Neurovascular Devices Market (By Product Type: Cerebral Embolization and Aneurysm Coiling Devices [Embolic Coils, Flow Diverters, Liquid Embolic Agents], Cerebral Angioplasty and Stenting Systems [Carotid Artery Stents, Embolic protection], Neurothrombectomy Devices [Clot Retrieval Devices, Suction Devices, Vascular Snares], Support Devices [Micro Catheters, Micro Guidewires]; By Application: Stroke, Cerebral Artery, Cerebral Aneurysm, Others) - Global Industry Analysis, Market Size, Opportunities and Forecast 2020 - 2027
![Neurovascular Devices Market (By Product Type: Cerebral Embolization and Aneurysm Coiling Devices [Embolic Coils, Flow Diverters, Liquid Embolic Agents], Cerebral Angioplasty and Stenting Systems [Carotid Artery Stents, Embolic protection], Neurothrombectomy Devices [Clot Retrieval Devices, Suction Devices, Vascular Snares], Support Devices [Micro Catheters, Micro Guidewires]; By Application: Stroke, Cerebral Artery, Cerebral Aneurysm, Others) - Global Industry Analysis, Market Size, Opportunities and Forecast 2020 - 2027](assets/images/format-png.png "Neurovascular Devices Market (By Product Type: Cerebral Embolization and Aneurysm Coiling Devices [Embolic Coils, Flow Diverters, Liquid Embolic Agents], Cerebral Angioplasty and Stenting Systems [Carotid Artery Stents, Embolic protection], Neurothrombectomy Devices [Clot Retrieval Devices, Suction Devices, Vascular Snares], Support Devices [Micro Catheters, Micro Guidewires]; By Application: Stroke, Cerebral Artery, Cerebral Aneurysm, Others) - Global Industry Analysis, Market Size, Opportunities and Forecast 2020 - 2027")
The global neurovascular devices market is anticipated to grow at a CAGR of around 5.8% during the forecast period 2020 to 2027 and to reach around US$ 4.2 Bn by 2027.
Growing prevalence of chronic neurological disorder across the globe, rapid technological advancements in medical devices and increasing demand for minimally invasive surgical devices are major factors expected to drive the growth of global market. According to the Federal Interagency Forum on Aging-Related Statistics, 35.8% of people aged 85 years or older have moderate or severe memory impairment. One hundred million persons have chronic pain, 70 million people experience sleep/wakefulness problems, and 69 million individuals have vestibular and balance disorders; altogether, these cases constitute 54% of occurrences of the top 10 neurologic diseases.
In addition, increasing R&D activities by major players for development of novel drugs for treatment of various neurological conditions is expected to support the growth of target market.
Moreover, major players’ approach towards strategic merger and acquisitions in order to enhance the business presence and increase the customer base is expected to augment the growth of global market.
In 2016, Codman Neuro a global leader in neurosurgery acquired Pulsar Vascular Inc. a medical device company specializing in the design and development of minimally invasive medical devices for the endovascular treatment of neurovascular disorders. This acquisition is expected to help the company to enhance the product portfolio.
In 2016, Terumo Corporation a global manufacturers of medical devices and supplies signed a strategic agreement with Abbott Laboratories (U.S.) and St. Jude Medical, Inc. (U.S.). This agreement helped the company to enhance the product portfolio in minimally invasive entry site management and strengthen its visibility. In addition, the agreement strengthened the company position in the US market.
In 2016, Medtronic plc a global leader in medical technology, services, and solutions launched Pivox Oblique Lateral Spinal System with Lateral Plate for OLIF25 and Divergence-L Anterior/Oblique Lumbar Fusion System for OLIF51 for the development of Oblique Lateral Interbody Fusion Platform. This launch helped the company to increase the customer base.
In 2016, Penumbra, Inc a global healthcare company that is focused on dev elopement of innovative therapies that address challenging medical conditions and significant clinical needs launched ACE 68 Reperfusion Catheter for the treatment of acute ischemic stroke. The product launch enhanced the company’s customer base.
