Northbrook, IL 60062 -- (SBWIRE) -- 08/30/2023 -- Neurovascular Devices Market has demonstrated substantial growth, with its revenue reaching an estimated $3.6 billion in 2023. Projections indicate a promising trajectory, anticipating the market to achieve a valuation of $5.5 billion by 2028. This growth trend is characterized by a robust Compound Annual Growth Rate (CAGR) of 8.7% from 2023 to 2028.

The driving forces behind the remarkable expansion of the neurovascular devices market encompass several key factors. Notably, there has been a notable increase in the prevalence of neurovascular diseases, which has significantly contributed to market growth. Additionally, the availability of medical reimbursements for various neurovascular procedures has played a pivotal role in propelling the market's advancement.

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The dynamic landscape of healthcare, particularly in emerging economies, has witnessed a substantial expansion of healthcare infrastructure. This development has further accelerated the growth of the neurovascular devices market, as it creates an environment conducive to the adoption of advanced medical technologies.

Cerebral Aneurysms Segment is expected to account for the largest neurovascular devices market share in 2022, by disease pathology

Based on disease pathology, the neurovascular devices market is segmented into cerebral aneurysm, ischemic strokes, carotid artery stenosis, arteriovenous malformations & fistulas, and other disease pathologies (includes cavernous malformations and moyamoya disease). The cerebral aneurysm segment is anticipated to hold the largest market share of neurovascular devices market. The increasing market demand for neurovascular devices for aneurysm treatment can be attributed mainly to the presence of neuro-interventional devices for cerebral aneurysm such as embolic coils, increase in the technological advancement in the neurovascular devices, and rise in the cases of cerebral aneurysm globally.

The ambulatory care centers segment is anticipated to register highest CAGR during the forecast period.

Based on end user, the neurovascular devices market is segmented into hospitals & surgical centers, ambulatory care centers, and research laboratories and academic institutes. The ambulatory care centers segment is projected to register the highest CAGR during the forecast period. Rising number of ambulatory surgery centers across developed countries, along with the ease of scheduling, the focused clinical staff, the improved productivity and the increased safety, and efficacy of these centers, and growing preference of minimally invasive surgical processes are the major factors that are expected to drive the growth of ambulatory care centers segment in the coming years.

North America to dominate the global neurovascular devices market

Based on the region, the neurovascular devices market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America accounted for the largest share of neurovascular devices market. The large share of North America can be attributed to the high adoption of neurovascular devices in the region, the strong presence of device manufacturers, and the availability of significant R&D investments for product development.

Asia Pacific is expected to grow at the highest CAGR during the forecast period owing to the presence of a large target patient population, rising awareness on the advantages of minimally invasive neurosurgical processes., geographical expansion of players in region, and government initiatives to modernize & expand healthcare infrastructure.

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Neurovascular Devices Market Dynamics:

Drivers:

Rising incidence of neurovascular diseases
Availability of medical reimbursements for neurovascular procedures
Expansion of healthcare infrastructure across emerging economies
Rising demand for effective neurovascular therapies

Restraints:

Shortage of skilled neurosurgeons
High procedural cost of neurovascular surgeries and associated products

Opportunities:

Rising R&D activities for neurovascular therapies
Growing preference for minimally invasive neurosurgical procedures

Challenges:

Stringent regulatory approval process for medical devices

Key Market Players:

Major players in neurovascular devices market include Stryker (US), Johnson & Johnson (US), Medtronic plc (US), Terumo Corporation (Japan), and Penumbra, Inc. (US).

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Recent Developments:

- In December 2022, Stryker (US) established a new research & development facility at International Park, Gurgaon, India, intending to accelerate innovations in neurovascular devices for stroke treatment
In February 2022, Johnson & Johnson (US) launched the EMBOGUARD, a balloon guide catheter for treating acute ischemic stroke.

- In January 2021, Penumbra, Inc. (US) and Genesis Medtech (Australia) collaborated to expand Penumbra's market capabilities in China by commercializing and producing novel neurovascular products in China.

Neurovascular Devices Market Advantages:

- Improved patient outcomes: Neurovascular devices are designed to diagnose and treat various neurological disorders such as aneurysms, stroke, and arteriovenous malformations (AVMs). These devices have shown to improve patient outcomes by reducing the incidence of complications, minimizing the risk of bleeding, and improving patient recovery time.

- Increased demand: The increasing prevalence of neurological disorders such as stroke, brain aneurysms, and AVMs has led to a growing demand for neurovascular devices. This trend is expected to continue as the population ages and the incidence of these disorders increases.

- Technological advancements: Neurovascular devices are undergoing continuous technological advancements, resulting in improved safety, efficacy, and ease of use. These advancements have led to the development of devices that are more precise, durable, and less invasive, resulting in better patient outcomes.

- Growing investments: The neurovascular devices market has attracted significant investments in recent years due to its potential for growth and profitability. This investment has resulted in the development of new and innovative products, as well as increased research and development activities.

- Market expansion: The neurovascular devices market is expanding geographically, with increasing demand for these devices in developing countries. This expansion is expected to provide significant growth opportunities for the market in the coming years.