Neurovascular Devices Market Worth $3.1 Billion By 2026 | CAGR: 5.3%
The global neurovascular devices market size is estimated to reach USD 3.1 billion by 2026. The market is estimated to expand at a CAGR of 5.3% over the forecast years. Preference for minimally invasive surgeries in the treatments of brain aneurysm and stroke is expected to be the key factor augmenting the market growth.
Technological advancements have increased life expectancy, leading to a consequent increase in geriatric population. According to a report published by United Nations, geriatric population (aged 60 years and above) is projected to increase by 56% from 901 million in 2015 to 1.4 billion by 2030. Therefore, rise in aging population across the globe is anticipated to impel the demand for neurovascular devices.
The market holds immense growth potential, and hence, manufacturers are focus on Ramp;D to develop advanced products. Technological developments in the field of neurovascular therapy, such as development of GORE TIGRIS by W L Gore and SpiderFX distal filter embolic protection device by Medtronic, are expected to serve as a high impact rendering driver.
North America was the largest regional market in 2018 in terms of revenue and is expected to continue its dominance through the forecast period. Asia Pacific is anticipated to be the fastest-growing region with a CAGR of 6.0% in the estimated time. Wide adoption of innovative treatment approaches and growing per capita income, especially in the developing economies, are boosting the market growth in this region.
Further key findings from the study suggest:
Cerebral embolization and aneurysm coiling devices accounted for the majority of the global market share in 2018
In 2018, stroke was estimated to be the most prevalent therapeutic application for neurovascular devices
Cerebral aneurysm is projected to be the fastest-growing therapeutic application with a CAGR of 6.0% during the forecast period
Japan is a major revenue-generator in Asia Pacific region as nearly one in three Japanese people are older than 60 years
Key companies in this market include Abbott Laboratories; W. L. Gore amp; Associates, Inc.; Medtronic, Inc.; Stryker Corporation; and Merit Medical Systems, Inc.
Grand View Research has segmented the global neurovascular devices market on the basis of device type, therapeutic applications, and region:
Neurovascular Device Type (Revenue, USD Million, 2014 - 2026)
Cerebral Embolization and Aneurysm Coiling
Liquid Embolic Agents
Cerebral Angioplasty and Stenting Systems
Carotid Artery Stents
Embolic Protection Systems
Neurovascular Devices Therapeutic Application Outlook (Revenue, USD Million, 2014 - 2026)
Cerebral Artery Stenosis
Neurovascular Devices Regional Outlook (Revenue, USD Million, 2014 - 2026)
Middle East amp; Africa