Neurovascular Devices Market to Witness Significant Growth due to...

Neurovascular Devices Market to Witness Significant Growth due to Increasing Prevalence of Neurovascular Diseases

Posté 2024-01-15 10:57:57

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Neurovascular devices are used widely for the treatment of neurovascular diseases such as ischemic strokes, hemorrhagic strokes, cerebral aneurysms, and arteriovenous malformations among others. These devices are used for various neurovascular procedures including aneurysm coiling, carotid angioplasty and stenting, neurothrombectomy and cerebral balloon angioplasty. The devices include embolic coils, carotid stents, intracranial stents, neurothrombectomy devices and balloon catheters among others.

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 Dynamics:

The increasing prevalence of neurovascular diseases is a major driver driving growth of the Global neurovascular devices market size. According to the WHO, cerebrovascular disease accounts for around 10% of mortality worldwide. Furthermore, advances in the technologies of neurovascular devices such as flow diverters, new generation of coils including bioactive coils are also fueling the market growth. Development of bioabsorbable stents and flow diversion devices have shown promising results during initial clinical studies which is expected to gain more popularity over the forecast period. However, high cost of advanced neurovascular devices and procedures and lack of reimbursement policies in developing nations are some of the factors that hinder the market growth.

SWOT Analysis

Strength: Neurovascular devices which include coils, stents and embolic protection devices used during medical procedures which improve patient outcomes and recovery. Miniaturization of devices allows minimally invasive procedures reducing risks and complications. Innovation in materials used for devices such as nitinol alloys provide greater flexibility and deployment accuracy.

Weakness: High costs associated with neurovascular procedures and devices limits widespread adoption especially in developing regions. Steep learning curves for specialist physicians to properly use complex devices requires extensive training. Regulatory requirements for approval of new devices is stringent which delays market entry of novel technologies.

Opportunity: Growing geriatric population prone to neurovascular diseases such as aneurysms and arthritis presents large patient pool. Rising incidence of lifestyle diseases fueling cases of strokes necessitating neurovascular interventions. Emerging markets in Asia Pacific expected to spur device demand due to healthcare investments.

Threats: Stringent reimbursement policies in major markets restrain procedure volumes. Recall or product failures could damage neurovascular device company revenues and reputation. New entrants with disruptive technologies poses competitive threat to established brands.

Key Takeaways

The global neurovascular devices market is expected to witness high growth over the forecast period of 2023 to 2030 supported by innovative product pipelines, aging demographics and increasing disease prevalence. Rising healthcare investments in emerging nations also provide opportunities despite challenges from stringent regulations.

Regional analysis: North America currently dominates the neurovascular devices market owing to large patient volumes undergoing minimally invasive procedures. However Asia Pacific is poised to witness strongest growth at a CAGR of over 15% driven by expanding medical infrastructure and government initiatives in China, India and Japan. Korea and Taiwan also emerging as neurology hubs promoting device adoption.

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 firms invest heavily in R&D to develop advanced coil embolization systems, flow diversion stents, clot retrieval devices and accessories used during endovascular aneurysm repair and arteriovenous malformation treatment.

Get More Insights On This Topic: https://www.newsstatix.com/neurovascular-devices-market-size-share-analysis-2023-2030/