Neurovascular Devices Market Size, Share & Trends Analysis Report By Device, By Therapeutic Application (Stroke, Cerebral Artery Stenosis, Cerebral Aneurysm), By Region, And Segment Forecasts, 2021 - 2028

Report Overview

The global neurovascular devices market size was valued at USD 2.7 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.9% from 2021 to 2028. The increasing prevalence of neurological disorders, technological advancements, and increasing demand for minimally invasive procedures are expected to drive the market for neurovascular devices. Interventional neurology 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 primaries in-vivo brain vascular imaging modalities used for the diagnosis of several neurological conditions such as cerebral aneurysm, arteriovenous malformations, intracranial stenosis, arteriovenous fistula, and vasculitis.

An increase in the incidence of neurological disorders such as brain/cerebral aneurysm, strokes, epilepsy amongst many others in several countries is expected to drive the market for neurovascular devices. According to the NHS England, around 1 in 12,500 people in England have ruptured brain aneurysm every year. Furthermore, around 3.0% of the adults in the U.K. have a cerebral aneurysm. Increasing prevalence of hypertension, alcohol consumption, and smoking results in brain aneurysm. Also, according to the Brain Aneurysm Foundation, an estimated 6 million Americans are affected by cerebral aneurysms each year. Every year, the disease kills half a million people globally. Approximately 40.0% of ruptures result in death and approximately 66.0% of those who survive have some permanent brain damage. Thus, the vast and rapidly growing patient population base for target diseases across the key markets is primarily responsible for the significant volume consumption of neurovascular devices, leading to market growth.

A slew of potential new technologies for the neurointerventional field is on the horizon. For instance, in Oct 2020, BENDIT Technologies, a leader in the development of steerable microcatheters, announced the successful results of the BENDIT neuro microcatheter, in Sheba Medical Center, Israel. Also, Replicator by Mentice is the latest neurovascular-specialized flow system that generates an extraordinarily realistic hemodynamic environment for the application of medical devices. This technology is explicitly suitable for neurovascular devices for the treatment of aneurysm and strokes. These innovative technologies will continue to broaden the range of neuroendovascular tools available for treating a wide range of aneurysm types with greater safety and efficacy. It is fair to say that intracranial aneurysm management is constantly evolving, with sophisticated technology at the forefront of innovation. Thereby, the availability of new treatment options will significantly increase the demand for neurovascular devices in the years ahead.

Stroke is the most common cause of death, followed by heart and cancer diseases worldwide. For instance, according to CDC, in 2018, 15.2 million deaths of the 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, making brain cells die. For instance, according to the U.S. CDC, 87.0% of strokes are classified as ischemic strokes, with the U.S. being the most affected country. For instance, according to the Southwestern Medical Center, about 795,000 people in the U.S. suffer from a stroke every year. Furthermore, according to the National Center for Biotechnology Information (NCBI), strokes occur more commonly in women than men, especially in the elderly population (aged 55 to 65). Therefore, such a high prevalence of acute ischemic stroke is anticipated to boost the growth of the market for neurovascular devices over the forecast period.

There are various other technologies used in the development of neurothrombectomy 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. Furthermore, In May 2019, Vesalio received CE mark approval for NeVa-an advanced neurothrombectomy device, featuring an optimized delivery system for efficient results. These devices expand on Drop Zone and Smart Maker technologies, introducing features such as distal filters. Lately, in Aug 2020, an Israel-based company, Rapid Medical, has been granted European regulatory clearance to launch and commercialize its ‘TIGERTRIEVER XL device for removing large ischemic-stroke causing clots from intracranial vessels. Thus, the introduction of technologically advanced products and a rapid product approval process are factors expected to fuel market growth.

Device Insights

In 2020, cerebral embolization and aneurysm coiling devices dominated the market for neurovascular devices and accounted for the largest revenue share of 37.9%. The 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 towards the growth of the market for neurovascular devices. Cerebral embolization and aneurysm coiling devices are further segmented into, flow diversion devices, embolic coils, and liquid embolic agents. Cerebral angioplasty and stenting systems are further segmented into embolic protection systems and carotid artery stents.

The neurothrombectomy devices segment is expected to witness the highest CAGR of 7.0% in the market for neurovascular devices during the forecast period. This growth is owing to the rising prevalence of acute ischemic stroke and an increasing number of product launches by the key players in the market for neurovascular devices. For instance, in 2019, Medtronic announced the launch of the Solitaire X revascularization device used for the removal of blood clots in the brain. Furthermore, the use of clot retrievers has increased in elderly patients (aged 55 to 65) due to the growing incidence of stroke. Neurothrombectomy devices are further segmented into clot retrieval devices, suction devices, and vascular snares.

Therapeutic Application Insights

In 2020, the stroke segment dominated the market for neurovascular devices and accounted for the largest revenue share of 57.1% owing to the factors such as an increasing prevalence of stroke, hypertension, and other neurological disorders. According to the CDC, 1 in 6 people worldwide will have a stroke in their lifetime and every year, more than 795,000 people in the United States have a stroke. Strokes are the 2^nd leading cause of death globally, and account for approximately 140,000 deaths in the United States, annually.

