Global Neurovascular Catheters Market by Application (Embolic Stroke, Brain Aneurysm), by Type (Embolization Catheters, Microcatheters) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global neurovascular catheters market was valued at USD 2.88 Billion in 2020. It is projected to grow at a 6.7% compound annual growth rate (CAGR), between 2021 and 2028. Market growth is mainly driven by increasing neurological conditions like stroke and brain aneurysm, unhealthy lifestyles, increased awareness about neurological conditions, rising disposable income, and new product launches by key market players. Due to the limited access to medical services, COVID-19 has created a major problem. This has led patients with other diseases to receive inadequate medical services. The pandemic has adversely affected neurocare clinics as well as neurosurgeons. Due to the lower transmission rate of the disease, many brain-related surgeries have been delayed or canceled during this time.

The volume of neurosurgical procedures fell to 55.0% in mid-2020, among countries that are highly affected, including the U.S. and Russia. These countries are the most affected in terms of reported deaths and confirmed cases. The American College of Surgeons (ACS), in response to the rapid rise in COVID-19-related cases in the United States, issued a recommendation in March 2020 to cancel, postpone or curtail elective procedures. The ACS was followed by the Center for Medicare and Medicaid Services and American Hospital Association, which also issued similar recommendations to reduce the spread of coronavirus. By 2020, however, neurosurgical procedures had seen significant growth. This was due to a lessening pandemic that almost negated the decline in volume.

Due to nationwide lockdowns over the last few months, the supply chain, manufacturing activities and delivery schedules as well as the sale of neurological devices were also disrupted. The market is expected to rebound over the forecast period, as many countries around the world have eased lockdowns and resumed elective procedures. The key players are focusing on geographical expansion and building more warehouses in various locations to manage their operations through other channels in the worst-hit areas. Companies have adopted strategies to address supply chain disruptions such as rerouting logistics and sourcing from other partners. Local manufacturers have also been able to take advantage of the pandemic.

Medical devices are regulated and controlled by the U.S. FDA. It categorizes medical devices according to the risk involved and evaluates regulations that provide a reasonable guarantee of safety and effectiveness. There are three types of devices: Class I, Class II, and Class III. Devices classified as Class I are at the lowest risk level and require minimal regulatory oversight. Class II devices, which are more complex than Class I, pose a slightly higher risk than Class 1 devices. They must also comply with strict regulations. Class III devices, which are more complex than Class I or II devices, pose a greater risk.

FDA regulations classify neurovascular catheters as Class II (870.1330). According to FDA regulations, neurovascular catheters are used to remove blood clots from cerebral neurovasculature using mechanical methods such as suction, laser or ultrasound.

Premarket notification submission [510(k)] and de-novo classification are required for neurovascular catheter regulations. These depend on identification of the predicated devices, their technology and the indications for their use. This classification is based upon the device's risk profile and the degree of risk. If the FDA cannot find a device that is substantially equivalent to the legal predicated device, the FDA may reject the device approval.

Market growth is being driven by a growing awareness of neurological conditions such as stroke, hemorhage, and brain aneurysm. According to the Brain Aneurysm Foundation estimates, 500,000 people will die each year from brain aneurysm. In contrast, the U.S. suffers from 30,000 cases of brain aneurysm each year. The federal government of the United States spends 83c per year on research into brain aneurysms for every person affected. To improve awareness and treatment of neurological conditions such as ischemic stroke, there are many programs and initiatives being launched globally by governments from different countries.

Type Insights

With a market share of more than 25%, the embolization catheters sector dominated 2020. The microcatheters segment will grow at a highest revenue-based CAGR, 7.6%, during the forecast period. The market for neurovascular caths can be divided into microcatheters and balloon catheters as well as access catheters, embolization, and other types.

Microcatheters will be driven by the increasing use of neurosurgical procedures, as well as the introduction of highly-technical microcatheters from key market players such Medtronic, Stryker and Terumo Corporation. Microcatheters are also useful for navigation in small veins. This allows surgeons to reach tumors or clots in these small veins which are not accessible with other neurovascular catheters. This is driving up the demand for neurovascular micheters.

Application Insights

The market leader in 2020 was the brain aneurysm market segment. This is due to factors like the rising incidence of brain aneurysms and new product launches by market players as well as increasing awareness about brain aneurysm treatment. The treatment of many diseases and conditions such as brain aneurysms, embolic strokes, arteriovenous malformations and others can be done using neurovascular catheters.

The highest revenue-based CAGR, 7.2%, is expected to be recorded by the others segment during the forecast period. There are several factors that contribute to this segment's growth, including an increasing number of patients with atherosclerosis, intracranial arterial stenosis and government initiatives and an increase in R&D investment.

End-use Insights

In 2020, the hospitals segment was dominant and held a greater than 50% revenue share. The segment is driven by government funding, advanced products and skilled neurosurgeons. The segment is also driven by the increasing number of hospitals in the world and the improvement in healthcare infrastructure in developing nations.

The highest revenue-based CAGR for ambulatory surgical centres is 7.8% over the forecast period. Segment growth is being driven by the provision of same-day surgical treatment inclusive of preventive, diagnostic, and customized treatments, shorter wait times at the and government initiatives.

Regional Insights

North America was the dominant market, accounting for more than 30% of all revenue in 2020. This is due to increasing neurological disease incidence, favorable reimbursement policies and growing awareness.

Asia Pacific will experience the fastest revenue growth of 7.6% between 2021 and 2028. This region has significant growth potential due to increasing awareness of and access to neurovascular catheters. This region is also home to an increasing number of neurological diseases like stroke and brain aneurysm, which will help boost regional market growth.

Market Share Insights & Key Companies

Market leaders are focused on innovative medical devices, growth strategies and technological advances. In January 2020, Penumbra, for example, announced that the Indigo Aspiration System was approved by the U.S. FDA. This system can be used to treat pulmonary embolism, as well as the removal of soft, new emboli and thrombi vessels of the venous and peripheral arterial. The following are some of the major players in the global market for neurovascular catheters:

• Medtronic

• Stryker

• phenox GmbH

• Penumbra, Inc.

• Integer Holdings Corporation

• Terumo Corporation

• Integra LifeSciences Corporation

• Biomerics

• Acandis GmbH

• Spiegelberg GmbH & Co. KG.

Up Market Research published a new report titled “Neurovascular Catheters Market research report which is segmented by Application (Embolic Stroke, Brain Aneurysm), by Type (Embolization Catheters, Microcatheters), By Players/Companies  Penumbra Inc,  Biomerics,  phenox GmbH,  Integer Holdings Corporation, Medtronic,  Integra LifeSciences Corporation, Stryker,  Terumo Corporation, Spiegelberg GmbH & Co KG,  Acandis GmbH”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Neurovascular Catheters Market Report Segments:

The market is segmented by Application (Embolic Stroke, Brain Aneurysm), by Type (Embolization Catheters, Microcatheters).

Neurovascular Catheters Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Neurovascular Catheters Market

Overview of the regional outlook of the Neurovascular Catheters Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Neurovascular Catheters Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Neurovascular Catheters Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Embolic Stroke

                2. Brain Aneurysm

                1. Embolization Catheters

                2. Microcatheters

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Neurovascular Catheters Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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• Correctly Positioning New Products
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Reasons to Purchase the Neurovascular Catheters Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.