Neurovascular devices are medical instruments used in the diagnosis and treatment of diseases related to the brain and spinal cord. These devices are used to treat conditions such as ischemic stroke, cerebral aneurysms and arteriovenous malformations. Neurovascular devices help in restoring blood flow in narrowed or blocked blood vessels in the brain and spine areas. The global Neurovascular Devices Market is estimated to be valued at US$ 2.64 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: Rising cases of stroke and intracranial aneurysm across the globe have propelled the growth of the neurovascular devices market. According to the World Stroke Organization, each year globally, more than 15 million people suffer from a stroke, out of which 5 million people suffer from permanent disability or death. Intracranial aneurysm affects around 1-5% of the global population. Increased cases of stroke and intracranial aneurysm have led to greater adoption of advanced neurovascular devices for effective treatment of these conditions. This key trend has significantly contributed to the growth of the global neurovascular devices market over the forecast period.
SWOT Analysis
Strength: Global neurovascular devices market size have advance technology and provide precise and minimally invasive treatment for neurovascular diseases. Their advanced technology allow doctors to navigate complex vascular anatomy with improved accuracy and safety of procedures.
Weakness: High cost of neurovascular devices makes them inaccessible for people from low and middle income countries. Lack of proper reimbursement policies also restricts their adoption in many countries.
Opportunity: Rising geriatric population prone to neurovascular diseases and rapid urbanization increasing lifestyle diseases are driving the demand for neurovascular devices. Growing medical tourism in regions like Asia Pacific also offers new opportunities.
Threats: Stringent regulatory processes and lengthy product approval timelines poses challenges for market players. Unfavorable changes in reimbursement policies can also impact the market growth negatively.
Key Takeaways
The global neurovascular devices market is expected to witness high growth. The market size is projected to reach US$ 2.64 Billion by 2024, witnessing a CAGR of 13% during the forecast period of 2023 to 2030.
Regional analysis: North America currently dominates the neurovascular devices market due to presence of advanced healthcare infrastructure and high procedural volume. Asia Pacific region is expected to witness fastest growth due to growing medical tourism, rising healthcare spending and expanding patient pool.
Key players: Key players operating in the neurovascular devices market are 3M, Convatec Group PLC, Smith & Nephew PLC, Urgo Medical, and Coloplast Corporation, among others. These players are focusing on new product launches, mergers and acquisitions to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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