New York, United States, April 10, 2024 (GLOBE NEWSWIRE) -- Catheters are medical devices that slide into body cavities for therapeutic or diagnostic purposes and have a tube-like structure. Neurovascular catheters, an advanced medical device, treat various neurovascular diseases and conditions. Neurovascular catheters help administer medications to the organs and diagnose neurovascular diseases like carotid artery disease and brain aneurysms by removing unwanted fluids from neurovascular organs like the carotid artery, brain, and intracranial spaces. The delivery of neurovascular devices to neurovascular organs like the brain is also made easier by neurovascular catheters. As a result, neurovascular catheters are used in various cranial procedures.
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Rising Prevalence of Hemorrhagic and Ischemic Stroke Drives the Global Market
According to WHO, the three main types of strokes are hemorrhagic, ischemic, and subarachnoid hemorrhage. An ischemic stroke happens when a blood vessel is blocked, limiting the amount of blood that can reach the brain. Stroke is the leading cause of death and disability globally, with the WHO estimating that 60% to 80% of cases are ischemic. People now have a higher risk of stroke due to their unhealthy lifestyle choices. The main risk factors for stroke are diabetes, smoking, and hypertension. A diet high in trans fats, cholesterol, and saturated fats is one of the risk factors for stroke. Due to rising hypertension, obesity, and smoking levels, a sizable portion of the population is at risk of developing neurovascular diseases.
Rising Conscience of Mental Illnesses such as Brain Aneurysms and Stroke Creates Tremendous Opportunities
Compared to Western countries, developing countries like China and India have a significantly higher incidence of stroke. To combat these conditions, the government is starting several awareness campaigns. For instance, the Indian government recently unveiled its National Program for the "Prevention and Control of Cancer, Diabetes, Cardiovascular Diseases, and Stroke," which aims to improve transportation infrastructure and increase public awareness of non-communicable diseases. The CCDCP has unveiled a national plan to prevent and treat non-communicable diseases to strengthen disease surveillance, reduce smoking, control hypertension, and increase awareness of non-communicable diseases and diabetes mellitus.
Regional Analysis
North America is the most significant shareholder in the global neurovascular catheters market and is expected to grow at a CAGR of 6.1% during the forecast period. North America accounted for 33.57% of the global market for neurovascular catheters in terms of revenue, driven by rising rates of stroke and brain aneurysms and a rise in the demand for minimally invasive procedures. Another factor affecting market expansion in North America is the quickening of technological development. It is anticipated that increased initiatives by various organizations will fuel market expansion. To help the group achieve its goal of lowering brain aneurysm-related mortality, the Bee Foundation (TBF) is accepting applications for a brain aneurysm research grant.
Europe is expected to grow at a CAGR of 6.5% generating USD 1.50 billion during the forecast period. Europe is one of the world's technologically advanced continents, producing substantial healthcare facilities and first-rate patient care. The demand for neurovascular catheters is increasing as acute ischemic stroke rates, sedentary lifestyle adoption rates, and the introduction of high-tech products to the European market all rise. However, the market expansion will probably be hampered during the anticipated time frame due to the absence of favorable reimbursement policies in Europe's developing countries.
Numerous local rivals in China and Japan could hasten market expansion in the Asia-Pacific region. Nevertheless, it is anticipated that a few of the region's developing countries will grow at moderate rates during the forecast period. Market expansion may be hampered by these countries' low adoption of modern healthcare facilities and lack of skilled professionals. The market's growth would be constrained by insufficient healthcare reimbursement infrastructure in developing nations and low public awareness of treating acute ischemic stroke, mechanical thrombectomy, and intravenous thrombolysis.
Key Highlights
- The global neurovascular catheter market size was valued at USD 3.12 billion in 2021. It is projected to reach USD 5.54 billion by 2030, growing at a CAGR of 6.6% during the forecast period (2022–2030).
- Based on type, the global neurovascular catheter market is bifurcated into microcatheter, balloon catheters, access catheters, and embolization catheters. The embolization catheter segment is the highest contributor to the market and is expected to grow at a CAGR of 6.2% during the forecast period.
- Based on application, the global neurovascular catheter market is bifurcated into embolic stroke, brain aneurysms, arteriovenous malformations, and others. The brain aneurysms segment owns the highest market share and is expected to grow at a CAGR of 6.4% during the forecast period.
- Based on end-users, the global neurovascular catheter market is bifurcated into hospitals, clinics, ambulatory surgical centers, and diagnostic centers. The hospital segment is the highest contributor to the market and is expected to grow at a CAGR of 6.3% during the forecast period.
- North America is the most significant shareholder in the global neurovascular catheters market and is expected to grow at a CAGR of 6.1% during the forecast period.
Competitive Players
The global neurovascular catheters market’s major key players are Acandis GmbH, Access Vascular Inc., Balt USA LLC, Biomerics, Concentric Medical Inc., Imperative Care Inc, Integer Holdings Corporation, Integra LifeSciences, Medtronic Plc, Midwest Interventional Systems, Neurovas, Penumbra Inc., Phenox GmbH, RAUMEDIC AG, Spiegelberg GmbH & Co. KG., Stryker Corporation, Terumo Corporation, and Zeus Industrial Products Inc.
Market News
- In September 2022, Access Vascular, Inc. (AVI), a business that uses an advanced biomaterial platform to address the most frequent and expensive vascular access complications, released the findings of a peer-reviewed study.
Global Neurovascular Catheters Market: Segmentation
By Type
- Microcatheter
- Balloon Catheter
- Access Catheter
- Embolization Catheter
- Others
By Applications
- Embolic Stroke
- Brain Aneurysms
- Arteriovenous Malformations
- Others
By End-User
- Hospitals
- Clinics
- Ambulatory Surgical Centers
- Diagnostic Centers
By Regions
- North America
- Europe
- Asia-Pacific
- LAMEA
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