Global Leading Companies Operating in This Industry:

# Johnson & Johnson (US)
# Medtronic PLC (Ireland)
# Stryker Corporation (US)
# Terumo Corporation (Japan)
# Penumbra, Inc. (US) among others.

Major Growth Driving Factors:

The growing target patient population, ongoing product development, and commercialization, favorable medical reimbursements, expansion of healthcare infrastructure across the emerging markets, growth in market demand for effective neurovascular devices, increase in research in the field of neurovascular therapies, rise in demand for minimally invasive neurosurgical procedures, and increase in awareness among neurosurgeons about minimally invasive surgical procedures are high growth prospects for the neurovascular devices/ interventional neurology market during the forecast period.

Growth Strategies Adopted:

The major strategies adopted by these players include new product launches, collaborations & agreements, mergers, investments & expansions. New product launches was the most commonly adopted strategy from January 2018 to March 2021.

Projected Surge in Revenue Generation:

The neurovascular devices market size is expected to grow from an estimated USD 2.5 billion in 2021 to USD 3.8 billion by 2026, at a CAGR of 8.6%.

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More About Leading Companies:

In 2020, Stryker Corporation was the largest player in the neurovascular devices market, owing to its wide portfolio of neurovascular products and strong geographical presence across the globe. The company primarily focuses on developing technologically advanced products for interventional neurology. The company has a strong presence across North America, Europe, the Middle East, Africa, Asia Pacific, and other countries. The company has more than 30 manufacturing facilities in countries such as the US, China, Turkey, Germany, Ireland, Switzerland, and France.

In 2020, Medtronic plc was the second-largest player in the neurovascular devices market. The company has a strong geographical presence and offers a broad range of products that are integral to the interventional neurology market, which includes embolic coils, microcatheters, guidewires, balloon catheters, liquid embolics, aspiration catheters, clot retrieval devices, flow diversion devices, vascular embolization devices, remodeling devices, and flow restoration devices.

Terumo Corporation (Japan) is one of the key players in the neurovascular devices market, owing to its robust portfolio and wide geographical presence. The company focuses on both organic and inorganic strategies to strengthen its position in the market. The company continues to view acquisitions as a major part of its growth strategy. These acquisitions are intended to augment growth, expand its business with new technologies and products, and enhance its geographical reach.

COVID-19 Impact on the Global Neurovascular Devices Market

Globally, the outbreak of COVID-19 has impacted every aspect of the medical devices industry, including interventional neurology devices. From the past six months, the number of patient visits to hospitals has also reduced significantly despite the emergency. There is considerable variation in the management of neurointerventional procedures during the COVID-19 pandemic. Patients are avoiding healthcare institutions to prevent contact with COVID-19 patients and healthcare professionals. Falling rates have been observed across a range of acute and critical conditions, including stroke, myocardial infarction, and various cancers.

The interventional neurology devices market is expected to be impacted due to the temporary postponement of various elective surgeries, as governments and authorities seek to ensure the availability of resources for COVID-19 patients. Closed manufacturing facilities due to lockdowns have also disrupted supply chains, and reduced recruitments for clinical trials have further impacted the growth of the overall market in 2020.

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The ambulatory care centers segment is expected to grow at the highest CAGR during the forecast period.

Based on end-user, the neurovascular devices market has been segmented into hospitals & surgical centers, ambulatory care centers, and research laboratories, and academic institutes. As of 2020, hospitals & surgical centers are estimated to account for the largest share of the global market in 2021, while ambulatory care centers are projected to register the highest CAGR during the forecast period.

Growing patient preference for minimally invasive medical procedures, rising number of ambulatory surgery centers across developed countries, along with the ease of scheduling, the focused clinical staff, the improved productivity, and the increased safety, and efficacy of these centers, are the major factors that are expected to drive the growth of this end-user segment in the coming years.