The Neurovascular Devices Market Is Driven By Rising Incidences Of Neurovascular Disorders
The neurovascular devices market has evolved significantly over the past decade, with new products being introduced to cater to the rising incidences of neurological disorders worldwide. Neurovascular devices are used in procedures such as aneurysm coiling, arteriovenous malformation repair, and intracranial stenting procedures. The increasing prevalence of vascular diseases and disorders that affect the brain, such as stroke, cerebral aneurysm, and arteriovenous malformations has accelerated the demand for neurovascular devices. Stents are majorly used in intracranial atherosclerotic disease, while aneurysm coiling and flow diversion are major applications of embolic coils.
The Global Neurovascular Devices Market is estimated to be valued at US$ 3.05 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the neurovascular devices are 3M, Convatec Group PLC, Smith & Nephew PLC, Urgo Medical, and Coloplast Corporation, among others. 3M is a leading player offering embolic coils used in embolization procedures for various neurovascular disorders.
The growing incidence of neurological disorders and increasing demand for minimally invasive procedures are major factors boosting the demand for Neurovascular Device Market. According to the World Health Organization, nearly 17.9 million people die each year from cardiovascular disease. Among them, about 6.7 million deaths are due to stroke alone.
The rising geriatric population is also fueling the demand for neurovascular devices globally. Population aging is projected to be a major driver of the neurovascular devices market. For instance, according to UN data, the number of individuals aged 60 years or above is projected to grow from 962 million globally in 2017 to 2.1 billion in 2050.
Market Drivers
The rising prevalence of cerebral aneurysms is a key factor driving the market growth. Cerebral aneurysms require procedures such as aneurysm coiling or bypass surgeries, thereby propelling the demand for neurovascular devices. According to Brain Aneurysm Foundation, an estimated 6 million people in the US alone have unruptured brain aneurysms.
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