Neurovascular Catheters Market Size, Share & Trends Analysis Report By Type (Embolization Catheters, Microcatheters), By Application (Brain Aneurysm, Embolic Stroke), By End-use, By Region, And Segment Forecasts, 2021 - 2028

Report Overview

The global neurovascular catheters market size was valued at USD 2.88 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.7% from 2021 to 2028. The increasing prevalence of neurological conditions such as brain aneurysm and stroke, the adoption of an unhealthy lifestyle, increasing awareness among the population about the treatment of neurological conditions, increasing disposable income, and new product launch by the key market players are some of the prime factors driving the market. The COVID-19 pandemic has posed a significant challenge by limiting access to medical services resulting in inadequate medical services for patients suffering from other diseases. Neurocare clinics and neurosurgeons have been adversely impacted by the pandemic. During this period, brain-related surgeries are often being postponed or even canceled due to the lower transmission of the disease.

Neurosurgical procedures (volume) declined up to 55.0% during mid-2020 among highly affected countries, such as the U.S., Russia, India, Brazil, France, the U.K., Italy, and Spain. These are some of the worst affected countries in terms of confirmed cases and reported deaths. As COVID-19 cases increased rapidly in the U.S., in March 2020, the American College of Surgeons (ACS) issued a recommendation to curtail, postpone, or cancel elective procedures. Following the ACS, the Center for Medicare and Medicaid Services and the American Hospital Association also issued similar recommendations to limit the spread of coronavirus. However, by the end of 2020, neurosurgical procedures witnessed significant growth as pressure on healthcare systems eased with a dampening pandemic, almost nullifying the effect of the previous decline in procedure volume.

In addition, supply chain, manufacturing activities, delivery schedules, and sale of neurological devices have been disrupted due to the nationwide lockdowns in the past few months. However, the market is expected to rebound and grow over the forecast period as most of the countries across the globe have started easing lockdown measures and resumed some of the elective procedures. Key players are strategizing to geographically expand their businesses and build more warehouses at various locations to run their operations through various other channels in worst-hit regions. To tackle supply chain disruption, strategies adopted by companies include rerouting logistics, sourcing from additional partners, and quick delivery with air freight. The pandemic has also created opportunities for local manufacturers.

The U.S. FDA controls and regulates medical devices. It classifies medical devices based on the risk associated and accordingly evaluates the regulation that provides a reasonable assurance of device safety and effectiveness. Devices are categorized into three categories: Class I, II, and III. Class I devices fall under the lowest level of risk and require a low level of regulatory control. Class II devices are more complicated than Class I devices; these are associated with slightly higher risk than Class I devices and must comply with stringent regulations. Class III devices are very complex devices and are higher in risk than Class I and II devices.

Neurovascular catheters fall under Class II of FDA regulations (870.1330). According to the FDA, neurovascular catheters are meant to retrieve blood clots in cerebral neurovasculature by mechanical methods, such as suction or snare, laser, or ultrasound technologies.

Neurovascular catheter regulations include premarket notification submission [510 (k)] and de novo classification, which depend on the identification of the predicated device, device technology, and indications for use. This classification is based on the degree of risk, which specifies the risk profile of a device. The device approval may be rejected if the FDA is unable to find a device substantially equivalent to the legally marketed predicated device.

The increasing awareness about neurological conditions, such as stroke, hemorrhage, brain aneurysm, is contributing to the market growth. As per the estimation of the Brain Aneurysm Foundation, it is projected that 500,000 people die due to brain aneurysm every year. Whereas, in the U.S., 30,000 people suffer from brain aneurysm every year. In addition, the federal government of the U.S. spends 83 cents per year on brain aneurysm research for each person affected. Globally, at present, several initiatives and programs have been launched by the governments of various countries to improve public awareness and treatment related to neurological conditions, such as ischemic stroke.

