Neurovascular Devices Market Analysis By Device Type (Cerebral Embolization And Aneurysm Coiling Devices, Cerebral Angioplasty And Stenting Systems, Neurothrombectomy Devices, Support Devices), By Therapeutic Applications And Segment Forecasts, 2018 - 2024

Market Size and Trends

The global neurovascular devices market was valued at USD 1.62 billion in the year 2015 and is estimated to reach a value of USD 2.92 billion by 2024, growing at a CAGR of 6.5%. This growth can be linked to an increasing patient base with neurovascular diseases such as brain aneurysm and strokes, improving healthcare infrastructure across the globe, and increasing demand for minimally invasive surgeries.

Increasing target patient population, especially in the developed countries, attributed to increasing awareness about the diseases is one of the key factors contributing to the growth of this industry. Consistent implementation of the novel and innovative treatment approaches coupled with increasing per capita incomes especially in the developing economies further enhances the adoption of neurovascular devices.

Neurovascular devices market, by device type, 2013 - 2024 (USD Million)

The market can be segmented on the basis of device types and their therapeutic applications.  In therapeutic applications segment, neurovascular devices find major application and usage in the treatment of stroke followed by arterial stenosis. 

Device Type Insights

On the basis of type, the neurovascular devices can be segmented into four major classes, namely, cerebral embolization and aneurysm coiling devices, cerebral angioplasty and stenting systems, neurothrombectomy devices, and support devices. These classes are further segmented based on specific applications. Cerebral embolization and aneurysm coiling devices accounted for majority share at more than 40%, pertaining to their extensive applications mainly in the treatment of strokes and aneurysms.  

Therapeutic Applications Insights

Stroke was the second global cause of death in 2013, accounting for 11.8% of deaths worldwide. According to American Stroke Association, stroke is fifth cause of death in U.S. In addition, stroke is the leading cause of disability across the globe.

Neurovascular devices therapeutic applications, 2016 & 2024 (USD Million)

Stroke held the majority of share in the segment for therapeutic applications in 2015, and will retain its position during the forecast period, owing to the rising lifestyle disorders related to obesity and blood pressure.

Regional Insights 

North America accounts for the largest industry share at present and is likely to hold its top position over the forecast period. The key factors driving the growth of North American market comprise of favorable reimbursement structure, especially in the U.S., availability of R&D investments, and increasing adoption of neurovascular devices by neurosurgeons due to the technological sophistication. In addition, the Asia Pacific region will exhibit the highest growth at a CAGR of 7%. 

U.S. neurovascular devices market share, by device types, 2016

The major revenue contributor in this region is Japan, accounting for nearly 40% of the market share, and it will retain its top position during the forecast period. The growth can be attributed to technological advancements in the region. Other major markets are China and India.

Market Share

Stryker Corporation is the leader in this industry having a share of more than 30%. This is attributed to the acquisition of neurovascular business of Boston Scientific Corporation in the year 2010. In addition, the company has adopted several strategic initiatives and is focusing on their geographic expansion in order to ensure their leadership in the industry. For instance, the company also acquired Concentric Medical and Surpass Medical in 2011 to strengthen their product portfolio. Abbott Laboratories (U.S.), W. L. Gore & Associates, Inc. (U.S.), Merit Medical Systems, Inc. (U.S.), Microport Scientific Corporation (China), Terumo Corporation (Japan), and Penumbra, Inc. (U.S.) represent the additional key players in the global neurovascular devices industry 

Report Scope 

* 15% free customization - The 15% report customization is equivalent to work done by one research analyst for 5 working days. 

Market Segments Covered in the Report

This report forecasts revenue growth and provides an analysis on the market trends in each of the sub-markets from 2013 to 2024. For the purpose of this study, Grand View Research has segmented the neurovascular devices market on the basis of device types, therapeutic applications, and region:

• Type Outlook (Revenue, USD Million; 2013 - 2024)

  • Cerebral Embolization and Aneurysm Coiling Devices

    • Embolic Coils

    • Flow Diversion Devices

    • Liquid Embolic Agents

  • Cerebral Angioplasty and Stenting Systems

    • Carotid Artery Stents

    • Embolic Protection Systems (Distal Filter Devices, Balloon Occlusion Devices)

  • Neurothrombectomy Devices

    • Clot retrieval Devices

    • Suction Devices

    • Vascular Snares

  • Support Devices

    • Micro catheters

    • Micro guidewires

• Therapeutic Applications Outlook (Revenue, USD Million; 2013 - 2024)

  • Stroke

  • Cerebral Artery Stenosis

  • Cerebral Aneurysm

  • Others

• Regional Outlook (Revenue, USD Million; 2013 - 2024)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • UK

  • Asia Pacific

    • China

    • Japan

  • Latin America

    • Mexico

    • Brazil

  • MEA

    • South Africa