The global neurovascular devices market size is anticipated to reach USD 4.53 billion by 2030, registering a CAGR of 6.01% from 2023 to 2030, according to a new report by Grand View Research, Inc. The rising prevalence of neurological illnesses such as stroke, brain aneurysm, and cerebral artery stenosis is driving growth of the neurovascular devices market. According to the World Stroke Organization (WSO), in 2022, there will be more than 12.2 million new strokes per year.
One in every four adults above the age of 25 will suffer a stroke throughout their lifetime. In addition, nearly 7.6 million new ischemic strokes occur each year. Around 62.0% of all incident strokes worldwide are ischemic strokes, with more than 1.2 million new subarachnoid hemorrhages occurring each year. As a result, the figures show that there is a significant demand for the neurovascular devices, which is driving neurovascular device market expansion.
The rising prevalence of brain aneurysms in both developed and developing countries is driving the introduction of technologically advanced products to the market. Some significant therapeutic techniques for an intracranial aneurysm include surgical clipping, endovascular coiling, and flow diverters. Market participants are constantly working to introduce technologically advanced products to the market.
For instance, in September 2021, Medtronic plc. announced the CE Mark clearance of its radial artery access portfolio, which comprises the Rist 079 Access Radial Guide Catheter and the Access Rist Radial Selective Catheter. Furthermore, in March 2022, Micro Port Scientific Company announced that its Hyper flex Balloon Catheter has received registration approval from the Japan Pharmaceuticals and Medical Devices Agency (PMDA).
Reduced postoperative discomfort and faster recovery are the factors expanding use of the minimally invasive operations and fueling R&D in this field. Endovascular coiling is a minimally invasive surgery that is frequently suggested by the clinicians for the treatment of cerebral aneurysms. Hydro Coils (MicroVention, Tustin, California, USA) have permitted the treatment of more complex aneurysmal structures with reduced recurrence rates as compared to bare-platinum coils. As a result, increased demand for the minimally invasive procedures is supporting neurovascular device market expansion.
Neurovascular Devices Market Report Highlights
- In 2022, cerebral embolization and aneurysm coiling devices dominated the neurovascular devices market with a market share of 34.79%. As the prevalence of cerebral artery stenosis rises, major players are introducing more technologically advanced products
- Based on therapeutic application, stroke segment dominated the market in 2022 with a market share of 57.10% due to the increasing prevalence of stroke, globally. The increasing frequency of strokes around the world has resulted in a significant demand for the management of these cases, necessitating the intensive use of neurovascular devices
- Among size, 0.021" held a majority market share of 27.26% in the year 2022. This is due to 0.021” size products are preferred over others owing to superior flow rates and embolic compatibility
- Among end use, hospitals held a majority market share of 70.97% in the year 2022. Increasing number of patients being admitted to the hospitals due to the surgeries, therapies, and treatments is expected to favor the neurovascular device market. Thus, subsequent increase in number of patients across the globe, launch of technologically advanced products, and favorable reimbursement policies are leading to a growing demand for the hospital treatments
- North America led the market with the maximum revenue share of 26.44% in 2022. Rising demand for the minimally invasive surgeries, and increasing government initiative for improving healthcare infrastructures are among the key factors driving the market growth. In addition, technological advancement and innovation of new noninvasive techniques will create lucrative opportunities for the segment
Browse through Grand View Research's Category Medical Devices Industry Research Reports.
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Segments Covered in the Report
Grand View Research has segmented the global neurovascular devices market based on the device, therapeutic application, size, end use, and regions:
Neurovascular Devices Device Outlook (Revenue USD Million; Volume Unit; 2018 - 2030)
- Cerebral Embolization and Aneurysm Coiling Devices
- Embolic coils
- Flow diversion devices
- Liquid embolic agents
- Cerebral Angioplasty and Stenting Systems
- Carotid artery stents
- Embolic protection
- Neurothrombectomy Devices
- Clot retrieval devices
- Suction devices/aspiration catheters
- Vascular snares
- Support Devices
- Micro catheters
- Micro guide wires
- Trans Radial Access Devices
Neurovascular Devices Therapeutic Application Outlook (Revenue USD Million; 2018 - 2030)
- Stroke
- Cerebral Artery
- Cerebral Aneurysm
- Aneurysmal Subarachnoid Hemorrhage
- Others
- Others
Neurovascular Devices Size (in Inches) Outlook (Revenue USD Million; 2018 - 2030)
- 027"
- 021"
- 071"
- 017"
- 019"
- 013"
- 058"
- 068"
- Others
Neurovascular Devices End Use Outlook (Revenue USD Million; 2018 - 2030)
- Hospitals
- Specialty Clinics
- Others
Neurovascular Devices Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Norway
- Denmark
- Sweden
- Asia Pacific
- Japan
- China
- India
- Australia
- South Korea
- Thailand
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East and Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Kuwait
Order a free sample PDF of the Neurovascular Devices Market Intelligence Study, published by Grand View Research.
