Neurovascular Devices Market Size, Share & Trends Analysis Report By Therapeutic Application (Stroke, Cerebral Artery Stenosis, Cerebral Aneurysm), By Device Type, By Region, And Segment Forecasts, 2019 - 2026

Industry Insights

The global neurovascular devices market size was valued at USD 2.05 billion in 2018 and is anticipated to register a CAGR of 5.3% from 2019 to 2026. Proactive government initiatives, high demand for minimally invasive surgeries, and growing consumer awareness are some factors contributing to the market growth.

As per WHO, the global geriatric population (aged 65 years and above) is expected to rise from 7% in 2000 to 16% in 2050. Old age is considered as one of the greatest risk factors for developing various diseases, such as cardiovascular and neurological conditions. This factor is anticipated to be one of the highest growth rendering drivers for the global market.

Regulatory policies regarding medical devices vary in different countries. To ensure maximum accessibility and safe usage of medical devices, the convergence of regulations for these devices is essential. Market penetration is more difficult in the domestic U.S. region than foreign counterparts, due to stringent FDA regulations in the country. In Germany, the medical devices market is regulated by German and EU directives, standards, and safety regulations.

Favorable government initiatives include the Family Smoking Prevention and Tobacco Control Act that grants FDA the power to control production, marketing, and use of tobacco products. The American Stroke Association (ASA) is actively involved in the treatment and prevention of stroke. The association conducts a thorough R&D of scientifically established standards and guidelines.

Device Type Insights

The market is led by the cerebral embolization and aneurysm coiling devices segment due to the availability of these products in various lengths and volumes. Growing geriatric population and prevalence of cerebrovascular disorders are likely to promote segment development. Cerebral angiography involves the use of contrast dyes and X-rays to observe the flow of blood through the brain. Neurothrombectomy products are used for patients who are ineligible for tissue plasminogen activator therapy. These devices retrieve or destroy blood clots in the aneurysms by mechanical lasers or ultrasound techniques.

Therapeutic Application Insights

In 2018, stroke was the most prevalent therapeutic application for neurovascular devices. The most common outcome associated with stroke is motor impairment that causes movement disabilities. The primary focus in stroke rehabilitation is the recovery of lost functions of arteries with the help of stents and embolization coils.

The global incidence of stroke is increasing at an alarming rate, which is expected to help boost the product demand in the coming years. Cerebral aneurysm is projected to be the fastest-growing therapeutic application over the forecast period. Nearly 2% to 5% of the global population suffers from cerebral aneurysms. Most aneurysms are treated with embolizing coils and stents.

Regional Insights

North America accounted for the largest market share of the total market in 2018 and is likely to retain the top position over the forecast period. Key factors driving this growth include favorable reimbursement structure, especially in U.S., extensive R&D investments, and wide product usage by neurosurgeons supported by the availability of advanced technologies with higher efficiency and reliability. Asia Pacific is the fastest-growing region, with India and China on the forefront. Major revenue contributor in this region is Japan, which is anticipated to maintain the dominance during the forecast period, on account of increasing awareness about neurovascular diseases and its management.

Neurovascular Devices Market Share Insights

Some of the key companies in the global industry include Abbott Laboratories; W. L. Gore & Associates, Inc.; Johnson & Johnson; Medtronic PLC; Merit Medical Systems, Inc.; MicroPort Scientific Corporation; Penumbra, Inc.; Stryker Corp.; and Terumo Medical Corporation.Most of these companies focus on strategic collaborations aimed at increasing the R&D investments for the development of upgraded versions of diagnosis and research tools for improved treatment of neurovascular diseases.

Report Scope

Segments Covered in the Report

This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2026. For the purpose of this study, Grand View Research has segmented the global neurovascular devices market report on the basis of device type, therapeutic application, and region:

• Device Type Outlook (Revenue, USD Million, 2014 - 2026)

  • 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

  • Neurothrombectomy Devices

    • Clot Retrieval

    • Suction

    • Vascular Snares

  • Support Devices

    • Micro Catheters

    • Micro Guidewires

• Therapeutic Application Outlook (Revenue, USD Million, 2014 - 2026)

  • Stroke

  • Cerebral Artery Stenosis

  • Cerebral Aneurysm

  • Others

• Regional Outlook (Revenue, USD Million, 2014 - 2026)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • Spain

    • France

    • Italy

  • Asia Pacific

    • Japan

    • China

    • India

    • South Korea

    • Australia

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE