Neurovascular Device Market

Neurovascular Device Market

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Raksha Sharma

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Neurovascular Device Market

 The global neurovascular device market size was USD 2.7 Billion in 2023 and is projected to reach USD 4.5 Billion by 2032, expanding at a CAGR of 4.3% during 2024–2032. The market is poised to grow, fueled by the rising incidence of neurological disorders, advancements in technology, and a growing preference for minimally invasive treatments.

Neurovascular Device Market Outlook


The global neurovascular device market is experiencing significant growth, driven by the rising incidence of neurovascular disorders worldwide. These devices play a crucial role in diagnosing and treating conditions affecting the central nervous system and brain. Furthermore, regulatory approvals of new products and strategic expansions by key players are expected to propel market growth during the forecast period.

  • In March 2021, Rapid Medical, a pioneer in innovative neurovascular devices, announced that its TIGERTRIEVER revascularization device had received clearance from the US Food and Drug Administration (FDA) for the use in treating ischemic stroke patients. This groundbreaking stent retriever features intelligent control, allowing neurointerventional specialists to effectively remove blood clots and restore blood flow to the brain following an ischemic event.

Neurovascular Device Market Dynamics

Neurovascular Device Market Dynamics

Major Drivers

Growing elderly population is a significant factor driving the demand for neurovascular devices. According to the Centers for Disease Control and Prevention (CDC), approximately 87% of strokes are ischemic, where blood flow to the brain is blocked, causing brain cells to die and resulting in loss of neurological function. This is particularly concerning for the elderly, who are disproportionately affected by ischemic strokes, making them a high-risk group for these devastating conditions.

Existing Restraints

Neurovascular devices are expensive, which is a significant restraint for patients and healthcare systems, thus limiting the adoption of new devices and treatments. Developing new neurovascular devices is a costly and time-consuming process. The high cost of R&D, clinical trials, and regulatory approvals is a significant restraint for companies, especially small ones. Clinical trials are essential for demonstrating the safety and efficacy of neurovascular devices. However, access to clinical trials is limited.

Emerging Opportunities

Increasing government initiatives to invest in cutting-edge healthcare infrastructure and corporate investment in research have fueled the development and adoption of neurovascular devices. The availability of advanced treatments for various neurological disorders, made possible by the presence of technologically advanced neurovascular devices, which has created opportunities in the market, thus driving innovation and improving patient outcomes.

Scope of the Neurovascular Device Market Report

 The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics are included in the report. 

Attributes

Details

Report Title

Neurovascular Device Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2023

Historic Data

2017 -2022

Forecast Period

2024–2032

Segmentation

Product (Cerebral Embolization and Aneurysm Coiling Devices, Cerebral Angioplasty and Stenting Systems, Neurothrombectomy Devices, and Support Devices), Therapeutic Application (Stroke, Cerebral Artery Stenosis, Cerebral Aneurysm, and Others), End-user (Hospitals, Specialty Care Centers, Ambulatory Centers, Research Laboratories, and Academic Institutions)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast

Key Players Covered in the Report

Blockade Medical LLC; Codman Neuro; Delaware Corporation; Evasc; Gynesonics; Medtronic; MicroPort Scientific Corporation; MicroVention, Inc; Penumbra, Inc; Stryker Corporation; Johnson & Johnson Services, Inc


Regional Outlook

In terms of region, neurovascular device market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America held a large market share in 2023, driven by the widespread adoption of various neurovascular medical devices.

North America has high incidences of arteriovenous malformations (AVMs), brain aneurysms, and other conditions has fueled the market in the region. The region's leading manufacturers have invested heavily in R&F, while government initiatives have raised awareness about neurological disorders. Growing prevalence of hypertension and the preference for non-invasive or minimally invasive devices are expected to further boost the regional neurovascular device market in the years to come.

The market in Europe is expected to expand at a high CAGR during the forecast period, driven by the region's well-established healthcare infrastructure and the increasing incidence of neurovascular diseases. The market in Europe is fueled by the adoption of innovative devices, driven by promising clinical trial results and growing demand for neurovascular surgeries among the aging population, which is expected to fuel the market in the region.

