Neurovascular Devices Market outlook will supass USD 2.3 billion by 2024; according to a new research report by Global Market Insights, Inc. Escalating prevalence of brain-related disorders coupled with the popularity of minimally invasive surgeries will spur neurovascular devices market. Touted to be one of the most lucrative growth avenues for medical device manufacturing corporations, this industry is growing with a CAGR of 4.1% over 2016-2024. With the healthcare sector growing at a rapid pace across the globe, the demand for these medical devices has exponentially increased, thereby providing a positive impetus to global neurovascular devices market.
The demand for minimally invasive surgeries has perpetually increased worldwide, propelled by the reduced hospital stays, favorable medical insurance and reimbursement policies, and the convenience and accuracy of these surgical procedures. This in turn, will stimulate neurovascular industry over the coming years of 2016 to 2024. This market is highly consolidated and includes the participation of giants such as Stryker, Johnson & Johnson, Terumo, Medtronic, and Penumbra. Reportedly, Stryker has a lion’s share in global neurovascular devices market revenue, primarily owing to the clever business tactics undertaken by the company at regular intervals. The lack of skilled neuro-medical experts and the rising cost of neurovascular devices is likely to pose a restraint to global neurovascular devices industry growth. Key participants, however, are working toward effectively combating these restraints by means of strategic acquisitions and innovative product developments.
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Neurovascular devices are principally utilized in end-use sectors such as hospitals, ambulatory surgical units, and clinics. Hospitals are estimated to depict the highest growth rate between 2016-2024, having accounted for over 85% of the overall industry share in 2015. Neurovascular devices market from ambulatory surgical units is expected to grow significantly, especially across the U.S. and Germany, owing to the high prevalence of brain disorders pertaining to the rising obese population in the region.
Speaking of the United States, the country accounted for more than 71.6% of global neurovascular devices market share in 2015 and is projected to grow remarkably over the coming years, essentially driven by the highly developed medical infrastructural facilities, a rapidly rising patient pool, increased healthcare expenditure, and technological innovations in neuroscience. The rise in healthcare spending is also observed to be a major growth driver for APAC neurovascular devices industry, especially across countries such as India, China, and Japan. In fact, Japan is slated to hold more than 47% of Asia Pacific neurovascular devices market by 2014. The rise in per capita income, low cost production facilities, and favorable healthcare insurance will further augment the regional growth.
Browse key industry insights spread across 210 pages with 243 market data tables & 7 figures & charts from the report, “Neurovascular Devices Market Outlook” in detail along with the table of contents:
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Rise in GDP may also be a key factor promoting the growth of neurovascular devices industry in developing economies such as Brazil. Latin America, with Brazil at the helm, will observe the highest growth of 5.5% over 2016-2024, driven by the rising prevalence of brain-related disorders and an increase in the number of geriatric patients. Leading companies are concentrating on neurovascular research & development activities and expanding their footprint in the untapped regions of emerging economies to sustain their position in global neurovascular devices market.
Neurovascular devices comprise embolic protection devices, liquid embolic coils, embolic coils, stent retrievers, flow diverters, carotid stents, balloons, neurovascular thrombectomy, intracranial stents, and intrasaccular devices. Flow diverters and stent retrievers are anticipated to exhibit the highest growth rate over 2016-2024. Thrombectomy neurovascular devices market is expected to register a revenue of more than USD 300 million by 2024.
Embolic coils dominated the product landscape of neurovascular devices industry by accounting for a share of more than 30% of the overall revenue in 2015. The increasing usage of these products in coiling and other neurovascular procedures will stimulate the industry growth. Speaking of which, neurovascular devices market from coiling procedures is slated to depict the maximum gain over 2016-2024, with a revenue estimation of more than USD 750 million by 2024. This growth can be attributed to the technological advancements embedded in these devices coupled with the rising number of personal and government funding for novel product development.
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Neurovascular devices find applications in stenosis, brain aneurysm, and ischemic strokes. The world is witnessing an exponential rise in the number of patients suffering from aneurysms and strokes. As per reliable sources, more than 4% of the population in America is suffering from aneurysms. Neurovascular devices market from ischemic strokes is estimated to observe the highest growth between 2016-2024. Brain aneurysm, having held a share of more than 70% of overall neurovascular devices industry in 2015, will depict a substantial growth rate over the coming years, due to increased penetration of aneurysms among the age group of 35 to 60, especially across emerging economies.
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