Neurovascular Device Market Is Expected To Grow At 6.5% CAGR Till 2024: Grand View Research, Inc.

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According to the report published by Grand View Research, global neurovascular device market will reach $2.92 billion by 2024, increasing target patient population, especially in the developed countries, attributed to increasing awareness about the diseases is one of the key factors contributing to the growth of this industry.

The global neurovascular device market was valued at USD 1.62 billion in the year 2015 and is expected to reach a value of USD 2.92 billion by 2024, growing at a CAGR of 6.5% according to a new report by Grand View Research, Inc.

Key factors driving the market growth include increase in patients suffering from cerebral vascular disorders mandating assistance of neurovascular devices such as cerebral embolization and aneurysm coils, implementation of advanced technological platforms in this field, and the favorable reimbursement policies across established markets such as the U.S., Canada, U.K., Germany, and Japan.

The market is segmented on the basis of device type and respective therapeutic applications. The embolization coils are widely employed in the treatments of strokes and cerebral aneurysms. They are responsible for majority of market share in the device type segment. According to World Health Organization (WHO), strokes are the leading cause of disability and third cause of death across the world. Stroke therapeutic application segment accounts for the largest market as compared to others. In addition, according to the American Heart Association, nearly 5% of the population is currently suffering from the cerebral aneurysms. Aneurysms can cause moderate to severe brain damage depending upon the condition. Therefore, their treatment is contributing to the increased demand of these platforms.

The embolization and aneurysms coiling devices are minimally invasive and are employed in effectively treating the aneurysms. Several diseases can be treated with the help of a single coil however; the unusual cerebral aneurysms require several expensive coils. Due to the efficacy, the volume for these procedures has increased over the years. This trend will continue over the forecast period, thereby rendering the leading position for this segment in terms of revenue share. The stenting systems possess the potential to address complex natured aneurysms, which were untreatable in the past. Hence, the cerebral angioplasty and stenting systems will exhibit an impressive growth pattern during the forecast period.

Moreover, Stryker Corporation is a key leader in the neurovascular device market, owing to the strategic acquisition of complete neurovascular portfolio of Boston Scientific Corporation in the year 2010. The other notable players in this industry include Abbott Laboratories, W.L. Gore & Associates, Inc., Micorport Scientific Corporation, and Terumo Corporation.

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Further Key Findings from the Study Suggest:

  • Rising incidence of cerebral vascular disorders such as strokes (both ischemic and hemorrhagic), arterial stenosis, and brain aneurysms are primarily responsible for the high demand for neurovascular diseases.
  • On the basis of types, the market is segmented into embolization and aneurysms coils, stenting systems, neurothrombectomy and support devices. Among these, embolic coils are widely used owing to the safety and efficacy, followed by the stenting systems.
  • According to the therapeutic application of the device type, stroke accounts for the largest market share, reason being the leading cause of disability and third cause of deaths worldwide.
  • In addition, the rising geriatric population and increased life expectancy are causing an increase in the target patient population. 

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Grand View Research has segmented the neurovascular device market by type, therapeutic application, and region:

Device Type Outlook (Revenue, USD Million; 2013 – 2024)

  • Cerebral Embolization and Aneurysm Coiling Devices
    • Embolic Coils
    • Flow Diversion Devices
    • Liquid Embolic Agents
  • Cerebral Angioplasty and Stenting Systems
    • Carotid Artery Stents
    • Embolic Protection Systems (Distal Filter Devices, Balloon Occlusion Devices)
  • Neurothrombectomy Devices
    • Clot retrieval Devices
    • Suction Devices
    • Vascular Snares
  • Support Devices
    • Micro catheters
    • Micro guidewires

Therapeutic Applications Outlook (Revenue, USD Million; 2013 – 2024)

  • Stroke
  • Cerebral Artery Stenosis
  • Cerebral Aneurysm
  • Others

Regional Outlook (Revenue, USD Million; 2013 – 2024)

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
  • Asia Pacific
    • China
    • Japan
  • Latin America
    • Mexico
    • Brazil
  • MEA
    • South Africa

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About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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