Neurovascular Device Market Region

Neurovascular Device Market Segment Analysis

Product Analysis

Based on product, the neurovascular device market is fragmented into cerebral embolization and aneurysm coiling devices, cerebral angioplasty and stenting systems, neurothrombectomy devices, and support devices.

The cerebral embolization and aneurysm coiling devices segment dominated the market in 2023. These devices are used to treat cerebral aneurysms and other vascular malformations. They are designed to occlude or block the blood flow to the aneurysm, preventing it from rupturing.

The cerebral angioplasty and stenting systems segment held a considerable CAGR during the forecast period. These devices are used to treat narrowed or blocked blood vessels in the brain. They consist of a balloon and a stent that is deployed to open up the blocked vessel and restore blood flow.

Neurovascular Device Market Product

Therapeutic Application Analysis

Based on therapeutic application, the neurovascular device market is segregated into stroke, cerebral artery stenosis, cerebral aneurysm, and others.

The stroke segment held a key share of the market in 2023, as neurovascular devices play a crucial role in the treatment of stroke, particularly in the removal of blood clots (thrombectomy) to restore blood flow to the brain.

The cerebral artery stenosis segment held a substantial market share in 2023. This application refers to the treatment of narrowed or blocked blood vessels in the brain, which lead to stroke or other neurological symptoms. Neurovascular devices, such as angioplasty and stenting systems, are used to open up these blocked vessels and restore blood flow.

Neurovascular Device Market Therapeutic Application

End-user Analysis

On the basis of end-user, the neurovascular device market is classified as hospitals, specialty care centers, ambulatory centers, research laboratories, and academic institutions. The hospital segment is likely to expand at a high CARG during the forecast period. Hospitals are likely to be the leading end-users of neurovascular devices, as they are equipped to provide comprehensive care for patients with neurological disorders and stroke. Hospitals have the necessary infrastructure, expertise, and resources to perform complex neurovascular procedures.

The specialty care centers segment is estimated to hold key share of the market during the forecast period. Specialty care centers, such as neurology and neurosurgery departments, are significant end-users of neurovascular devices. These centers often have specialized teams and equipment to treat complex neurological conditions.

Segments

The neurovascular device market has been segmented on the basis of

Product

  • Cerebral Embolization and Aneurysm Coiling Devices
  • Cerebral Angioplasty and Stenting Systems
  • Neurothrombectomy Devices
  • Support Devices

Therapeutic Application

  • Stroke
  • Cerebral Artery Stenosis
  • Cerebral Aneurysm
  • Others

End-user

  • Hospitals
  • Specialty Care Centers
  • Ambulatory Centers
  • Research Laboratories
  • Academic Institutions

Region

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Key Players

  • Blockade Medical LLC
  • Codman Neuro
  • Delaware Corporation
  • Evasc
  • Gynesonics
  • Medtronic
  • MicroPort Scientific Corporation
  • MicroVention, Inc
  • Penumbra, Inc
  • Stryker Corporation
  • Johnson & Johnson Services, Inc

Competitive Landscape

Key players competing in the global neurovascular device market are Blockade Medical LLC; Codman Neuro; Delaware Corporation; Evasc; Gynesonics; Medtronic; MicroPort Scientific Corporation; MicroVention, Inc; Penumbra, Inc; Stryker Corporation; Johnson & Johnson Services, Inc.

These players utilize several development strategies, including product launch, partnerships, acquisition, and geographical expansion, to increase their global presence. For instance,

  • In April 2022, MicroVention, a subsidiary of Terumo Corporation, announced the successful completion of the first patient enrollment in the STRAIT study, a large-scale, observational research project in Europe. The study aims to assess the effectiveness and safety of the BOBBY balloon guide catheter for treating acute ischemic stroke patients using endovascular procedures.

