Neurovascular Devices Market: Growth, Size, Share, and Trends

Market Growth Outlook Summary

The global neurovascular devices market, valued at US$3.3 billion in 2022, is forecasted to grow at a robust CAGR of 8.7%, reaching US$3.6 billion in 2023 and an impressive US$5.5 billion by 2028. The growth in this market is attributed to the increase in the prevalence of various neurovascular diseases, rising adoption of minimally invasive surgical procedures,  expansion of healthcare infrastructure in emerging countries, and strategic collaborations & partnerships among manufacturers and research institutes to boost the new developments in interventional neurology. However, high cost of neurovascular interventional procedures & related devices  to pose a barrier towards the adoption of neurovascular treatment, especially in developing countries with poor reimbursement policies.

Attractive Opportunities in the Neurovascular Devices Market

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Neurovascular Devices Market Dynamics

DRIVER: Growing prevalence of neurovascular diseases

With proven clinical efficacy, interventional therapeutic procedures are being adopted for better diagnosis, monitoring, and therapy for neurological conditions. The significant adoption of neurovascular devices can be mainly attributed to the large and rapidly growing patient population base for target diseases across the key markets. According to the World Stroke Organization (WSO) in 2022, around 7.6 million new ischemic stroke cases were registered worldwide. Globally, a larger proportion of the population is at risk of developing neurovascular diseases as a result of the growing prevalence of obesity, high blood pressure, smoking, and surge in geriatric patient population. According to CDC, the risk of developing stroke is doubling every 10 years after the age 55. All these factors are anticipated to boost the demand for neurovascular interventional devices in the coming years.

RESTRAINT: High procedural cost of neurovascular surgeries and associated products

The high cost of neurovascular surgical procedures and devices is a major factor restraining the global market, especially in developing countries with poor reimbursement policies. Additionally, maintenance costs and other associated indirect expenses increase the total cost of ownership of these devices, thereby limiting their adoption. Owing to high costs and a poor reimbursement scenario, a very limited pool of patients in developing countries can afford neurological treatment. As a result, healthcare facilities are reluctant to invest in new or technologically advanced systems, thus limiting the market.

OPPORTUNITY: Rising number of research activities for neurovascular therapies

Neurovascular devices are witnessing a growing demand among the major stakeholders globally, due to increasing clinical research activities in the field of neurovascular therapies, which offer credible clinical data related to their safety & efficacy profiles. Moreover, the growing emphasis by patients on effective, accurate and early diagnoses of target diseases is driving the number of industry-academia collaborations, investments in clinical studies aimed at the development and commercialization of innovative and therapeutically diverse neurovascular products. In 2021, EIT Health-supported start-up, Oxford Endovascular (UK), raised USD 10 million to boost the research & development of novel neurovascular devices for the treatment of ischemic stroke.

Neurovascular Devices Market Ecosystem

Prominent companies in this neurovascular devices industry include well-established, financially stable manufacturers of neurovascular devices systems, reagent, gel documentation systems and software. These companies have been operating in the market for several years and possess a diversified product portfolio, state-of-the-art technologies, and strong global sales and marketing networks. Prominent companies in this market include Stryker (US), Johnson & Johnson (US), Medtronic plc (US), Terumo Corporation (Japan), and Penumbra, Inc. (US).

In 2022, Ischemic stroke segment of neurovascular devices industry, to observe highest growth rate during the forecast period, by disease pathology

Based on disease pathology, the neurovascular devices market is segmented into cerebral aneurysm, ischemic strokes, carotid artery stenosis, arteriovenous malformations & fistulas, and other disease pathologies. The ischemic stroke segment is anticipated to grow at the highest CAGR during the forecast period. This can be attributed to the growing  prevalence of ischemic stroke globally, increasing number of ischemic stroke patients undergoing mechanical thrombectomy procedures; and the rising focus of manufacturers on boosting R&D to launch technologically advanced neurovascular interventional devices such as clot retrieval devices and aspiration catheters for the treatment of Ischemic stroke 

In 2022, hospitals & surgical centers segment to dominate the neurovascular devices industry, by end user

Based on end user, the neurovascular devices market is segmented into hospitals & surgical centers, ambulatory care centers, and research laboratories and academic institutes. The hospital & surgical centers captured the largest share of market during the forecast period. This can be attributed to the rising hospitalized patient volume with neurovascular disease in hospitals, expansion of hospital infrastructure in developing countries, and growing availability of cutting-edge technologies in hospitals to boost neurovascular treatment.

In 2022, North America to dominate in neurovascular devices industry

The global neurovascular devices market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America is expected to dominate during the forecast period, due to the significant rise in the burden of neurovascular diseases, continued expansion of ambulatory care facilities, increasing volume of minimally invasive procedures and growing reimbursement for various neurovascular conditions.

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The neurovascular devices market is dominated by players such Stryker (US), Johnson & Johnson (US), Medtronic plc (US), Terumo Corporation (Japan), and Penumbra, Inc. (US).

Scope of the Neurovascular Devices Industry

This research report categorizes the neurovascular devices market to forecast revenue and analyze trends in each of the following submarkets:

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

By Disease Pathology

• Cerebral Aneurysm
  • Embolic coils
  • Flow Diversion Devices
  • Microcatheters
  • Intracranial Stent
  • Guidewires
• Ischemic Stroke
  • Clot Retrievers Devices 
  • Suction and Aspiration Devices
  • Vascular Snares
  • Microcatheter
  • Microguidewires
  • Balloon  Guide Catheters
• Carotid Artery Stenosis
  • Carotid Artery Stents
  • Embolic Protection Devices
  • Balloon Catheters
• Arteriovenous Malformation & Fistulas
  • Liquid Embolic Agents
  • Microcatheters
  • Occlusion Balloon Catheters
• Other Disease Pathologies

By End User

• Hospitals & Surgical Centers
• Ambulatory Care Centers
• Research Laboratories And  Academic Institutes

Recent Developments of Neurovascular Devices Industry

• In December 2022, Stryker (US) established a new research & development facility at International Park, Gurgaon, India, intending to accelerate innovations in neurovascular devices for stroke treatment
• In February 2022,  Johnson & Johnson (US) launched the EMBOGUARD, a balloon guide catheter for treating acute ischemic stroke.
• In January 2021, Penumbra, Inc.(US) and Genesis Medtech (Australia) collaborated to expand Penumbra’s market capabilities in China by commercializing and producing novel neurovascular products in China. 

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