Neurovascular Devices Market worth $3.8 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, May 24, 2021 /PRNewswire/ -- According to the new market research report "Neurovascular Devices/Interventional Neurology Market by Product (Embolization(Coil, Flow Diverter), Stents, Balloon Occlusion Devices, Clot Retrievers, Microcatheters), Pathology (Stroke, Aneurysm, CAS, AVM) User (Hospital, ASC) - Global Forecasts to 2026", published by MarketsandMarkets™, the global 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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261 – Tables
49 – Figures
281 – Pages
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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/ interventional neurology market during the forecast period.
The aneurysm coiling & embolization devices segment is expected account for the largest share of the 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 neurovascular devices/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.
The cerebral aneurysm segment is estimated to account for the largest share of the global market during the forecast period.
On the basis of pathology, the interventional neurology market is segmented into ischemic strokes, cerebral aneurysm, carotid artery stenosis, arteriovenous malformations & fistulas, and other diseases (including cavernous malformations and Moyamoya disease, among others). The cerebral aneurysm segment is estimated to account for the largest share of the global neurovascular devices market, by pathology, in 2021, led by the growing adoption of minimally invasive neurosurgical procedures among neurosurgeons, increasing healthcare expenditure in emerging countries, and increasing incidence of risk factors (such as high blood pressure, cigarette smoking, high cholesterol, diabetes, and obesity).
The ambulatory care centers segment is expected to grow at the highest CAGR during the forecast period.
Based on end-user, the neurovascular devices market has been segmented into hospitals & surgical centers, ambulatory care centers, and research laboratories, and academic institutes. As of 2020, hospitals & surgical centers are estimated to account for the largest share of the global neurovascular devices/interventional neurology market in 2021, while ambulatory care centers are projected to register the highest CAGR during the forecast period. Growing patient preference for minimally invasive medical procedures, rising number of ambulatory surgery centers across developed countries, along with the ease of scheduling, the focused clinical staff, the improved productivity, and the increased safety, and efficacy of these centers, are the major factors that are expected to drive the growth of this end-user segment in the coming years.
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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 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.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the interventional neurology market. The major players in the neurovascular devices 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.
These 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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