    Neurovascular Device Market Key Players

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Neurovascular Device Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Neurovascular Device Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Neurovascular Device Market - Supply Chain
  4.5. Global Neurovascular Device Market Forecast
     4.5.1. Neurovascular Device Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Neurovascular Device Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Neurovascular Device Market Absolute $ Opportunity
5. Global Neurovascular Device Market Analysis and Forecast by End Users
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by End Users
     5.2.2. Y-o-Y Growth Projections by End Users
  5.3. Neurovascular Device Market Size and Volume Forecast by End Users
     5.3.1. Hospitals
     5.3.2. Specialty Care Centers
     5.3.3. Ambulatory Centers
     5.3.4. Research Laboratories
     5.3.5. Academic Institutions
  5.4. Absolute $ Opportunity Assessment by End Users
  5.5. Market Attractiveness/Growth Potential Analysis by End Users
6. Global Neurovascular Device Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Neurovascular Device Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Neurovascular Device Demand Share Forecast, 2019-2026
7. North America Neurovascular Device Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Neurovascular Device Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Neurovascular Device Market Size and Volume Forecast by End Users
     7.4.1. Hospitals
     7.4.2. Specialty Care Centers
     7.4.3. Ambulatory Centers
     7.4.4. Research Laboratories
     7.4.5. Academic Institutions
  7.5. Basis Point Share (BPS) Analysis by End Users
  7.6. Y-o-Y Growth Projections by End Users
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Neurovascular Device Demand Share Forecast, 2019-2026
8. Latin America Neurovascular Device Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Neurovascular Device Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Neurovascular Device Market Size and Volume Forecast by End Users
     8.4.1. Hospitals
     8.4.2. Specialty Care Centers
     8.4.3. Ambulatory Centers
     8.4.4. Research Laboratories
     8.4.5. Academic Institutions
  8.5. Basis Point Share (BPS) Analysis by End Users
  8.6. Y-o-Y Growth Projections by End Users
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Neurovascular Device Demand Share Forecast, 2019-2026
9. Europe Neurovascular Device Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Neurovascular Device Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Neurovascular Device Market Size and Volume Forecast by End Users
     9.4.1. Hospitals
     9.4.2. Specialty Care Centers
     9.4.3. Ambulatory Centers
     9.4.4. Research Laboratories
     9.4.5. Academic Institutions
  9.5. Basis Point Share (BPS) Analysis by End Users
  9.6. Y-o-Y Growth Projections by End Users
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Neurovascular Device Demand Share Forecast, 2019-2026
10. Asia Pacific Neurovascular Device Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Neurovascular Device Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Neurovascular Device Market Size and Volume Forecast by End Users
     10.4.1. Hospitals
     10.4.2. Specialty Care Centers
     10.4.3. Ambulatory Centers
     10.4.4. Research Laboratories
     10.4.5. Academic Institutions
  10.5. Basis Point Share (BPS) Analysis by End Users
  10.6. Y-o-Y Growth Projections by End Users
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Neurovascular Device Demand Share Forecast, 2019-2026
11. Middle East & Africa Neurovascular Device Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Neurovascular Device Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Neurovascular Device Market Size and Volume Forecast by End Users
     11.4.1. Hospitals
     11.4.2. Specialty Care Centers
     11.4.3. Ambulatory Centers
     11.4.4. Research Laboratories
     11.4.5. Academic Institutions
  11.5. Basis Point Share (BPS) Analysis by End Users
  11.6. Y-o-Y Growth Projections by End Users
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Neurovascular Device Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Neurovascular Device Market: Market Share Analysis
  12.2. Neurovascular Device Distributors and Customers
  12.3. Neurovascular Device Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. Blockade Medical LLC
     12.4.2. Codman Neuro
     12.4.3. Delaware Corporation
     12.4.4. Evasc
     12.4.5. Gynesonics
     12.4.6. Medtronic
     12.4.7. MicroPort Scientific Corporation
     12.4.8. MicroVention, Inc
     12.4.9. Penumbra, Inc
     12.4.10. Stryker Corporation
     12.4.11. Johnson & Johnson Services, Inc

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