In 2015, Terumo Corporation established an R&D center in Southern California, US with the focus on development of coronary and peripheral interventional therapies. The R&D center was worth US$ 84.0 Mn and enhanced the company’s R&D capabilities.
In addition, favourable business policies by the government is encouraging new entrants to strengthen their place in market by introducing innovative solution which is expected to impact the growth of target market.
However, factors such as high cost of devices and stringent government regulations related to product approval are expected to hamper the growth of global market. In addition, lack of skilled professionals is expected to challenge the growth of target market.
Advancements in product by major players and increasing research activities in the field of neurovascular therapies are factors expected to create new opportunities for players operating in the target market over the forecast period. In addition, development of low cost products is expected to support the revenue transaction of target market.
Segment Analysis by Region
The market in Asia Pacific is expected to witness faster growth in the target market due to developing healthcare sector. Government is spending high on infrastructure development with the focus to increase the R&D capabilities. With the availability of favorable business policies in the region there is emergence of small and mid-size enterprises.
Competitive Landscape
The global market is high highly competitive due to presence of large number of players and innovative product offerings. In addition, business expansion activities through partnerships and agreements are factors expected to further increase the competition.
Report coverage
|
Market |
Global Neurovascular Devices Market |
|
Analysis Period |
2016 – 2027 |
|
Base Year |
2019 |
|
Forecast Data |
2020 – 2027 |
|
Market Stratification |
Device, Therapeutic Application and Geography |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
|
Report Coverage |
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis |
Neurovascular Devices Market Segment Analysis, 2019
The global market is segmented into device and therapeutic application. The device segment is further cerebral embolization and aneurysm coiling devices, cerebral angioplasty and stenting systems, neuro thrombectomy devices, and support devices. The cerebral embolization and aneurysm coiling devices is expected to account for major revenue share due to increasing R&D activities.
The therapeutic applications segment is divided into stroke, cerebral artery, cerebral aneurysm, and others. Among therapeutic applications the stroke segment is expected to account for major revenue share in the target segment.
The players profiled in the report are Penumbra, Inc., Boston Scientific Corporation, Microport Scientific Corporation, Merit Medical Systems, Inc., W.L. Gore & Associates, Inc., Stryker Corporation, Medtronic PLC, Johnson & Johnson, Terumo Corporation, and Abbott Laboratories.
Market Segmentation
Market By Product
Cerebral Embolization and Aneurysm Coiling Devices
- Embolic Coils
- Flow Diverters
- Liquid Embolic Agents
Cerebral Angioplasty and Stenting Systems
- Carotid Artery Stents
- Embolic protection
Neurothrombectomy Devices
- Clot Retrieval Devices
- Suction Devices
- Vascular Snares
Support Devices
- Micro Catheters
- Micro Guidewires
Market By Therapeutic Application
Stroke
Cerebral Artery
Cerebral Aneurysm
Others
Market By Region
North America
- U.S.
- Canada
Europe
- UK
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions
Which is the major factor expected to drive the global market?
Growing prevalence of chronic neurological disorder across the globe, rapid technological advancements in medical devices and increasing demand for minimally invasive surgical devices are major factors expected to drive the growth of global market.
What will be the market size of global neurovascular devices market in 2027?
The global neurovascular devices market in 2027 is expected to be above US$ 4.2 Bn.
Which segment is growing in product segment?
In product segment the MABs segment is growing at faster pace.
What is the CAGR of the global neurovascular devices market?
The CAGR of the global neurovascular devices market from 2020-2027 is above 5.8%.
Which region is expected to grow faster?
In the global market the Asia Pacific region is expected to grow faster.
What are the players considered in the report scope?
Some of the players considered in the report scope are Penumbra, Inc., Boston Scientific Corporation, Microport Scientific Corporation.
Which region is expected to account for major revenue share in the global market?
The Asia Pacific is expected to account for major revenue share in the global market.
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