Detailed analysis of neurovascular devices market

Neurological problems are treat with neurovascular devices. Neurovascular devices, such as clips, coils, and stents, treat conditions like brain aneurysms that affect the neurovascular system. Neurovascular illnesses have an impact on the blood artery network around the brain. This results in fatal diseases, including aneurysms and strokes. Neurovascular devices are utilized to prevent symptoms such as aneurysm embolization, carotid stenosis, and stroke. Aneurysms and other issues with cerebral blood flow are operate on using neurovascular devices.

The market for neurovascular devices will grow rapidly. With a CAGR of 8.6%, from  in 2021 to $5.92 billion by 2030.

Factors driving the expansion of the global market include the rising prevalence of chronic neurological disorders worldwide, rapid technical advancements in medical devices. And rising demand for minimally invasive surgical devices. 35.8% of persons 85 years of age and older had moderate to severe memory impairment, per the Federal Interagency Forum on Aging-Related Statistics.

Market Dynamics

Drivers

One of the primary drivers favoring the market is the expanding worldwide elderly population. Which is extremely prone to developing various ailments. These illnesses result in moderate to severe brain damage, which can lead to cerebral hemorrhage and stroke. This is driving the need for neurovascular devices around the world, along with the rise in lifestyle problems like obesity. Additionally, the need for neurovascular devices is growing due to rising stroke rates. Brought on by rapid urbanization, sedentary lifestyles, and stress. The market is expanding, and the acceptance of these devices is rising. Due to patients being more aware of the simple availability of treatment and payment for neurological illnesses.

Restraints

The use of neurovascular devices in small institutions is constrain by the high cost of treating neurovascular illnesses, maintenance costs, and other indirect costs. Only a small number of individuals can afford the treatment of neurological illnesses because there is little room for reimbursement.

Opportunity 

Neurovascular instruments available for treating aneurysm types with higher safety and effectiveness will boost due to novel technologies. Aneurysm management is always evolving, with cutting-edge technology at the forefront of innovation. The Southwestern Medical Center estimates that 795,000 Americans have a stroke each year. The mortality rate caused by strokes will decrease as the effectiveness of newly developed techniques increases.

Market Segmentation

In terms of devices, in 2020, the cerebral embolization & aneurysm coiling devices category held around 38% of the market. This is owing to an increase in the population’s prevalence of several neurological illnesses like arteriovenous malformations, brain aneurysms, and strokes. Additional variables that may be blame for expanding this market include rising investments in creating better healthcare infrastructure, rising consumer healthcare spending, and rising investments in research and development.

In 2020, the stroke sector accounted for more than 57% of the market share based on application. The rising occurrence of strokes in the general population, particularly among the elderly, has fueled the expansion of this market. The CDC estimates that 16.7% of persons worldwide will experience a brain stroke. According to the CDC, there are about 795,000 stroke cases. And around 140,000 fatalities due to stroke per year in the US.

Regional Insights

Due to the dominance of major manufacturers like Stryker Corporation, Penumbra, Inc., Johnson & Johnson. And Merit clinical frameworks, Inc. in the region, North America led the market with a share of 26.65% in 2021. For its 0.021-inch Contour Neurovascular System, compatible with more modestly price 021 microcatheters for the treatment of saccular intracranial aneurysms. Cerus Endovascular Ltd. received CE Mark approval in April 2020.

The market expansion in this area is drive by the increasing prevalence of neurological conditions and the growing need for minimally intrusive surgeries. For instance, according to the CDC, more than 795,000 people in the US suffer the negative effects of a stroke each year, of which 87% are ischemic strokes.

Key Players 

  • Johnson & Johnson Services 
  • Penumbra. Inc 
  • Stryker 
  • Medtronic plc
  • Micro Port Scientific Corporation 
  • Merit Medical Systems 
  • Terumo Corporation 
  • WL. Gore & Associated Inc. 
  • Others 

The market for neurovascular devices will grow rapidly. With a CAGR of 8.6%, from $2.82 billion in 2021 to $5.92 billion by 2030. The market for neurovascular devices is expanding due to the increasing frequency of neurovascular illnesses among the world’s population. Neurological gadgets are frequently utilize to detect and treat illnesses of the brain and central nervous system. The demand for neurovascular devices is developing due to the growing acceptance of minimally invasive operations due to technological developments in the field of neurology.

Coronavirus is supposed to respectably affect the market. The effect of the flare-up available differs per country, contingent upon the neighborhood condition of wellbeing frameworks and the moves initiated to battle the pandemic. Neurocare and neurosurgeons have been antagonistically affected by the pandemic. To diminish the spread of the Covid, mind medical procedures have regularly been deferred or even dropped during this time span.

In most terrible impacted countries, like the U.S., Russia, India, Brazil, France, the U.K., Italy, and Spain, neurosurgical activities fell by 55%. Notwithstanding, as per an examination study “Coronavirus and stroke: A survey” distributed in Elsevier diary (Global Hemorrhagic Stroke Affiliation) (Jan 2021), up to 36% of hospitalized Coronavirus patients could show neurological side effects and there were a few cases connected with ischemic and hemorrhagic localized necrosis.

A contextual analysis distributed in the Diary of Nervous system science, Neurosurgery and Psychiatry (BMJ Distributing Gathering Ltd.) has extended a potential connection between Coronavirus contamination and intense necrotizing encephalitis. These discoveries likewise propose that Coronavirus could upgrade deals in the nervous system science industry, particularly for catheters. Accordingly, these variables are supposed to set out worthwhile open doors for the market to fill soon, giving productive chances to vital participants post Coronavirus.