Neurovascular devices are witnessing a growing demand among the major stakeholders globally, due to increasing clinical research activities in the field of neurovascular therapies, which offer credible clinical data related to their safety & efficacy profiles.
Northrook, IL -- (SBWIRE) -- 11/15/2019 -- The Neurovascular Devices Market is expected to reach USD 2.62 billion by 2021 from USD 1.74 billion in 2016, at a CAGR of 8.6% from 2016 to 2021.
Increasing research activities in the field of neurovascular therapies:
The growing emphasis by patients on effective, accurate and early diagnoses of target diseases is driving the number of industry-academia collaborations and clinical studies aimed at the development and commercialization of innovative and therapeutically diverse neurovascular products.
As of December 2016, ~141 NIH-registered open clinical trials were active globally, which included neurovascular or interventional neurology devices as a part of the overall clinical study. The U.S. and Europe were the leading regions in the aforementioned trials, with a total of 66 and 56 open clinical trials, respectively (Source: ClinicalTrails.gov). This is further supported by the higher availability of public-private investments for research activities aimed at the development of novel treatments for neurological or neurovascular disorders.
- In 2016, the Brain Aneurysm Foundation granted USD 0.31 million to 13 research scholars (working on cerebral aneurysm-based research) at the 10th Annual Brain Aneurysm Foundation Research Grant Symposium.
- In May 2015, the University of Texas Health Science Center (U.S.) was awarded a research grant of USD 1 million from Stryker Neurovascular (U.S.) for research on stroke.
- In February 2015, Terumo Corporation announced an investment of USD 80.5 million to establish a new R&D facility in the U.S. (to be operational in 2017) for expanding its pipeline development and R&D capabilities in the field of interventional therapies.
- In 2014, the NIH provided ~USD 30.3 billion in research grants to support various medical research programs (including neurovascular research) across the world.
- In May 2014, MicroPort Scientific Corporation received an investment of USD 100.0 million from GIC sovereign wealth fund (Singapore) to develop neurovascular devices.
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The recently-proven clinical safety profiles of coiling devices in intracranial aneurysm treatment (as compared to conventional surgery) and better recanalization by thrombectomy devices in hemorrhage treatment (as compared to chemical thrombolysis) have further contributed to the increase in the demand for these devices among healthcare professionals. Thus, the growing number of ongoing clinical studies and their clinical success in neurovascular treatment are expected to offer potential growth opportunities for market players in the coming years.
Rising demand for minimally invasive neurosurgical procedures;
Minimally invasive surgical procedures have a better safety profile, lower mortality rate, and lesser side effects and complications as compared to conventional surgeries (Source: Stanford University Medical Center Research, 2012). Thus, the market acceptance and demand for endoscopic and other minimally invasive surgical procedures is growing among medical professionals across the world. In 2013, ~51.4 million inpatient surgeries were performed in the U.S., including ~0.45 million minimally invasive neurosurgical stenting procedures (Source: CDC).
Geriatric individuals are more susceptible to neurological & neurovascular diseases and prefer treatment procedures that offer easy diagnosis, easy procedures, higher safety, least possible hospital stay, better efficacy, and reasonable prices. Additionally, aging also increases the incidence of adverse thrombotic events such as pulmonary embolism, stroke, and epilepsy, which can require neurosurgical interventions. For instance, as of 2015, ~0.5 million deaths occurred worldwide due to aneurysm-related hemorrhages, with more than 50% of the total deaths reported among geriatric individuals (aged 50 years and above) (Source: Brain Aneurysm Foundation, U.S.). Moreover, arteriovenous malformations also lead to hemorrhages and seizures, which are commonly reported among individuals aged 40 years and above (Source: Medscape). Thus, the rising geriatric population and demand for minimally invasive procedures are expected to offer significant growth opportunities for prominent as well as emerging market players in the field of interventional neurology devices. Additionally, several prominent and emerging product manufacturers are focusing on increasing awareness among neurosurgeons related to the therapeutic benefits offered by interventional neurology devices. Given below are some of the key public-private initiatives undertaken in this regard:
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- In July 2016, as a part of the 'World Brain Tumor Awareness Month,' the Rabindranath Tagore International Institute of Cardiac Sciences (RTIICS) organized an interactive session related to the various aspects of brain tumor management. This event was attended by more than 150 participants, including brain tumor survivors, their relatives, and neurosurgeons & neurology doctors.
- In 2015, the American Association of Neurological Surgeons (AANS) raised awareness on the causes and prevention of traumatic brain injury, back pain, and other neurological safety topics in the 'Neurosurgery Awareness Month,' through an updated neurosurgery blog (which included online interactions among neurosurgeons, neurologists, and patients).
- In November 2016, the RAISE (Raising Awareness in Stroke Excellence) awards were given to seven people by the National Stroke Association; these people excelled in raising awareness through conducting programs regarding stroke prevention and recovery.
- In 2014, the AANS conducted the 82nd Annual Scientific Meeting titled 'Expanding Neurosurgery' in collaboration with the National Neurosurgery Awareness Week (U.S.). This event aimed to improve awareness of minimally invasive surgical procedures among neurosurgeons.
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