Global Neurovascular Devices Market by Therapeutic Application (Cerebral Artery Stenosis, Cerebral Aneurysm, Stroke) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global neurovascular devices market was valued at USD 2.75 billion in 2020. It is projected to grow at a compound annual rate (CAGR of 5.9%) between 2021 and 2028. Market growth for neurovascular devices is expected to be driven by the increasing prevalence of neurological disorders, technological advances, and increased demand for minimally invasive procedures. The diagnosis and treatment for vascular disease in the brain and central nervous systems is done using interventional neurology devices. Interventional neurology can be described as endovascular, catheter-based, fluoroscopy, and fluoroscopy. It is used to diagnose and treat vascular disease of the brain and central nervous system.

The market for neurovascular products will be driven by an increase in neurological disorders like strokes, brain/cerebral aeurysms, epilepsy, and other conditions in many countries. According to NHS England, 1 in 125,000 people in England experience a ruptured brain aneurysm each year. A further 3.0% of adults in the U.K. have suffered from a cerebral aneurysm. Brain aneurysm is becoming more common due to hypertension, excessive alcohol intake, and smoking. According to the Brain Aneurysm Foundation an estimated 6,000,000 Americans are affected each year by cerebral aneurysms. The disease claims half a million lives each year worldwide. About 40.0% of ruptures cause death, and approximately 66.0% suffer permanent brain damage. The significant market growth is due to the large and rapidly expanding patient base of target diseases in the key markets.

There are many new technologies that could be used in neurointerventional procedures. BENDIT Technologies, an innovator in the design and manufacture of microcatheters for neurointerventional use, announced in October 2020 the success of its BENDIT neuro microcatheter at Sheba Medical Center in Israel. Also, Replicator by Mentice is the latest neurovascular-specialized flow system that generates an extraordinarily realistic hemodynamic environment for the application of medical devices. This technology is specifically suitable for neurovascular devices that treat aneurysms and strokes. These new technologies will allow for a wider range of neuroendovascular devices to be used to treat a variety of aneurysm types. They are more effective and safer. The field of intracranial aneurysm management continues to evolve with advanced technology at the forefront. In the coming years, there will be a significant increase in demand for neurovascular devices due to the increasing availability of treatment options.

After heart disease and cancer, stroke is the leading cause of death. According to CDC, stroke was responsible for 15.2 million of the 56.9 millions deaths in 2018. Acute Ischemic Stroke is the most common type of stroke. It results from reduced blood supply to brain cells, which causes them to die. According to the U.S. CDC 87.0% are ischemic strokes. The United States is the most affected country. According to the Southwestern Medical Center (USA), about 795,000 Americans suffer from strokes each year. According to the National Center for Biotechnology Information, strokes are more common in women than in men, particularly in older people (aged 55-65). This high incidence of acute ischemic strokes is expected to drive the market growth for neurovascular products over the forecast period.

Other technologies are used to develop neurothrombectomy devices that treat AIS and the associated symptoms. Medtronic, for example, announced in April 2019 the launch of the fourth-generation Solitaire X revascularization system, which was designed to treat AIS. Vesalio was also approved for CE marking for NeVa, an advanced neurothrombectomy device. It features an optimized delivery system that delivers efficient results. These devices are an extension of Smart Maker and Drop Zone technologies, adding features like distal filters. Rapid Medical, an Israeli company, was granted European regulatory clearance in August 2020 to market its 'TIGERTRIEVERXL device, which removes large ischemic stroke clots from intracranial veins. Market growth will be fueled by the rapid approval of products and the introduction of technologically advanced devices.

Device Insights

Aneurysm coiling and cerebral embolization dominated the market for neurovascular device in 2020 and had a 37.9% revenue share. There are many factors that have contributed to the increase in the demand for neurovascular products, including stroke, brain aneurysm and Arteriovenous Malformations. Aneurysm coiling and cerebral embolization can be further divided into flow diversion devices and embolic coils. Further, stenting and cervical angioplasty are divided into embolic protection and carotid-artery stents.

The segment of neurothrombectomy devices is expected to experience the highest CAGR at 7.0% during the forecast period. This is due to an increase in acute ischemic strokes and a growing number of product launches from the major players in the market. Medtronic, for example, announced in 2019 the Solitaire X revascularization system that can be used to remove blood clots from the brain. Due to rising stroke rates, elderly patients have been using clot retrievers more often (between 55 and 65). Further, neurothrombectomy devices can be divided into suction devices and clot retrieval, vascular, and suction devices.

Therapeutic Application Insights

The market for neurovascular products was dominated by the stroke segment in 2020. It accounted for the highest revenue share at 57.1%. This is due to factors like an increase in strokes, hypertension, and other neurological conditions. The CDC estimates that 1 in 6 people will experience a stroke within their lifetime. In the United States, over 795,000 suffer from strokes each year. Strokes are the second most common cause of death worldwide, accounting for around 140,000 deaths annually in the United States.

