The global market for neurovascular devices is anticipated to increase at a CAGR of 6.5% during the forecast period of 2024 and 2032. The market is expected to be driven by the increasing prevalence of neurological disorders, technological advancements, and demand for minimally invasive procedures. Interventional neurology devices are used to diagnose and treat vascular disorders of the brain and central nervous system. Interventional neurology is comprised of catheter-based endovascular techniques, angiography, and fluoroscopy. Catheter angiography is one of the oldest primary in-vivo brain vascular imaging modalities used to diagnose numerous neurological disorders, such as cerebral aneurysm, arteriovenous malformations, intracranial stenosis, arteriovenous fistula, and vasculitis.
By product, the market for neurovascular devices is divided into embolic coils, intracranial stents, carotid stents, catheters, flow diverters, embolic protection devices, neurothrombectomy devices, balloon systems, intrasaccular devices, guidewires, and stent retrievers, among others. Due to the rising incidence of brain aneurysms and ischemic strokes, particularly in developed countries, the segment for embolic coils will surpass USD 530 million by 2021. In addition, the increasing demand for minimally invasive procedures employing embolic coils, such as coil embolization, is expected to boost market statistics.
Neurosurgeons and other medical professionals are investigating alternative treatments that can effectively reduce the mortality risk or severity of neurovascular diseases in patients. With an increasing number of patients suffering from neurovascular diseases (such as epilepsy, brain stroke, and cerebral aneurysm) and an increase in the severity of medical conditions (such as hemorrhage and local infections) in target patients, the demand for effective neurovascular treatments is rising in key markets including the United States, Germany, Japan, China, and India. For instance, a cerebral aneurysm is a worldwide prevalent neurovascular disorder. This condition carries a high risk of hemorrhage or permanent neuronal damage. In the United States, 6.5 million cases of brain aneurysm will have been reported by the year 2020, with 30,000 cases of brain aneurysm rupture occurring annually.
An increase in the number of diseases associated with neurological disorders, such as brain/cerebral aneurysms, strokes, and epilepsy, among many others, is anticipated to drive market growth and is thus a significant market driver in a number of countries. According to NHS (National Health Service) England, approximately 1 in 12,500 people in England suffer from a ruptured brain aneurysm each year, and 3% of adults in the United Kingdom have a cerebral aneurysm, which is caused by the increase in the prevalence of hypertension, alcohol consumption, and smoking.
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One of the major market drivers for neurovascular devices is the growing geriatric population affected by ischemic stroke and other neurological disorders. According to the CDC (Centers for Disease Control and Prevention), approximately 87% of strokes are ischemic strokes, in which blood flow to the brain is blocked and brain cells die, resulting in a loss of neurological function, particularly among the elderly in the United States. In numerous global markets, the demand for neurovascular devices has increased due to an increase in the number of patients and the mortality rate among target patients. According to the NCBI, women are more likely than men to experience a stroke, particularly among those aged 55 to 65.
According to a study published in the JAMA Network Open Journal, a significant 15.1% of all general surgeries performed in 2018 were robot-assisted. In addition, the NCBI reports that roughly 310 million major surgeries are performed annually around the world, including 40 to 50 million in the United States and 20 million in Europe. Due to the increased demand for minimally invasive surgical procedures and post-surgery methods such as shorter hospital stays, affordability, and faster patient recovery, neurovascular devices have gained greater acceptance among medical professionals and patients, which will play a significant role in their future growth. Aneurysm management is continuously evolving, with sophisticated technology at the forefront of innovation. According to the Southwestern Medical Center, each year approximately 795 000 Americans suffer a stroke. Increased effectiveness of the developed tools will reduce the mortality rate associated with stroke.
Several major neurovascular device manufacturers (such as Stryker and Medtronic Plc) have successfully developed and marketed their respective products over the past decade. These items were designed for use during neurovascular interventions. Nonetheless, in mature markets (particularly the United States), the developmental pipeline for interventional neurology products is primarily impacted by pricing pressure faced by the key product manufacturers as a result of unfavorable government reforms implemented over the past three years. Some of these ineffective government regulations and reforms include the following:The Patient Protection and Affordable Care Act was reinstated in 2020 following a two-year suspension that began on January 1, 2018. The law imposes a 2.3% excise tax on the sale of certain medical devices in the United States by a manufacturer, producer, or importer (including for neurovascular intervention).
The high cost of neurovascular surgical procedures and devices is a major factor impeding the global neurovascular devices market, especially in developing countries with inadequate reimbursement policies. Standard procedures to treat aneurysm and artery disorders average between $45,000 and $50,000 in the United States. In addition, maintenance fees and other indirect costs associated with these devices increase their total cost of ownership, thereby limiting their adoption. This is especially prevalent in developing nations, where small hospitals and independent ASCs are less likely to invest in costly and sophisticated technologies. Only a small number of patients in developing nations can afford neurological treatment due to high prices and inadequate reimbursement policies. As a result, healthcare facilities are hesitant to invest in new or technologically advanced systems, which restrains the neurovascular devices market.
The clinical advantages of minimally invasive medical procedures over conventional surgical procedures include shorter hospital stays, quicker patient recoveries, increased procedural safety and efficacy, and lower costs. Thus, market acceptance and demand for endoscopic and other minimally invasive surgical procedures are on the rise among medical professionals worldwide. Geriatric patients are more prone to neurological and neurovascular diseases, and they prefer treatment procedures that offer simple diagnosis, straightforward procedures, increased safety, the shortest hospital stay possible, superior efficacy, and reasonable costs. Moreover, thrombotic adverse events such as pulmonary embolism, stroke, and epilepsy increase with age, necessitating neurosurgical interventions. Moreover, arteriovenous malformations result in hemorrhages and seizures, which are reported frequently in people aged 40 and older (Source: Medscape). Thus, it is anticipated that the increasing geriatric population and demand for minimally invasive procedures will create significant growth opportunities for both established and emerging interventional neurology device market players.