Increasing government and NGOs awareness initiatives worldwide is further adding to segment growth. For instance, in 2018, the Stroke Alliance for Europe (SAFE) with members from 12 countries, a non-profit organization joined Boehringer Ingelheim (BI) Angel’s Initiative for providing critical information to stroke patients. The advent of technologically advanced products is also powering the growth of the market for neurovascular devices. For instance, in Sept 2020, CERENOVUS, part of Johnson & Johnson Medical Devices Companies, launched CERENOVUS Stroke Solutions, which comprises a suite of 3 devices designed to aid physicians in clot removal procedures. Innovative devices continue to improve the endovascular sector, raising the bar for the safety and effectiveness of cerebral aneurysm treatments.

The cerebral aneurysm segment is expected to witness the highest CAGR of 6.5% during the forecast period, primarily owing to the rising incidence of intracranial aneurysm. According to the Brain Aneurysm Foundation, approximately 6.5 million people in the U.S. have an unruptured brain aneurysm and about 30,000 people suffer a brain aneurysm rupture each year. Further, increasing demand for minimally invasive surgical procedures, the introduction of technologically advanced products, and in February 2020, Cerus Endovascular Ltd. received European CE Mark approval for its lead product, the Contour Neurovascular System, for the treatment of intracranial aneurysms. In August 2020, Stryker received U.S. Food and Drug Administration (FDA) approval for an expanded indication of its Neuroform Atlas Stent System, becoming the 1^st and only adjunctive stent approved for use in the posterior (back of the brain) circulation.

Regional Insights

North America dominated the neurovascular devices market and accounted for the largest revenue share of 26.8% in 2020 owing to the presence of key manufacturers such as Stryker Corporation; Penumbra, Inc.; Johnson & Johnson; and Merit medical systems, Inc. in the region. In April 2020, Cerus Endovascular Ltd. received CE Mark approval for its 0.021-inch Contour Neurovascular System, compatible with smaller commercially available 021 microcatheters for treatment of saccular intracranial aneurysms. Furthermore, the rising prevalence of neurological disorders and increasing demand for minimally invasive surgical procedures are driving the market for neurovascular devices in this region. For instance, according to the CDC, in the U.S., yearly more than 795,000 people suffer from strokes and 87.0% of them suffer from an ischemic stroke.

Besides, an increase in the R&D investment by the manufacturers and a rise in government initiatives are contributing immensely to the growth of the market for neurovascular devices in the region. For instance, Medtronic Neurovascular Clinical Affairs is sponsoring a clinical trial to assess the safety and effectiveness of the ‘Pipeline Vantage Embolization Device with Shield Technology in the treatment of intracranial aneurysms within the intended indication for use. Also, recently in April 2021, the Society of NeuroInterventional Surgery (SNIS) and NeuroPoint Alliance (NPA) collaborated with the Society of Vascular and Interventional Neurology (SVIN) to the NeuroVascular Quality Initiative-Quality Outcomes Database (NVQI-QOD). Also, in Feb 2020, NeuroVasc Technologies, Inc. entered a strategic partnership with the Wego Group that includes USD 34 million in funding to support the firm’s product portfolio development and global clinical trial program. The strategic alliance marks a major step forward for NeuroVasc Technologies in bringing a full neurovascular platform to market.

Asia Pacific is expected to witness the highest CAGR of 7.9% during the forecast period due to the factors such as rising target disease burden. According to an article published by M Gourie Devi, it is projected that around 30.0 million people in India suffer from several forms of neurological diseases and the average prevalence rate is 2,394 patients per 1,00,000 of the population. Furthermore, factors such as rising healthcare expenditure, entry of key players in the region are also contributing to the growth of the market for neurovascular devices. For instance, in December 2020, Terumo Corporation launched the WEB Embolization System (Product name in Japan: Woven EndoBridge Device), an intravascular aneurysm treatment device. The device is a first-of-its-kind intravascular flow disruptor device available for the market in Japan. With the commercial launch, Terumo aims to provide new treatment options for brain aneurysm cases that were challenging to treat in currently approved approaches.

Key Companies & Market Share Insights

The key market players are focusing on the launch of innovative types of medical devices, growth strategies, and technological advancements. For instance, in August 2020, Stryker Corporation launched the Surpass Evolve Flow Diverter following approval from the U.S. Food and Drug Administration (FDA). It is the first 64-wire cobalt-chromium flow diverter in the United States, and it is intended to aid aneurysms to heal. Surpass Evolve is Stryker's newest flow diversion innovation, following the release of Surpass Streamline in late 2018. These advancements are anticipated to boost the growth of the market for neurovascular devices over the forecast period. Some of the prominent players in the neurovascular devices market include:

• Medtronic

• MicroPort Scientific Corporation

• Penumbra, Inc.

• Stryker Corporation

• Johnson & Johnson Services, Inc.

• MicroVention, Inc.

• Codman Neuro

Neurovascular Devices Market Report Scope

Segments Covered in the Report

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

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

  • Cerebral Embolization and Aneurysm Coiling Devices

    • Embolic Coils

    • Flow Diversion Devices

    • Liquid Embolic Agents

  • Cerebral Angioplasty and Stenting Systems

    • Carotid Artery Stents

    • Embolic protection

  • Neurothrombectomy Devices

    • Clot Retrieval Devices

    • Suction Devices

    • Vascular Snares

  • Support Devices

    • Micro Catheters

    • Micro Guidewires

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

  • Stroke

  • Cerebral Artery Stenosis

  • Cerebral Aneurysm

    • Aneurysmal Subarachnoid Hemorrhage

    • Others

  • Others

• 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

  • Middle East & Africa (MEA)

    • South Africa

    • Saudi Arabia

    • UAE