Emergen Research Forecasts Neurovascular Devices Market to Reach USD 5.10 Billion by 2032

The global neurovascular devices market size was USD 2.84 Billion in 2022 and is expected to register a steady revenue CAGR of 6.0% during the forecast period, according to latest analysis by Emergen Research. Rising prevalence of neurovascular diseases and adoption of minimal invasive procedures and increasing number of strokes and technological advancements in neurovascular devices are key factors driving market revenue growth. Neurovascular devices treat conditions including conditions affecting blood arteries that supply brain with oxygenated blood. In addition, rising government approvals and funding is another key factor driving revenue growth of the market.

One of the primary drivers behind the growth of the neurovascular devices market is the rising prevalence of neurological disorders worldwide. According to the World Health Organization (WHO), neurological disorders affect millions of people globally, with conditions such as strokes, aneurysms, and AVMs contributing significantly to the disease burden. The increasing awareness about these conditions, along with improved access to healthcare services, has led to higher diagnosis rates and subsequent demand for neurovascular devices. Additionally, technological advancements in imaging techniques and treatment modalities have facilitated early detection and precise interventions, further driving market growth.

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Moreover, several leading companies are launching different neurovascular platforms, which is also expected to drive market revenue growth during the forecast period. For instance, on 26 October 2022, Medtronic plc, a global leading company in medical technologies, planned for a neurovascular innovation incubation and acceleration platform and announced the release of Medtronic Neurovascular Co-LabTM Platform, which intends to accelerate much-needed innovation in stroke care and treatment. The Medtronic Neurovascular Co-LabTM Platform will help in realization of neurovascular innovations. Similarly, 0n 16 February 2022, the US Food and Drug Administration (FDA) introduced Rapid Medical's Comaneci embolization, which assist device the designation of breakthrough device for its advanced neurovascular devices. 

However, lack of awareness in underdeveloped areas and high cost related to neuro stimulator devices and product recall by government agencies are major factors, which could restrain market revenue growth. For instance, on 22 September 2021, Medtronic recalled the Pipeline Flex Embolization Device and Pipeline Flex Embolization Device with Shield Technology due to risk of delivery system's wire and tubes fracturing and breaking off when used to place, retrieve, or move stent inside a patient. This recall has resulted in 59 device malfunctions, 10 severe injuries, and two deaths. According to FDA, this is a Class I recall, the most dangerous type of recall.

The latest research report is dubbed as the first document encompassing the latest information about the Neurovascular Devices market that has been gravely affected by the COVID-19 pandemic. The global health crisis poses significant threats to the future growth of the Neurovascular Devices industry. The report assesses the profound changes in this business setting caused by the outbreak and considers the prominent market aspects that have been severely disrupted by the pandemic. The report thus expounds on the rapidly changing market scenario in this COVID-19 era, which aims to help businesses involved in this sector overcome the pandemic’s gripping effects and formulate new growth strategies to boost the COVID-19 preparedness.

Market Overview:

The report bifurcates the Neurovascular Devices market on the basis of different product types, applications, end-user industries, and key regions of the world where the market has already established its presence. The report accurately offers insights into the supply-demand ratio and production and consumption volume of each segment.

Neurovascular Devices Market Segmentation:

Device Type Outlook (Revenue, USD Billion; 2019-2032)

• Cerebral Embolization and Aneurysm Coiling Devices
• Neurothrombectomy Devices
• Cerebral Angioplasty and Stenting Systems
• Support Devices

Application Outlook (Revenue, USD Billion; 2019-2032)

• Cerebral Artery Stenosis
• Stroke
• Ischemic Stroke
• Arteriovenous Malformations
• Others

End-use Outlook (Revenue, USD Billion; 2019-2032)

• Hospitals
• Specialty Clinics
• Others

It focuses on the recent mergers & acquisitions, joint ventures, collaborations, partnerships, licensing agreements, brand promotions, and product launches, among others. The report also provides details about the company overview, business expansion plans, product portfolio, manufacturing and production capacity, global market position, financial status, and consumer base.

The report also discusses the key players involved in the market such as

Stryker, Medtronic, Johnson and Johnson Services Inc., Microvention Inc., W. L. Gore & Associates, Inc., Merit Medical Systems., Penumbra, Inc., Lumenis Be Ltd., Acandis GmbH, and Codman Neurosurgery

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Key Highlights From the Report

• The neurothrombectomy devices segment accounted for largest revenue share due in the global neurovascular devices market in 2022. This is due to increasing number of ischemic strokes treated with this device. In the U.S., approximately 780,000 individuals have a new or recurrent stroke each year, with one-quarter dying within a year of their initial stroke. Ischemic strokes account for nearly 85% of all strokes. In addition, numerous clinical trials that are currently being conducted to assess the efficacy of these tools is another factor driving revenue growth of this segment.
• The specialty clinics segment is expected to register steadily fast revenue growth rate during the forecast period. Specialty clinics employ a range of tools and techniques to ensure teaching of sophisticated clinical skills such as cutting-edge ambulatory care technologies, understanding of the necessity for focused study and practice, and fully utilizing benefits of medical education's internationalization. These functionalities are rising demand for neurovascular devices and driving revenue growth of this segment.
• The North America market accounted for largest revenue share in the global neurovascular devices market in 2022 due to increasing partnerships and acquisitions among different companies. For instance, on 1 March 2022, AbbVie acquired Syndesi Therapeutics SA. AbbVie now has access to Syndesi's portfolio of novel stimulators of synaptic vesicle protein 2A (SV2A). 

Regional Landscape section of the Neurovascular Devices report offers deeper insights into the regulatory framework, current and emerging market trends, production and consumption patterns, supply and demand dynamics, import/export, and presence of major players in each region.

The various regions analyzed in the report include:

• North America (U.S., Canada)
• Europe (U.K., Italy, Germany, France, Rest of EU)
• Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
• Latin America (Chile, Brazil, Argentina, Rest of Latin America)
• Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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key questions of neurovascular devices market

What are the major factors driving the growth of the neurovascular devices market?

What are the key types of neurovascular devices available in the market?

Which regions or countries are witnessing significant demand for neurovascular devices?

What are the primary applications or medical conditions for which neurovascular devices are used?

Who are the leading manufacturers or players in the neurovascular devices market?

What are the current trends and technological advancements in the neurovascular devices market?

Highlights of Table of Contents (TOC):

• Overview of Global Neurovascular Devices Market
• Competitive analysis of the Neurovascular Devices market
• Regional analysis of Global Neurovascular Devices market production and revenue
• Regional analysis of Global Neurovascular Devices market supply, consumption, and export & import
• Type-based market analysis of global Neurovascular Devices production, revenue, and price trends
• Application-based analysis of the global Neurovascular Devices market
• Manufacturer profiles, manufacturing cost, and upstream and downstream analysis of global Neurovascular Devices market
• Global Neurovascular Devices market forecast (2020-2027)
• Conclusion of the research report
• Appendix

Thank you for reading our report. Please get in touch with us if you have any query regarding the report or its customization. Our team will ensure the report is best suited to your needs.

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