Dublin, Oct. 18, 2023 (GLOBE NEWSWIRE) -- The "Neurovascular Devices Market by Disease Pathology (Cerebral Ameurysm (Embolic coils), Ischemic Stroke (Clot retrievers, Aspiration, Microcatheters), AVM (Liquid Embolic Agents), End User (Hospitals), & Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global neurovascular devices market is projected to reach USD 5.5 Billion by 2028 from USD 3.6 Billion in 2023, at a CAGR of 8.7%
The neurovascular devices market is experiencing growth driven by the increasing prevalence of neurovascular diseases, including ischemic stroke and cerebral aneurysms, which are associated with conditions like hypertension, diabetes, and obesity.
This rise in disease incidence is boosting the demand for neurovascular devices. However, challenges such as the high cost of neuro-interventional procedures and associated products, as well as a shortage of skilled neurologists in emerging countries, may hinder market growth.
Key drivers of market growth include the expanding healthcare infrastructure in emerging economies, the availability of medical reimbursements for neurovascular procedures, and the growing incidence of neurovascular diseases.
Nevertheless, there are significant barriers to market expansion, including a shortage of skilled neurosurgeons and the high procedural costs of neurovascular surgeries and related products. Additionally, the stringent regulatory approval process for medical devices poses challenges for leading players in the global neurovascular devices market.
North America is expected to hold a significant market share during the forecast period. This is attributed to factors such as the widespread adoption of endovascular treatment procedures for conditions like ischemic stroke, cerebral aneurysms, and arteriovenous malformations.
The region also benefits from substantial R&D investments in the development of novel neurovascular devices, a strong presence of key market players, and favorable reimbursement policies for neurovascular treatment procedures.
Key players in the neurovascular devices market, such as Stryker, Johnson & Johnson, Medtronic, Terumo Corporation, Penumbra, Inc., and MicroPort Scientific Corporation, are implementing growth strategies and offering innovative services to maintain their competitive positions in the market.
Ischemic stroke segment accounted for the highest CAGR during the forecast period
Based on disease pathology, the neurovascular devices market is segmented into cerebral aneurysm, ischemic strokes, carotid artery stenosis, arteriovenous malformations & fistulas, and other disease pathologies (includes cavernous malformations and moyamoya disease).
The ischemic stroke segment to grow a at a higher CAGR owing to increasing incidence of ischemic stroke and increase in the mechanical thrombectomy procedures.
The Hospitals & surgical centers segment accounted for the largest market share in the neurovascular devices market, by end user, during the forecast period
Based on end user, the neurovascular devices market is segmented into hospitals & surgical centers, ambulatory care centers, and research laboratories and academic institutes.
The hospital & surgical centers captured the largest share of neurovascular devices market during the forecast period attributed to the increasing hospitalization of target patient population, rising volume of neurovascular surgeries, and upgradation in the infrastructure of hospitals in developing nations along with the availability of technological advance neurovascular treatment devices in these settings.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 255 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $3.6 Billion |
| Forecasted Market Value (USD) by 2028 | $5.5 Billion |
| Compound Annual Growth Rate | 8.7% |
| Regions Covered | Global |
Premium Insights
- Cerebral Aneurysms to Dominate Market During Forecast Period
- Cerebral Aneurysms Segment Accounted for Highest Market Share in US
- China to Grow at Highest CAGR During Forecast Period
Market Dynamics
Drivers
- Rising Incidence of Neurovascular Diseases
- Availability of Medical Reimbursements for Neurovascular Procedures
- Expansion of Healthcare Infrastructure Across Emerging Economies
- Rising Demand for Effective Neurovascular Therapies
Restraints
- Shortage of Skilled Neurosurgeons
- High Procedural Cost of Neurovascular Surgeries and Associated Products
Opportunities
- Rising R&D Activities for Neurovascular Therapies
- Growing Preference for Minimally Invasive Neurosurgical Procedures
Challenges
- Stringent Regulatory Approval Process for Medical Devices
Supply Chain Analysis
Value Chain Analysis
Porter's Five Forces Analysis
Company Profiles
Key Players
- Stryker
- Medtronic
- Johnson & Johnson
- Terumo Corporation
- Penumbra, Inc.
- Microport Scientific Corporation
- Balt
- Kaneka Corporation
- Phenox Gmbh
- Asahi Intecc Co. Ltd
- Perflow Medical Ltd.
- Rapid Medical
- Cerus Endovascular Inc.
- Acandis Gmbh
- Evasc
- Sensome
- Lepu Medical Technology (Beijing) Co. Ltd.
- Imperative Care
- Medikit Co. Ltd.
- Zylox-Tonbridge Medical Co. Ltd.
Other Players
- Silk Road Medical, Inc.
- Artio Medical, Inc.
- Ivascular
- Oxfordendovascular
- Neurovasc Technologies, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/73r844
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