driven by the increasing prevalence of neurovascular diseases, advancements in medical imaging and catheter-based technologies, and the growing demand for less invasive treatment options. As healthcare professionals seek more precise and effective interventions for conditions such as stroke and aneurysms, the market is characterized by ongoing innovations in neurovascular stents, catheters, and embolization devices, reflecting the industry’s commitment to advancing neurointerventional care.
Factors propelling the market include the rise in neurovascular disorders associated with an aging population, the adoption of advanced imaging techniques for diagnosis, and the expanding applications of neurovascular devices in emerging markets. Neurovascular devices contribute to reducing the morbidity and mortality associated with neurovascular diseases, enabling quicker recovery, and providing alternatives to traditional open surgeries, positioning the market for sustained growth. As interventional neurology continues to evolve, the Neurovascular Devices/Interventional Neurology Market remains instrumental in providing state-of-the-art solutions for neurovascular care.
While the Neurovascular Devices/Interventional Neurology Market experiences significant growth, it faces challenges such as the need for improved accessibility in developing regions, addressing issues related to device compatibility, and adapting to evolving regulatory requirements. Overcoming these challenges requires collaboration within the healthcare, medical device, and regulatory sectors, investment in training programs for healthcare professionals, and continuous improvement in neurointerventional technologies.
Opportunities within the market arise from the ability to provide innovative, patient-centric, and technologically advanced neurovascular solutions. The convergence of robotics in neurointerventional procedures, advancements in materials for enhanced biocompatibility, and the increasing focus on personalized treatment plans create opportunities for market players to lead in the advancement of Neurovascular Devices/Interventional Neurology. Proactive engagement with healthcare institutions, regulatory authorities, neurologists, and technology partners, coupled with a commitment to patient safety and improved outcomes, positions companies to capitalize on the expanding opportunities within the Neurovascular Devices/Interventional Neurology Market.
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Research Objectives
- Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
- Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
- Identify factors influencing market growth and challenges, opportunities, drivers and restraints
- Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
- Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
- Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
- To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
- Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Market Segmentation
The report analyses the global Neurovascular Devices/Interventional Neurology Market based on product, process, therapeutic application, end-use, and region.
Global Neurovascular Devices/Interventional Neurology Market by Product
Based on the product, the neurovascular devices market is categorized into embolic protection devices, embolic coils, intracranial stents, intrasaccular devices, catheters, carotid stents, flow diverters, neurothrombectomy devices, balloon systems, stent retrievers, guidewires, and others. Out of these, embolic coils segment accounted for largest market share in 2021 due to the rising prevalence of brain aneurysms and ischemic stroke in developed countries Furthermore, an increase in demand for minimally invasive procedures such as coil embolization will drive future demand for embolic coils. Moreover, in adults who are at high or prohibitive surgical risk, embolization coils and occlusion devices are also used to successfully eliminate the residual central aorta to pulmonary artery. Embolic coiling can also be used to treat a condition known as arteriovenous malformation (AVM). AVMs are abnormal connections between arteries and veins. It can occur in the brain, spinal cord, or anywhere else in the body. As a result, increasing the use of embolic coils will benefit the industry’s growth.
Global Neurovascular Devices/Interventional Neurology Market by Process
By process, the neurovascular devices market is segmented into stenting, neurothrombectomy, cerebral angiography, microsurgical clipping, carotid endarterectomy, coiling, flow diversion and others. Among them, the neurothrombectomy segment accounted significant revenue share in 2021. Blood clots in the cerebral microvasculature are destroyed using neurothrombectomy devices. Because it improves functional outcomes and reduces mortality, neurothrombectomy surgery is the most preferred treatment for acute ischemic stroke. Furthermore, the increasing number of product launches by key players will drive market growth. For example, Medtronic announced the release of the Solitaire X revascularization device in 2019. This device is useful for removing blood clots from the brain. Furthermore, due to the rising incidence of stroke, the use of clot retrievers in elderly patients (aged 55 to 65) has increased. Such scenarios will boost the market growth.
.Global Neurovascular Devices/Interventional Neurology Market by Therapeutic Application
Based on therapeutic applications, the neurovascular devices industry is categorized brain aneurysm, stenosis, ischemic strokes, and others. The brain aneurysm segment accounted for lucrative market share in 2021. This is owing to the rising cases of brain aneurysm in geriatric population. In addition to smoking, high blood pressure, and a family history of aneurysms, there are other significant risk factors for brain aneurysms. There are a number of invasive treatments for this medical problem, including flow diverters and tubular implants resembling stents. By redirecting blood flow away from the aneurysm sac, these neurovascular devices help. The divert encourages arterial reconstruction in the patient and prevents blood flow within the aneurysm, which causes the body to heal the wound. Flow diverters may be useful for treating larger aneurysms that are unsafe to treat using other techniques. Such events will encourage market expansion.
Global Neurovascular Devices/Interventional Neurology Market by End-use
The neurovascular devices market, based on end-use, is segmented into hospitals, ambulatory surgical centers, clinics, and others. The neurovascular devices market, based on end-use, is segmented into hospitals, ambulatory surgical centers, clinics, and others. hospitals and imaging centers segment is expected to grow with the highest CAGR during the forecast period due to the increased awareness about nuclear medicine therapies, increased investment in research and development of nuclear imaging equipment, increased number of diagnostic institutions, and high volume of nuclear imaging procedure. Similarly, presence of skilled healthcare professionals in hospitals to accurately treat and diagnose patient’s surge the demand of medical imaging in hospitals. Additionally, rising cases of chronic diseases and increasing number of admissions in hospitals will further accelerate the nuclear imaging equipment market progression.
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Major Players
The key players in the market Johnson & Johnson (US)Medtronic PLC, Stryker Corporation (US), Terumo Corporation (Japan), , Penumbra, Inc. (US), MicroPort Scientific Corporation (China), Kaneka Corp. (Japan), Integer Holdings Corporation, BALT (France), Perflow Medical, and Phenox GmbH (Germany), among others.
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Research Scope
- Scope – Highlights, Trends, Insights. Attractiveness, Forecast
- Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
- Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
- Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
- Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
- Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis
- Market Size in 2021 – $2.9 Billion
- Market Size in 2031 – $5.4 Billion
- CAGR % – 6.5%
- Historic Period – 2015 – 2020
- Forecast Period – 2022 – 2031
- Base Year – 2021
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