Neurovascular Devices Market - Future Revenue Growth Predictions by 2028
Overview of This Market:
The objective of the study is analyze the key market dynamics such as drivers, opportunities, challenges, restraints, and key player strategies. To track companies developments such as acquisitions, product launches, expansions, collaborations, agreements and partnerships of the leading players, the competitive landscape of the neurovascular devices market to analyzes market players on various parameters within the broad categories of business and product strategy. Top-down and bottom-up approaches were use to estimate the market size. To estimate the market size of segments and subsegments the market breakdown and data triangulation were used.
Major Growth Driving Factors:
The rise in the prevalence of various neurovascular diseases, the growing popularity of minimally invasive surgical procedures, the development of the healthcare infrastructure in developing nations, and the strategic alliances and collaborations between research institutions and manufacturers to advance new advancements in interventional neurology are all factors contributing to the market's growth. The acceptance of neurovascular treatment is hampered, nevertheless, by the high cost of neurovascular interventional procedures and associated devices, particularly in developing nations with lax reimbursement rules.
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Projected Surge in Revenue Generation:
The global neurovascular devices market in terms of revenue was estimated to be worth $3.6 billion in 2023 and is poised to reach $5.5 billion by 2028, growing at a CAGR of 8.7% from 2023 to 2028.
Market Segmentation:
Cerebral Aneurysms Segment is expected to account for the largest neurovascular devices market share in 2022, 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 (includes cavernous malformations and moyamoya disease). The cerebral aneurysm segment is anticipated to hold the largest market share of neurovascular devices market. The increasing market demand for neurovascular devices for aneurysm treatment can be attributed mainly to the presence of neuro-interventional devices for cerebral aneurysm such as embolic coils, increase in the technological advancement in the neurovascular devices, and rise in the cases of cerebral aneurysm globally.
The ambulatory care centers segment is anticipated to register highest CAGR during the forecast period.
The neurovascular devices market is divided into three segments based on the end user: hospitals and surgical centers, ambulatory care centers, and academic institutions and research labs. Over the course of the projection period, the ambulatory care centers segment is expected to exhibit the greatest CAGR. The ambulatory care centers segment is expected to grow in the coming years due to a number of factors, including an increasing number of ambulatory surgery centers in developed countries, ease of scheduling, clinical staff that is focused, improved productivity, increased safety, and efficacy of these centers, and growing preference for minimally invasive surgical procedures.
Geographical Growth Dynamics
North America to dominate the global neurovascular devices market
Based on the region, the neurovascular devices market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America accounted for the largest share of neurovascular devices market. The large share of North America can be attributed to the high adoption of neurovascular devices in the region, the strong presence of device manufacturers, and the availability of significant R&D investments for product development.
Asia Pacific is expected to grow at the highest CAGR during the forecast period owing to the presence of a large target patient population, rising awareness on the advantages of minimally invasive neurosurgical processes., geographical expansion of players in region, and government initiatives to modernize & expand healthcare infrastructure.
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Global Leading Companies:
The neurovascular devices market is dominated by players such Stryker (US), Johnson & Johnson (US), Medtronic plc (US), Terumo Corporation (Japan), and Penumbra, Inc. (US), among others.