Neurovascular Devices Market worth 2.62 Billion USD by 2021
The market is expected to reach USD 2.62 Billion by 2021 at a CAGR of 8.6% during 2016 to 2021. Major factors driving the growth of this market include growing target patient population, ongoing product development & commercialization, favorable medical reimbursements, expansion of healthcare infrastructure across emerging markets, and growing market demand for effective neurovascular devices.
Moreover, increasing number of researches in the field of neurovascular therapies, rising demand for minimally invasive neurosurgical procedures, and increasing awareness among neurosurgeons about minimally invasive surgical procedures provide significant growth opportunities in the market. However, stringent regulatory scenario and dearth of skilled neurosurgeons may hinder the growth of this market during the forecast period.
On the basis of products, the market is segmented into aneurysm coiling & embolization devices, cerebral balloon angioplasty & stenting systems, support devices, and neurothrombectomy devices. The cerebral balloon angioplasty & stenting systems segment is expected to witness highest market growth during the forecast period. The market growth is being driven by growing availability of technologically advanced carotid artery stents across major markets, rising public-private research funding to develop innovative products, growing adoption of carotid stents and balloons among neurosurgeons, and expansion in patient population suffering from atherosclerosis and ischemic stroke.
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On the basis of disease pathology, the market is segmented into ischemic strokes, cerebral aneurysm, arteriovenous malformations & fistulas, and other diseases. The ischemic strokes segment is poised to be the fastest growing segment during the forecast period owing to growing incidence of ischemic stroke (coupled with exposure of larger proportion of global population to major risk factors such as smoking and diabetes), and increasing patient preference for minimally invasive therapeutic alternatives.
On the basis of geography, this market is classified into four regions, namely, North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific is the fastest-growing geographic segment in the neurovascular devices/interventional neurology market. The large market growth of this geographic segment can be attributed to the presence of a large patient population base for target diseases, rising awareness among neurosurgeons related to the benefits offered by interventional neurology devices, and ongoing government initiatives to modernize & expand healthcare infrastructure.
As of 2015, Stryker Corporation (U.S.), Medtronic plc (U.S.), Johnson & Johnson (U.S.), Terumo Corporation (Japan), Penumbra, Inc. (U.S.), Abbott Laboratories (U.S.), Merit Medical Systems, Inc. (U.S.), W. L. Gore & Associates, Inc. (U.S.), and MicroPort Scientific Corporation (China) are some of the key players operating in the global market.
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