by The neurovascular devices market encompasses products and therapies for various neurological diseases such as aneurysms, arteriovenous malformations, stroke, and others. Neurovascular devices help in restoring blood circulation to the brain by opening blocked or narrowed arteries and strengthening weak arteries. Growing prevalence of target diseases and technological advancements in minimally invasive techniques are boosting the adoption of neurovascular devices.
The global neurovascular devices market is estimated to be valued at US$ 3.05 Billion in 2024 and is expected to exhibit a CAGR of 13% over the forecast period from 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. These players are focusing on new product launches and partnerships to strengthen their market position.
Some major opportunities in the neurovascular devices market include growing healthcare expenditures in emerging economies and increasing demand for effective aneurysm treatment procedures. Additionally, rising awareness regarding benefits of minimally invasive neurosurgical procedures is further fueling the market growth.
Technological advancements are facilitating effective treatment of neurovascular diseases. For instance, flow diversion stents are gaining popularity due to better clinical outcomes in cerebral aneurysm treatment as compared to traditional coiling or clipping procedures. Further, advent of bioabsorbable stents is anticipated to boost the application of neurovascular devices.
Market drivers
The key driver propelling the neurovascular devices market growth is rising geriatric population worldwide who are more susceptible to neurological disorders. As per WHO, the number of people aged 65 years and above is expected to increase from. Presently, there are 703 million persons aged 65 years or over in the world. This growing aged population base is likely to augment the demand for neurovascular devices in coming years.
Current Challenges in Neurovascular Devices Market
The neurovascular devices market is witnessing various technological advancements. However, high cost of treatment using neurovascular devices remains a major challenge. Neurovascular procedures require specialized infrastructure and equipment which increases the costs. Moreover, reimbursement policies for new and innovative neurovascular devices are often not adequate. This restricts the ability of hospitals and healthcare providers to adopt new technologies. Another challenge is the lack of skilled neurosurgeons who can perform complex neurointerventional surgeries. This limits the reach of neurovascular care to wider population.
SWOT Analysis
Strength: Neurovascular devices offer minimally invasive treatment options for brain disorders with better clinical outcomes compared to conventional open surgeries. This is a major strength driving their adoption.
Weakness: High costs associated with neurovascular devices restricts their use especially in price-sensitive developing regions. Lack of adequate insurance coverage or reimbursement further limits return on investment for manufacturers.
Opportunity: Rising geriatric population prone to neurological disorders presents an opportunity for growth. Also, technological advancements enabling improved devices and navigation systems will expand applications.
Threats: Stringent regulatory approval process delays market entry of new products. Intense competition from alternative treatments poses pricing pressures on existing devices.
Neurovascular Devices Market Concentration by Geographical Regions
North America currently accounts for the largest share in the global neurovascular devices market in terms value sale. This is attributed to factors such as higher healthcare spending, availability of advanced healthcare facilities, and favorable reimbursement policies. Europe is also among the major markets driven by growing demand for minimally invasive neurosurgical procedures.
Fastest Growing Region for Neurovascular Devices Market
The neurovascular devices market in Asia Pacific region is expected witness fastest growth during the forecast period. This can be attributed to rising incidence of cerebrovascular diseases owing to aging population, growing healthcare expenditure, increasing sponsorship by governments and private organizations, and rapid establishment of advanced healthcare infrastructure. Countries such as China, India are likely to showcase lucrative opportunities for neurovascular devices market.
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1. Source: Coherent Market Insights, Public sources, Desk research.
2. We have leveraged AI tools to mine information and compile it.
