Neurovascular devices are used in procedures related to surgical treatment of neurovascular disorders including aneurysms, arteriovenous malformations (AVMs), carotid artery stenosis, and others. These devices aid in procedures such as bypass, coiling, stenting, neurothrombectomy, and aneurysm clipping. The demand for neurovascular devices is driven by the increasing prevalence of strokes and cerebral aneurysm. Additionally, growing awareness about minimally invasive procedures and technological advancements in the field contribute to market growth.
The Global Neurovascular Devices Market is estimated to be valued at US$ 3.05 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Neurovascular Device Market are 3M, Convatec Group PLC, Smith & Nephew PLC, Urgo Medical, and Coloplast Corporation, among others.
The key opportunities in the market include growing healthcare investment and expenditure in developing countries. Also, growing aging population globally increasing the risk of developing neurovascular diseases.
Technological advancements such as flow diversion devices, balloons, liquid embolic agents, and clot retrieval devices are boosting the market growth. The emergence of bioabsorbable stents and flow modification devices are opening new avenues for treatment of neurovascular diseases.
Market drivers
Rising geriatric population is the major driver of the neurovascular devices market. According to the United Nations, the proportion of global population aged 60 years and above is expected to nearly double from 12% to 22% between 2015 and 2050. The aged population is more prone to developing chronic health conditions like cerebral aneurysm and stroke. Thus, growing geriatric demography is driving the neurovascular devices market.
Current Challenges in Neurovascular Devices Market
The neurovascular devices market faces several challenges currently owing to the complex nature of neurological disorders. High costs associated with treatment and devices pose a major barrier. Neurovascular procedures require advanced equipment and lengthy hospital stay which adds to the overall cost. Lack of skilled neurosurgeons further limits access to care. Limited guidelines and lack of consensus also challenge effective clinical management. Device failures or complications can negatively impact patient outcomes and trust in novel therapies.
SWOT Analysis
Strength: Advances in minimally invasive techniques help reduce risks and recovery times. Robust R&D pipelines continuously improve product efficacy and safety.
Weakness: Heavy dependence on reimbursement policies and investments. Stringent regulatory approvals delay market access.
Opportunity: Rising incidence of neurological disorders drives demand. Emerging economies with unmet needs present new opportunities.
Threats: Price pressures from payers and economic slowdowns challenge business case. Stringent regulations raise compliance burden.
The United States accounts for the largest share of the global neurovascular devices market currently, in terms of value. This is attributed to the rising geriatric population, advanced healthcare infrastructure, favorable reimbursement system, and presence of key industry players in the region.
Asia Pacific is poised to showcase the fastest growth over the forecast period from 2024 to 2030 in the neurovascular devices market. Factors such as improving access to healthcare, growing medical tourism, increasing research funding and industrialization drive the market in Asia Pacific region.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.