Neurovascular Device Market Size, Trends & Forecast [2032]
Neurovascular Device Market Size, Trends & Forecast [2032]
Segments - Neurovascular Device Market by 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), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2024–2032
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| Report ID :HC-6490
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Report Description
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.
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.
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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
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.
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Attributes |
Details |
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Report Title |
Neurovascular Device Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2023 |
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Historic Data |
2017 -2022 |
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Forecast Period |
2024–2032 |
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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) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast |
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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 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.
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.
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,
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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.
Table Of Content
1. Executive Summary2. 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
Methodology
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