Segment growth is also being supported by increased awareness campaigns by governments and non-governmental organizations around the world. In 2018, the Stroke Alliance for Europe, which has 12 members, was a non-profit organization that joined Boehringer Ingelheim's Angel's Initiative to provide critical information for stroke patients. The market for neurovascular products is growing because of the advent of new, technologically advanced products. CERENOVUS Stroke Solutions was launched by Johnson & Johnson Medical Devices Companies in September 2020. It consists of three devices that aid doctors in clot removal. Endovascular technology continues to evolve, raising standards for safety and effectiveness in cerebral aneurysm treatment.

Due to an increasing incidence of intracranial and cerebral aneurysm, the segment of cerebral aneurysm is expected to see the highest CAGR at 6.5% over the forecast period. The Brain Aneurysm Foundation estimates that approximately 6.5 million Americans have a unruptured cerebral aneurysm. Additionally, about 30,000 individuals experience a brain aneurysm breakage each year. In order to meet the growing demand for minimally invasive surgery, Cerus Endovascular Ltd. was granted European CE Mark approval in February 2020 for its Contour Neurovascular System for intracranial aneurysm treatment. Stryker was approved by the U.S. Food and Drug Administration in August 2020 for an expanded indication for its Neuroform Atlas Stent System. This made Stryker the only adjunctive stent that is allowed for use in the posterior (back) of the brain circulation.

Regional Insights

North America dominated neurovascular devices and accounted for 26.8% of the total revenue in 2020. This was due to the presence in the region of major manufacturers like Stryker Corporation, Penumbra, Inc., Johnson & Johnson, and Merit medical systems, Inc. Cerus Endovascular Ltd. was approved CE Mark for its Contour Neurovascular System measuring 0.021 inches. It is compatible with commercially available 021 microcatheters to treat saccular intracranial aeurysms. The market for neurovascular products in this region is also being driven by the increasing prevalence of neurological disorders, and the growing demand for minimally invasive surgery. According to the CDC, more than 795,000 Americans suffer from strokes each year and 87.0% suffer from an ischemic stroke.

The market for neurovascular products in the region is growing rapidly due to increased R&D investments by manufacturers and government initiatives. Medtronic Neurovascular Clinical Affairs sponsors a clinical trial to evaluate the safety and effectiveness in treating intracranial aneurysms using the "Pipeline Vandal Embolization Device With Shield Technology". In April 2021, the Society of NeuroInterventional Surgery and NeuroPoint Alliance (NPA), teamed up with the Society of Vascular and Interventional Neurology to create the NeuroVascular Quality Initiative - Quality Outcomes Database. In February 2020, NeuroVasc Technology, Inc. formed a strategic partnership to the Wego Group. The funding included USD 34 million. This will help the firm develop its product portfolio and support its global clinical trial program. NeuroVasc Technologies has made a significant step towards bringing a complete neurovascular platform to the market with this strategic alliance.

Asia Pacific will see the highest CAGR at 7.9% over the forecast period. This is due to factors like rising target disease burden. M Gourie Devi published an article estimating that 30.0 million Indians suffer from multiple neurological diseases. The average prevalence rate of these diseases is 2,394 per 1,000,000 people. The market for neurovascular products is also growing due to factors like rising healthcare spending and the entry of key players. Terumo Corporation, for example, launched the WEB Embolization System in December 2020 (Product name: Woven EndoBridge Device in Japan), which is an intravascular aneurysm treatment system. This device is the first of its kind in Japan and an intravascular flow disruptor device. Terumo hopes to offer new treatments for brain aneurysm patients that are difficult to treat with the currently approved methods.

Market Share Insights & Key Companies

Market leaders are focusing their efforts on innovative medical devices, growth strategies and technological advances. Stryker Corporation, for example, launched the Surpass Evolve Flow Diverter in August 2020 after it was approved by the U.S. Food and Drug Administration. It is the first 64-wire cobalt/chromium flow diverter to be launched in the United States and is designed to help aneurysms heal. After Surpass Streamline's release in late 2018, Surpass Evolve, Stryker's latest flow diverting innovation is Surpass Evolve. These innovations are expected to increase the growth rate of the market for neurovascular products over the forecast period. The market leader in neurovascular devices is:

• Medtronic

• MicroPort Scientific Corporation

• Penumbra, Inc.

• Stryker Corporation

• Johnson & Johnson Services, Inc.

• MicroVention, Inc.

• Codman Neuro

Up Market Research published a new report titled “Neurovascular Devices Market research report which is segmented by Therapeutic Application (Cerebral Artery Stenosis, Cerebral Aneurysm, Stroke), By Players/Companies Stryker Corporation, Codman Neuro, Penumbra Inc, Johnson & Johnson Services Inc, MicroVention Inc, MicroPort Scientific Corporation, Medtronic”. 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 Devices Market Report Segments:

The market is segmented by Therapeutic Application (Cerebral Artery Stenosis, Cerebral Aneurysm, Stroke).

Neurovascular Devices 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 Devices Market

Overview of the regional outlook of the Neurovascular Devices 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 Devices Market Report:

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

                1. Cerebral Artery Stenosis

                2. Cerebral Aneurysm

                3. Stroke

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

We have studied the Neurovascular Devices 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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Reasons to Purchase the Neurovascular Devices 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.