Global Growth Driving Factors:
Expansion of healthcare infrastructure across the emerging markets, growing adoption of novel neurovascular devices, and greater research in the field of neurovascular therapies are high growth prospects for the neurovascular devices/ interventional neurology market during the forecast period.
Major Surge in Revenue Growth:
The global neurovascular devices market in terms of revenue was estimated to be worth $2.5 billion in 2021 and is poised to reach $3.8 billion by 2026, growing at a CAGR of 8.6% from 2021 to 2026.
The aneurysm coiling & embolization devices segment is expected account for the largest share of the neurovascular devices/interventional neurology market during the forecast period.
On the basis of product, the neurovascular devices/interventional neurology market is segmented into aneurysm coiling & embolization devices, cerebral balloon angioplasty & stenting systems, support devices, and neuro thrombectomy devices. The aneurysm coiling & embolization devices product segment, by type, is further segmented into embolic coils, flow diversion devices, and liquid embolic agents. The aneurysm coiling & embolization devices segment is estimated to account for the largest share of the neurovascular devices/interventional neurology market, by product, owing to growing end-user preference for minimally invasive neurosurgical procedures and increasing market availability of embolic coils for neurovascular treatment.
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The cerebral aneurysm segment is estimated to account for the largest share of the global neurovascular devices/interventional neurology market during the forecast period.
On the basis of pathology, the neurovascular devices/interventional neurology market is segmented into ischemic strokes, cerebral aneurysm, carotid artery stenosis, arteriovenous malformations & fistulas, and other diseases (including cavernous malformations and Moyamoya disease, among others). The cerebral aneurysm segment is estimated to account for the largest share of the global neurovascular devices/interventional neurology market, by pathology, led by the growing adoption of minimally invasive neurosurgical procedures among neurosurgeons, increasing healthcare expenditure in emerging countries, and increasing incidence of risk factors (such as high blood pressure, cigarette smoking, high cholesterol, diabetes, and obesity).
The ambulatory care centers segment is expected to grow at the highest CAGR during the forecast period.
Based on end-user, the neurovascular devices/interventional neurology 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 neurovascular devices/interventional neurology market, 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.
North America is expected to be the largest market during the forecast period.
North America is estimated to be the largest market for neurovascular devices/interventional neurology during the forecast period. The neurovascular devices/interventional neurology market in North America is driven primarily by factors such as the growing target patient population for neurovascular diseases, rising awareness among neurosurgeons regarding the benefits offered by interventional neurology devices, and ongoing government initiatives to modernize & expand healthcare infrastructure. Additionally, the adoption of these devices has increased due to falling product prices, thereby further supporting the market growth in this region.
Global Leading Companies:
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the neurovascular devices/interventional neurology market. The major players in the neurovascular devices/interventional neurology market are Johnson & Johnson (US), Medtronic PLC, Stryker Corporation (US), Terumo Corporation (Japan), Penumbra, Inc. (US), MicroPort Scientific Corporation (China), and Kaneka Corp. (Japan) among others.
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Different Strateiges Adopted by Leading Companies:
These players are adopting various strategies to increase their share in the neurovascular devices/interventional neurology market. Collaborations & agreements, new product launches, and expansions have been a widely adopted strategy by the major players in neurovascular devices/interventional neurology industry.
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