Neurovascular Devices Market - Major Growth Driving Factors:
The growing target patient population, ongoing product development, and commercialization, favorable medical reimbursements, expansion of healthcare infrastructure across the emerging markets, growth in market demand for effective neurovascular devices, increase in research in the field of neurovascular therapies, rise in demand for minimally invasive neurosurgical procedures, and increase in awareness among neurosurgeons about minimally invasive surgical procedures are high growth prospects for the neurovascular devices market during the forecast period.
Projected Revenue Surge, Globally:
The global size of the Neurovascular Devices Market is expected to grow from an estimated USD 2.5 billion in 2021 to USD 3.8 billion by 2026, at a CAGR of 8.6%.
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The aneurysm coiling & embolization devices segment is expected account for the largest share of the neurovascular devices market during the forecast period.
On the basis of product, the neurovascular devices market is segmented into aneurysm coiling & embolization devices, cerebral balloon angioplasty & stenting systems, support devices, and neuro thrombectomy devices. The aneurysm coiling & embolization devices product segment, by type, is further segmented into embolic coils, flow diversion devices, and liquid embolic agents. The aneurysm coiling & embolization devices segment is estimated to account for the largest share of the interventional neurology market, by product, in 2021, owing to growing end-user preference for minimally invasive neurosurgical procedures and increasing market availability of embolic coils for neurovascular treatment.
Recent Developments:
# In 2020, Johnson & Johnson launched Cerenovus Stroke Solutions, which includes a suite of three devices designed to aid physicians in clot removal procedures. The devices include the Cerenovus Large Bore Catheter, Cerebase DA Guide Sheath, and Embotrap III Revascularization Device
# In 2021, Penumbra partnered with Genesis MedTech to expand the neurovascular market in China.
# In 2021, Pehnox established a new entity in the UK in light of Brexit to strengthen its footprint in the key markets across Europe.
Geographical Growth Dynamics:
North America is expected to be the largest market during the forecast period.
North America is estimated to be the largest market for neurovascular devices/interventional neurology during the forecast period. The neurovascular devices/interventional neurology market in North America is driven primarily by factors such as the growing target patient population for neurovascular diseases, rising awareness among neurosurgeons regarding the benefits offered by interventional neurology devices, and ongoing government initiatives to modernize & expand healthcare infrastructure. Additionally, the adoption of these devices has increased due to falling product prices, thereby further supporting the market growth in this region.
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Key Players:
The major players in the interventional neurology market are Johnson & Johnson (US), Medtronic PLC, Stryker Corporation (US), Terumo Corporation (Japan), Penumbra, Inc. (US), MicroPort Scientific Corporation (China), and Kaneka Corp. (Japan) among others.
Different Growth Strategies Adopted by Key Players:
Global key players are adopting various strategies to increase their share in the neurovascular devices/interventional neurology market. Collaborations & agreements, new product launches, and expansions have been a widely adopted strategy by the major players in neurovascular devices/interventional neurology industry.
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