Westford USA, July 25, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Neurovascular Device Market will attain a value of USD 6.04 Billion by 2031, with a CAGR of 8.5 % during the forecast period (2024-2031). The neurovascular devices market is boosted by the growing prevalence of neurological diseases, technological advancement, and rising demand for minimally invasive processes. In recent times, many people are suffering from neurological diseases like brain aneurysm, strokes, and epilepsy, and this is resulting in a significant rise in demand for neurovascular devices. Another disease contributing to the growth of the market is acute ischemic stroke. The popularity of minimally invasive surgeries is also increasing because of the decreases risk and trauma related to these processes. Postoperative pain can be reduced with smaller incisions leading to speedy recovery. These factors are increasing the adoption of these procedures and prompting the advancement of R&D in the field. In recent times, many companies have started investing in R&D to introduce advanced minimally invasive surgical devices. The endovascular coiling utilized for treating intracranial aneurysm is one of such procedures that is widely used by physicians. These types of procedures to treat diseases are increasing the market growth of neurovascular device market.
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Browse in-depth TOC on the "Neurovascular Device Market"
- Pages - 157
- Tables - 170
- Figures – 75
Neurovascular Device Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 3.15 Billion |
| Estimated Value by 2031 | $ 6.04 Billion |
| Growth Rate | Poised to grow at a CAGR of 8.5% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Disease Pathology, End-User and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Increasing incidences of neurovascular diseases to pave way for the market |
| Key Market Opportunities | Increasing demand for minimally invasive procedures |
| Key Market Drivers | Focus on patient outcome and changing lifestyle |
Increasing Adoption of Minimally Invasive Surgeries to Reduce Risks will Boost Growth Rate
in the last few years, an inclination towards minimally invasive surgeries have increased among physicians and also patients, increasing its popularity. The primary reason for this is it has very littles risk associated with it and does not create trauma among patients. Small incisions are required to perform the surgeries, which accelerates the recovery timings. These factors have immensely encouraged doctors to implement these surgery techniques. Companies and government institutions are also investing more to improve research and development in this field to increase advancement. The development of technologies like embolic coils, advanced aspiration catheters, revascularization devices for ischemic strokes are the result of R&D. Such innovative devices have encouraged this shift towards advanced neurovascular devices.
Growing Prevalence of Neurovascular Disorder with Changing Lifestyle to Influence Market Growth
The market for neurovascular devices is primarily driven by the increasing cases of neurovascular diseases like strokes or aneurysms. As per NHS England, almost 1 in 12,500 people in England have ruptured brain aneurysm each year. Moreover, brain aneurysm impacts almost 3.0% of the persons of the U.K. Therefore, this rapidly growing patient population for target diseases in the market is mainly responsible for the high consumption of neurovascular devices, resulting in market growth. Another factor positively influencing the neurovascular devices market is the aging of the global population who are extremely vulnerable to chronic diseases and require surgeries. In the past few years, people have witnessed massive lifestyle changes as it has become more fast-paced and unhealthy eating habits have increased. Such lifestyles bring in a lot of risks like diabetes, obesity, and hypertension that can lead to many targeted diseases, increasing neurovascular issues. These factors support the growth of the market.
Increasing Awareness about Neurological Disorders Promotes Neurovascular Devices North America Boosting Market Growth
North America accounts for the dominant market share of neurovascular devices. This can be attributed to factors like increased awareness of neurological disorders, growing geriatric population, and advanced medical care infrastructure. There are also many key players present in the region creating developmental strategies to boost market growth. The market of the Asia-Pacific region is also growing rapidly due to huge population and increasing expenditure on advanced healthcare systems. Rise in disposable is also positively influencing the market as it is encouraging the adoption of neurovascular devices.
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Neurovascular Devices Market Insights
Drivers:
- Strategic partnerships among key market players to increase the demand for the neurovascular device with advanced products.
- Rising geriatric population to create lucrative opportunities for the market.
- Emphasis on patient outcome and quality of life is a major factor contributing to the growth.
- Better reimbursement policies are accelerating the demand for neurovascular devices.
Restraints:
- Strict regulations are an important factor that is decreasing the viability of the market
- High expense of neurovascular processes is restraining the market growth
- Very less access to advanced healthcare facilities, especially in developing regions can be a challenge
- High risk of complications and adverse events can impede the development of the market
Key Players in Neurovascular Device Market
The following are the Top Neurovascular Device Companies
- Acandis GmbH
- Asahi Intecc Co. Ltd.
- Imperative Care Inc.
- Integer Holdings Corporation
- Johnson & Johnson
- Medtronic plc
- MicroPort Scientific Corporation
- Penumbra Inc.
- Perflow Medical Ltd.
- Rapid Medical
- Stryker Corporation
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Key Questions Answered in the Neurovascular Market
- Which are the key players of the neurovascular Market?
- What are the critical drivers of the market?
- Which region is leading the neurovascular market?
- What is neurovascular market growth?
This report provides the following insights:
- Analysis of key drivers (Strategic collaboration among companies, rising geriatric population, Emphasis on patient outcome and quality of life, and Better reimbursement), restraints (Integration with existing system and High expense), opportunities (Surging incidences of neurovascular diseases, Increasing technological advancement, High demand for minimally invasive procedures, and Rising awareness), and challenges (Stringent regulations, Restricted access to advanced healthcare, and High risk of complications) influencing the growth of neurovascular devices market
- Market Penetration: Comprehensive information on the product offered by the top players in the neurovascular devices market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the neurovascular devices market
- Market Development: Comprehensive information on emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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