May 22, 2024
Neurovascular Devices Market

Neurovascular Devices Market is Estimated to Grow at a CAGR of 13% Owing to Technological Advancement in Neurovascular Intervention

The neurovascular devices market has witnessed significant growth owing to the rising incidence of neurovascular diseases such as ischemic strokes and cerebral aneurysms. Neurovascular devices are used for neurovascular intervention procedures to treat various neurological diseases. Some key advantages of neurovascular devices are precision, reduced procedural time and risk of complications compared to conventional microsurgery. With rising cases of hemorrhagic and ischemic strokes globally, the need for effective neurovascular devices for minimally invasive treatment has increased significantly.

The global neurovascular devices market is estimated to be valued at US$ 3.05 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 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.
The key opportunities in the neurovascular devices market include increasing healthcare expenditure in emerging economies and growing demand for minimally invasive neurosurgical procedures.
Technological advancement in the field of neurovascular intervention such as flow diversion stents, coiling assist devices and pipeline embolization devices have improved treatment efficacy and success rates for aneurysms and strokes.

Market drivers

One of the major market driver is rising incidence of neurovascular diseases. According to WHO, around 17.9 million people die due to cardiovascular diseases every year, out of which more than 85% deaths are due to heart attack and strokes. Furthermore, growing demand for minimally invasive surgeries and increasing healthcare expenditure are also fueling the growth of global neurovascular devices market.

Current Challenges in Neurovascular Devices Market

Various technological advancements have improved the treatment procedures for neurovascular conditions. However, factors like high treatment costs pose a significant challenge. Surgeries related to neurovascular treatment are often complex and require specialized skills. There is a shortage of trained neurosurgeons in many parts of the world to cater to the rising disease burden. Reimbursement frameworks vary significantly across regions, creating treatment access challenges. Moreover, public awareness regarding symptoms of conditions like strokes is relatively low in developing nations. This delays diagnosis and effective intervention.

SWOT Analysis

Strength: Advanced products offering improved patient outcomes. Technological advancements have enhanced safety and efficacy.

Weakness: High costs of neurovascular devices and procedures limit adoption. Shortage of trained neurosurgeons in some regions.

Opportunity: Rising neurological disorders driven by aging population expands market potential. Increasing investment to develop innovative solutions.

Threats: Stringent regulatory processes for devices approval delay market entry. Reimbursement barriers constrain revenue streams.

Geographical regions of concentration

North America currently dominates the global market in terms of value, aided by availability of advanced healthcare facilities. Asia Pacific is predicted to witness rapid growth during the forecast period supported by growing healthcare expenditure in countries like China and India.

Fastest growing region

Asia Pacific region is poised to register the fastest growth in the neurovascular devices market during 2024-2031. This can be attributed to factors like rising incidence of neurological conditions secondary to changing lifestyle habits, increasing healthcare spending in developing APAC nations, and growing focus towards improving access to advanced treatment procedures.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research.
2. We have leveraged AI tools to mine information and compile it.