The global market for neurovascular devices is projected to expand at a CAGR of 6.5% during the forecast period of 2024 to 2032. The market is anticipated to be driven by the rising incidence of neurological disorders, technological advances, and demand for minimally invasive procedures. Interventional neurology devices are utilized for the diagnosis and treatment of brain and central nervous system vascular disease. Endovascular catheter-based techniques, angiography, and fluoroscopy are included in interventional neurology. Catheter angiography is one of the oldest primary in-vivo brain vascular imaging modalities used to diagnose a variety of neurological disorders, including cerebral aneurysm, arteriovenous malformations, intracranial stenosis, arteriovenous fistula, and vasculitis.
Significant Incidence of Brain Aneurysms to Increase Demand for Embolic Coils
The market for neurovascular devices is segmented by product into embolic coils, intracranial stents, carotid stents, catheters, flow diverters, embolic protection devices, neuro thrombectomy devices, balloon systems, intrasaccular devices, guidewires, stent retrievers, and others. As a result of the increasing prevalence of brain aneurysms and ischemic strokes, particularly in developed nations, the segment for embolic coils will surpass USD 530 million by 2021. In addition, rising demand for minimally invasive procedures employing embolic coils, such as coil embolization, is anticipated to boost market statistics.
Increasing R&D Expenditures in The Pharmaceutical and Biotechnology Industries Are a Driving Force
Neurosurgeons and other medical professionals are examining therapeutic alternatives 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 on the rise in key markets such as the United States, Germany, Japan, China, and India. For example, a cerebral aneurysm is a prevalent neurovascular disorder worldwide. This condition is associated with a high risk of hemorrhage or permanent neurological damage. As of 2020, 6.5 million brain aneurysm cases were reported in the United States; additionally, 30,000 Americans suffer brain aneurysm rupture annually.
Increasing Investments In R&D Due to The Increase in Neurological Diseases
An increase in the number of diseases related to neurological disorders, such as brain/cerebral aneurysms, strokes, and epilepsy, among many others, is anticipated to drive market growth and is, therefore, a significant market driver in several countries. According to the NHS (National Health Service) England, approximately 1 in 12,500 people in England suffer from a ruptured brain aneurysm each year, and approximately 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.
The increasing geriatric population suffering from ischemic stroke and other neurological disorders is one of the major market drivers for neurovascular devices. 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, especially in the elderly, with the United States being the country most affected.
Due to an increase in the number of patients and the mortality rate among target patients, the demand for neurovascular devices has risen in numerous global markets. According to the NCBI, strokes occur more frequently in women than in men, particularly among the elderly aged 55 to 65.
Demand For Modern and Affordable Methods to Treat Elderly Patients Is Growing
According to a study published in the JAMA Network Open Journal, robot-assisted surgeries accounted for a significant 15.1% of all general surgeries performed in 2018. In addition, the NCBI reports that approximately 310 million key major surgeries are performed annually worldwide, including 40 to 50 million in the United States and 20 million in Europe. Due to this increase in demand for minimally invasive surgical procedures and post-surgery methods such as shorter hospital stays, affordability, and faster patient recovery, the acceptance of neurovascular devices has increased, which will play a significant role in their future growth among medical professionals and patients. Innovative technologies will continue to expand the range of neurovascular tools for treating various aneurysm types with greater safety and efficacy, and aneurysm management is constantly evolving, with sophisticated technology at the forefront of innovation. According to the Southwestern Medical Center, approximately 795,000 Americans suffer a stroke each year. Increased effectiveness of the tools developed will reduce the stroke-related mortality rate.
Stringent Regulations to Contain the Market Growth
During the past decade, several major neurovascular device manufacturers (such as Stryker and Medtronic Plc) have successfully developed and commercialized their respective products. These items were designed for interventional use during neurovascular procedures. However, in mature markets (especially 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.
The following are some of these unhelpful government regulations and reforms:
The Patient Protection and Affordable Care Act was reinstated in 2020 after being suspended for two years beginning on January 1, 2018. The law imposes a 2.3% excise tax on the sale of certain medical devices by a manufacturer, producer, or importer in the United States (including for neurovascular intervention).
High Procedure-Related Cost of Neurovascular Procedures and Related Products Restraining the Market Growth
The high cost of neurovascular surgical procedures and devices is a significant factor impeding the global neurovascular devices market, particularly in developing nations with inadequate reimbursement policies. In the United States, the average cost of standard procedures to treat aneurysm and artery disorders is between $45,000 and $50,000. Additionally, maintenance costs and other indirect expenses associated with these devices increase their total cost of ownership, thereby limiting their adoption. Due to financial constraints, small hospitals and independent ASCs are less likely to invest in costly and sophisticated technologies; this is especially prevalent in developing nations. Due to high costs and inadequate reimbursement policies, only a small number of patients in developing nations can afford neurological treatment. As a result, healthcare facilities are hesitant to invest in new or technologically advanced systems, constraining the market for neurovascular devices.
Demand For Minimally Invasive Neurosurgical Procedures Is Opening Opportunities
Minimally invasive medical procedures offer significant clinical advantages over conventional surgical procedures, including 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 increasing globally among medical professionals. Geriatric patients are more susceptible 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 affordable costs. In addition, aging increases the incidence of thrombotic adverse events such as pulmonary embolism, stroke, and epilepsy, which can necessitate neurosurgical interventions. Moreover, arteriovenous malformations result in hemorrhages and seizures, which are commonly reported among people aged 40 and older (Source: Medscape). Thus, the rising geriatric population and demand for minimally invasive procedures are anticipated to provide significant growth opportunities for both established and up-and-coming interventional neurology device market players.