In 2023, devices for cerebral embolization and aneurysm coiling accounted for 38% of the neurovascular device market. The increasing prevalence of neurological conditions such as brain aneurysm, stroke, and arteriovenous malformations (AVMs), rising healthcare expenditures, and rising R&D investments are some of the factors driving the market growth. The neurothrombectomy devices segment is expected to grow at the highest CAGR of 7.2% during the forecast period due to the rising prevalence of acute ischemic stroke and the increasing number of product launches by the market's leading players. In 2019, for instance, Medtronic released the Solitaire X revascularization device, which is used to remove blood clots from the brain. In addition, the rising incidence of stroke has led to an increase in the utilization of clot retrievers among patients aged 55 to 65.
Due to factors including the increasing prevalence of stroke, hypertension, and other neurological disorders, the stroke segment dominated the market with the highest CAGR of 6.2% in 2023. According to the CDC, one in six people worldwide will suffer a stroke in their lifetime, and more than 795,000 Americans suffer a stroke annually. In the United States, strokes are the second leading cause of death, accounting for approximately 140,000 deaths annually. Increasing government and non-governmental organization (NGO) awareness campaigns contribute to the expansion of this market segment. The Stroke Alliance for Europe (SAFE), a non-profit organization with members in twelve countries, joined Boehringer's Ineglheim's (BI) Angel's Initiative in 2018 to provide stroke patients with vital information. The introduction of technologically superior products also contributes to market expansion.
The cerebral aneurysm segment is anticipated to grow at the highest CAGR of 6.6% during the forecast period, primarily due to the rising incidence of intracranial aneurysm. According to the Brain Aneurysm Foundation, approximately 6.5 million Americans have unruptured brain aneurysms, and approximately 30,000 Americans suffer a brain aneurysm rupture each year. In February 2020, Cerus Endovascular Ltd. received European CE Mark approval for its flagship product, the Contour Neurovascular System, to treat intracranial aneurysms.
By end-user, the market for neurovascular devices is divided into hospitals & surgical centers, ambulatory care centers, research laboratories, and academic institutions. As of 2023, hospitals & surgical centers are projected to hold the largest share of the global market, while ambulatory care centers are anticipated to record the highest CAGR over the forecast period. Growing patient preference for minimally invasive medical procedures, the rising number of ambulatory surgerycenters in developed countries, along with the ease of scheduling, the focused clinical staff, the improved productivity, and the increased safety and efficacy of these centers, are expected to drive the growth of this end-user segment over the next few years.
North America dominated the market with a 27% share in 2023 due to the presence of key manufacturers such as Stryker Corporation, Penumbra, Inc., Johnson & Johnson, and Merit medical systems, Inc. Cerus Endovascular Ltd. received CE Mark approval in April 2020 for its 0.021-inch Contour Neurovascular System, which is compatible with commercially available 021 microcatheters for the treatment of saccular intracranial aneurysms. The increasing prevalence of neurological disorders and the rising demand for minimally invasive surgical procedures are driving the market expansion in this region. Each year in the United States, more than 795 000 people suffer an ischemic stroke, according to the CDC.
Increases in R&D expenditures by manufacturers and government initiatives significantly contribute to the expansion of the regional market. For instance, Medtronic Neurovascular Clinical Affairs is sponsoring a clinical trial to evaluate the safety and effectiveness of the 'Pipeline Vantage Embolization Device' with Shield Technology in the treatment of intracranial aneurysms according to the intended indication of use. In addition, the Society of Neurointerventional Surgery (SNIS) and the NeuroPoint Alliance (NPA) partnered with the Society of Vascular and Interventional Neurology (SVIN) in April 2021 to establish the NeuroVascular Quality Initiative-Quality Outcomes Database (NVQI-QOD).
In February of 2020, NeuroVasc Technologies, Inc. entered into a strategic partnership with the Wego Group, which includes USD 34 million in funding to support the development of the company's product portfolio and global clinical trial program. The strategic alliance represents a major step forward for NeuroVasc Technologies in bringing to market a comprehensive neurovascular platform.
Due to factors such as the increasing disease burden among the target population, it is anticipated that the Pacific will experience the highest CAGR of 8% during the forecast period. According to an article by M. Gourie Devi, an estimated 30 million people in India suffer from a variety of neurological disorders, with an average prevalence rate of 2,394 patients per one million individuals. In addition, rising healthcare costs and the entry of key players in the region contribute to the expansion of the market.
Principal market participants are focusing on the introduction of new types of medical devices, growth strategies, and technological advancements. After receiving FDA approval, Stryker Corporation launched the Surpass Evolve Flow Diverter in August 2020. It is the first 64-wire cobalt-chromium flow diverter in the United States, and its purpose is to promote aneurysm healing. Surpass Evolve is Stryker's most recent innovation in flow diversion, following the late 2018 release of Surpass Streamline. It is anticipated that these market developments will stimulate market expansion over the forecast period. On the global neurovascular devices market, key players include Medtronic, Johnson and Johnson Services Inc., Penumbra, Inc., Microport Scientific Corporation, Stryker, Codman Neuro, Microvention Inc (Terumo Corporation) (Integra Lifesciences) and Other Notable Players.
