Global Neurovascular Devices Market is expected to grow at a CAGR of 5.97% during the forecast period 2019-2026
A new research report published by Fior Markets with the title Neurovascular Devices Market by Device Type (Neurothrombectomy, Cerebral Angioplasty & Stenting Systems, Others), Therapeutic Application, Regions, and Global Forecast 2019-2026.
As per the report published by Fior Markets, the global neurovascular devices market is expected to grow from USD 2.19 Billion in 2018 to USD 3.48 Billion by 2026, at a CAGR of 5.97% during the forecast period 2019-2026. The North America region dominated the demand for the neurovascular devices with a 42.18% share of market revenue in 2018. Whereas, the Asia Pacific region is anticipated to grow at the highest CAGR of 8.24% over the forecast period.
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Major players in the global neurovascular devices market are Abbott Laboratories, W. L. Gore & Associates, Inc., Johnson & Johnson, Medtronic PLC, Merit Medical Systems, Inc., MicroPort Scientific Corporation, Penumbra, Inc., Stryker Corp., Terumo Medical Corporation, Integer Holdings Corporation, and Acandis GmbH & Co. KG among others. The companies are adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership to maintain their presence in the global neurovascular devices market. For instance in 2016, Medtronic plc launched its Pivox Oblique Lateral Spinal System with Lateral Plate for OLIF25 and Divergence-L Anterior/Oblique Lumbar Fusion System for OLIF51 for the development of OLIF (Oblique Lateral Interbody Fusion) Platform. The OLIF platform is a minimally invasive spine fusion procedure utilized for the placement of an implant into the disc space for anterior column support.
Device type segment is divided 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 emerged as the leader in the global neurovascular devices market with a 38.74% share of market revenue in 2018. Factors such as large number of people undergoing the neurological surgery as well as availability of these products in various lengths and volumes were responsible for this increased market share. In addition, growing occurrence of brain diseases such as brain aneurysm has further supplemented the segment growth. The cerebral embolization and aneurysm coiling devices segment is expected to hold the largest CAGR of 7.94% during the forecast period. The therapeutic application segment contains stroke, cerebral artery stenosis, cerebral aneurysm, others. The cerebral aneurysm segment is projected to grow at the fastest CAGR of 8.04% over the forecast period. Growing prevalence of the cerebral aneurysms along with its treatment with help of embolizing coils and stents are anticipated to propel this growth over the forecast period. However the stroke segment is anticipate to hold highest revenue due to the increasing cases of the stroke. According to Centers for Disease Control and Prevention (CDC), stroke kills about 140,000 Americans each year that is 1 out of every 20 deaths. Every year, more than 795,000 people suffer a stroke and about 87% of all strokes are ischemic strokes. This increasing rate of stoke is the major reason for the growth of the stroke segment in the global neurovascular devices market.
Neurovascular devices are mainly used in the surgery, diagnosis and treatment of various neurological diseases. The market demand for the neurovascular devices is increasing due to the factors such as increase in geriatric population, increasing prevalence of neurovascular disorders, favorable medical reimbursements regulations along. Furthermore the growing demand for effective neurovascular devices as well as increasing awareness among neurologists about the neurology devices is driving the global neurovascular devices market.
However, the stringent regulatory approval process and paucity of skilled neurosurgeons are predicted to hold back the growth of the market over the forecast period. Increasing research activity in the field of neurovascular therapies, growing preference for the minimally invasive neurosurgical procedures are expected to create new opportunities for the market growth in upcoming years.
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- CDN Newswire