Cerebral Embolization and Aneurysm Coiling Devices Dominate the Product Market
In 2023, cerebral embolization and aneurysm coiling devices held a 38% share 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 a few factors contributing to the growth of the market.
The neurothrombectomy devices segment is anticipated 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 leading market players. For example, in 2019, Medtronic announced the release of the Solitaire X revascularization device, which is used to remove blood clots from the brain. In addition, the increasing incidence of stroke has led to a rise in the use of clot retrievers in patients aged 55 to 65.
The stroke Segment Dominates the Therapeutic Market
Due to factors such as the rising prevalence of stroke, hypertension, and other neurological disorders, the stroke segment dominated the market in 2023 with the highest CAGR of 6.2%. 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 second leading cause of death worldwide and are responsible for approximately 140,000 deaths annually in the United States. Increasing government and non-governmental organization (NGO) awareness initiatives contribute to the segment's growth. In 2018, the Stroke Alliance for Europe (SAFE), a non-profit organization with members from 12 countries, joined Boehringer's Ineglheim's (BI) Angel's Initiative to provide stroke patients with vital information. The introduction of technologically advanced products also contributes to the expansion of the market.
During the forecast period, the cerebral aneurysm segment is anticipated to grow at the highest CAGR of 6.6%, primarily due to the increasing incidence of intracranial aneurysm. According to the Brain Aneurysm Foundation, approximately 6.5 million people in the United States have unruptured brain aneurysms, and approximately 30,000 people each year suffer a brain aneurysm rupture. In addition, the growing demand for minimally invasive surgical procedures, the introduction of technologically advanced products, and Cerus Endovascular Ltd. received European CE Mark approval for its flagship product, the Contour Neurovascular System, to treat intracranial aneurysms in February 2020.
Ambulatory Care Centres to be the Fastest-Growing End User Market
The neurovascular devices market is segmented by end-user into hospitals & surgical centers, ambulatory care centers, research laboratories, and academic institutes. As of 2023, hospitals & surgical centers are estimated to account for the largest share of the global market in 2021, while ambulatory care centers are projected to register the highest CAGR during the forecast period. Growing patient preference for minimally invasive medical procedures, the rising number of ambulatory surgery centers across 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 the major factors that are expected to drive the growth of this end-user segment in the coming years.
North America Remains as the Global Leader
Due to the presence of key manufacturers such as Stryker Corporation, Penumbra, Inc., Johnson & Johnson, and Merit medical systems, Inc., North America dominated the market with a 27% share in 2023. Cerus Endovascular Ltd. received CE Mark approval in April 2020 for its 0.021-inch Contour Neurovascular System, which is compatible with smaller 021 microcatheters commercially available for the treatment of saccular intracranial aneurysms. This region's market growth is driven by the increasing prevalence of neurological disorders and the rising demand for minimally invasive surgical procedures. According to the CDC, each year in the United States, more than 795 000 people suffer a stroke, of which 87% are ischemic.
Increases in R&D spending by manufacturers and government initiatives contribute significantly to the growth of the regional market. For example, Medtronic Neurovascular Clinical Affairs is sponsoring a clinical trial to evaluate the safety and efficacy of the 'Pipeline Vantage Embolization Device' with Shield Technology in the treatment of intracranial aneurysms in accordance with the intended indication of use. In addition, in April 2021, the Society of Neurointerventional Surgery (SNIS) and the NeuroPoint Alliance (NPA) collaborated with the Society of Vascular and Interventional Neurology (SVIN) to create the NeuroVascular Quality Initiative-Quality Outcomes Database (NVQI-QOD).
NeuroVasc Technologies, Inc. entered into a strategic partnership with the Wego Group in February 2020, which includes USD 34 million in funding to support the company's product portfolio development and global clinical trial program. The strategic alliance represents a significant advancement for NeuroVasc Technologies in bringing a comprehensive neurovascular platform to the market.
APAC to be The Fastest-Growing Region
Asia-Pacific is anticipated to grow at the highest CAGR of 8% during the forecast period, due to factors such as the increasing disease burden among the target population. According to an article by M. Gourie Devi, it is estimated that approximately 30 million people in India suffer from a variety of neurological disorders, with an average prevalence rate of 2,394 patients per one million people. In addition, factors such as rising healthcare expenditures and the entry of key players in the region contribute to the growth of the market.
Terumo Corporation introduced the WEB Embolization System (Woven EndoBridge Device in Japan), an intrasaccular aneurysm treatment device, in December 2020. This is the first intrasaccular flow disruptor device on the Japanese market. With the commercial launch, Terumo intends to offer new treatment options for brain aneurysm cases that are difficult to treat with currently-approved methods.
Innovation is the Key to Business Expansion
Key market participants are concentrating on the introduction of novel medical device types, growth strategies, and technological advances. For instance, Stryker Corporation launched the Surpass Evolve Flow Diverter in August 2020 after receiving FDA approval. It is the first 64-wire cobalt-chromium flow diverter in the United States, and its purpose is to assist in the healing of aneurysms. Surpass Evolve is the most recent innovation in flow diversion from Stryker, following the release of Surpass Streamline in late 2018. These market developments are anticipated to stimulate market expansion over the forecast period. Key market participants in the global neurovascular devices market 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.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Neurovascular Devices market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Technology
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Disease Pathology
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End Users
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
