The global neurovascular devices market size was valued at USD 2.6 billion in 2019 and is anticipated to expand at a CAGR of 5.6% over the forecast period. Increasing prevalence of neurological disorders, technological advancements, and increasing demand for minimally invasive procedures are expected to drive the market growth.
Interventional neurovascular devices are used for the diagnosis and treatment of vascular disease of the brain and central nervous system. Interventional neurology includes endovascular, catheter-based techniques, angiography, and fluoroscopy. Catheter angiography is one of the oldest primary in-vivo neurovascular imaging modalities used for the diagnosis of several neurological conditions such as cerebral aneurysm, arteriovenous malformations, intracranial stenosis, arteriovenous fistula, and vasculitis.
Increasing incidences of brain/ cerebral aneurysm in several countries is expected to drive the demand for neurovascular devices. According to the NHS England, around 1 in 12,500 people in England have brain aneurysm every year. Furthermore, around 3% of the adults in U.K. have cerebral aneurysm. Increasing prevalence of hypertension, alcohol consumption, and smoking is anticipated to result in brain aneurysm.
Stroke is the most common cause of death, followed by heart and cancer diseases worldwide. For instance, according to WHO, in 2016, 15.2 out of 56.9 million deaths worldwide were due to stroke. Acute Ischemic Stroke (AIS) is the most common form of stroke caused due to reduced blood supply to the brain, killing the brain cells. Furthermore, according to the National Center for Biotechnology Information, strokes occur more commonly in women than men, especially in the elderly population (aged 55 to 65). Therefore, such high prevalence of AIS is anticipated to boost the market growth over the forecast period.
There are various other technologies used in the development of neuro thrombectomy devices for the treatment of AIS and its associated symptoms. For instance, in April 2019, Medtronic announced the launch of its fourth-generation Solitaire X revascularization device, which is designed for the treatment of AIS. This neurovascular device expands on Drop Zone and Smart Maker technologies, introducing features such as distal filter. Thus, the introduction of technologically advanced products and rapid product approval process are expected to fuel market growth.
The cerebral embolization and aneurysm coiling devices segment is further segmented into flow diverters, embolic coils, and liquid embolic agents. Cerebral angioplasty and stenting systems are further segmented into embolic protection systems and carotid artery stents. The cerebral embolization and aneurysm coiling devices segment dominated the market in 2019. Increasing prevalence of neurological conditions such as brain aneurysm, stroke, arteriovenous malformations (AVMs), rising healthcare expenditure, and increasing R&D investment are few factors contributing toward the market growth.
The support devices segment is expected to register the highest CAGR during the forecast period. Support devices include microcatheters and micro guidewires. Introduction of technologically advanced products by the key market players and benefits offered by the microcatheters such as safe delivery of diagnostic and therapeutic agents are driving the segment growth.
Based on therapeutic applications, the neurovascular devices market is segmented into stroke, cerebral aneurysm, cerebral artery stenosis, and others. In 2019, the stroke segment dominated the market owing to factors such as increasing prevalence of stroke, hypertension, and increasing government and NGOs awareness initiatives worldwide.
The cerebral aneurysm segment is expected to expand at the highest CAGR during the forecast period. Increasing demand for minimally invasive surgical procedures, the introduction of technologically advanced products, and rising incidence of intracranial aneurysm are some of the factors contributing toward the segment growth.
North America dominated the market owing to the presence of key neurovascular device manufacturers in the region, increase in the R&D investment by the manufacturers, and rise in government initiatives. Furthermore, rising prevalence of hypertension and increasing demand for minimally invasive surgical procedures are driving the market growth in this region.
Asia Pacific is expected to register the highest CAGR during the forecast period due to factors such as rising prevalence of acute ischemic stroke, favorable healthcare policies in countries such as Japan and China, and increasing awareness initiatives by various government and non-government organizations. Furthermore, factors such as increasing healthcare expenditure and entry of key players in the region are also contributing toward market growth.
Major players in the industry comprise of Medtronic; Microport Scientific Corporation; B. Braun; Stryker; Johnson and Johnson Services Inc.; Microvention Inc.; and Codman Neuro (Integra Lifesciences). These key market players are focusing on the launch of innovative types of medical neurovascular devices, growth strategies, and technological advancements. For instance, in 2019, Medtronic launched Phenom 21 Catheter, (160cm microcatheter) for the delivery of all sizes of Solitaire X. This neurovascular device eliminates blood clots from obstructed vessels in the brain to restore blood flow in patients with large vessel occlusion. These advancements are anticipated to boost the market growth over the forecast period.
Base year for estimation
Actual estimates/Historical data
2016 - 2018
2020 - 2027
Revenue in USD Million & CAGR from 2020 to 2027
North America, Europe, Asia Pacific, Latin America, & MEA
U.S., Canada, U.K., Germany, France, Italy, Spain, Japan, China, India, Australia, South Korea, Brazil, Mexico, Argentina, Colombia, South Africa, Saudi Arabia, UAE
Revenue, competitive landscape, growth factors, and trends
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This report forecasts revenue growth at global, regional, and country levels and provides an analysis on the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global neurovascular devices market report on the basis of device, therapeutic applications, and region:
Device Outlook (Revenue, USD Million, 2016 - 2027)
Cerebral Embolization and Aneurysm Coiling Devices
Liquid Embolic Agents
Cerebral Angioplasty and Stenting Systems
Carotid Artery Stents
Clot Retrieval Devices
Therapeutic Applications Outlook (Revenue, USD Million, 2016 - 2027)
Regional Outlook (Revenue, USD Million, 2016 - 2027)
Middle East and Africa (MEA)
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With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.