Type Insights

In 2020, the embolization catheters segment dominated the market with a revenue share of over 25.0%. The microcatheters segment is expected to expand at the highest revenue-based CAGR of 7.6% during the forecast period. Based on type, the market for neurovascular catheters is segmented into microcatheters, balloon catheters, access catheters, embolization catheters, and others.

The increasing number of neurosurgical procedures and the introduction of technologically advanced microcatheters by the key market players, such as Medtronic, Stryker, and Terumo Corporation, are expected to drive the microcatheters segment. Furthermore, microcatheters can be used for navigating in the vast network of small veins that helps the surgeons to reach the tumor or clots even in the small veins, which is not accessible through other neurovascular catheters. This is increasing the demand for neurovascular microcatheters.

Application Insights

In 2020, the brain aneurysm segment dominated the market with a revenue share of more than 30.0% owing to factors such as the increasing incidence of brain aneurysms, new product launches by various market players, and increasing awareness among the population about the treatment of brain aneurysm. Neurovascular catheters are used in the treatment of various diseases and conditions, such as embolic stroke, brain aneurysm, arteriovenous malformations, and other disorders.

The others segment is expected to register the highest revenue-based CAGR of 7.2% during the forecast period. The increasing number of patients suffering from atherosclerosis and intracranial artery stenosis, government initiatives, and an increase in the R&D investment are a few factors contributing to the segment growth.

End-use Insights

The hospitals segment dominated the market in 2020 and held a revenue share of more than 50.0%. Government funding, the availability of advanced products, and the presence of skilled neurosurgeons are a few factors driving the segment. In addition, the rising number of hospitals worldwide and improving healthcare infrastructure in developing countries are driving the segment.

The ambulatory surgical centers segment is expected to expand at the highest revenue-based CAGR of 7.8% during the forecast period. The provision of same-day surgical care inclusive of preventive and diagnostic procedures, shorter waiting time at the ambulatory surgical centers, personalized treatment, shorter stay, and government initiatives are fueling the segment growth.

Regional Insights

North America dominated the market and accounted for a revenue share of more than 30.0% in 2020. This can be attributed to the increasing incidence of neurological diseases, supportive government policies, favorable reimbursement policies, and growing awareness.

Asia Pacific is expected to exhibit the fastest growth rate of 7.6% in terms of revenue from 2021 to 2028. Considerable growth opportunities are observed in this region due to the growing awareness and accessibility of neurovascular catheters. In addition, there is an increasing prevalence of neurological diseases, such as brain aneurysm and stroke, in this region, which is expected to boost the regional market growth.

Key Companies & Market Share Insights

Key market players are focusing on the launch of innovative types of medical devices, growth strategies, and technological advancements. For instance, in January 2020, Penumbra announced the U.S. FDA's approval for Indigo Aspiration System. This system is indicated for the treatment of pulmonary embolism and removal of soft, fresh emboli and thrombi from vessels of venous systems and peripheral arterial. Some prominent players in the global neurovascular catheters market include:

• Medtronic

• Stryker

•  phenox GmbH

•  Penumbra, Inc.

•  Integer Holdings Corporation

•  Terumo Corporation

•  Integra LifeSciences Corporation

•  Biomerics

•  Acandis GmbH

• Spiegelberg GmbH & Co. KG.

Neurovascular Catheters Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global neurovascular catheters market report on the basis of type, application, end-use, and region:

• Type Outlook (Volume, Units; Revenue, USD Million, 2016 - 2028)

  • Microcatheters

  • Balloon Catheters

  • Access Catheters

  • Embolization Catheters

  • Others

• Application Outlook (Revenue, USD Million, 2016 - 2028)

  • Embolic Stroke

  • Brain Aneurysm

  • Arteriovenous Malformations

  • Others

• End-use Outlook (Revenue, USD Million, 2016 - 2028)

  • Hospitals

  • Clinics

  • Ambulatory Surgical Centers

  • Diagnostic Centers

• Regional Outlook (Revenue, USD Million, 2016 - 2028)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Spain

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

    • Colombia

  • Middle East and Africa (MEA)

    • South Africa

    • Saudi Arabia

    • UAE