Neurovascular devices are used for both interventional and surgical procedures to treat various neurological disorders such as ischemic strokes, intracranial atherosclerosis, cerebral aneurysms, and arteriovenous malformations. Rising prevalence of neurological disorders such as stroke, Alzheimer's disease, and Parkinson's disease has increased the demand for effective treatment options. Neurovascular devices aid clinicians in reducing post-operative complications and improving surgical outcomes with minimally invasive procedures. 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 key trends:
The rising prevalence of neurological disorders has accelerated growth in the Global neurovascular devices market size. According to the World Health Organization, neurological disorders are the leading cause of disability and mortality worldwide, with nearly 6.8 million people dying each year due to stroke. Around 50 million people suffer a stroke each year globally, with many suffering debilitating disabilities that require life-long care and rehabilitation. Further, technological advancements in embolization devices and flow diversion devices have expanded treatment options for complex neurological conditions and improved clinical outcomes. This has increased demand for such devices and driven growth of the neurovascular devices market.
Segment Analysis
Aneurysms are abnormal bulges or sac-like protrusions from weakened and stretched areas of arterial walls. Aneurysm coiling and embolization devices are used for treatment of aneurysms through a minimally invasive endovascular approach. They offer advantages over traditional surgical repair like less recovery time and risk of infections. Their demand is growing due to rising prevalence of aneurysms and increasing preference for minimally invasive interventions.
Key Takeaways
The global neurovascular devices market is expected to witness high growth in the forecast period of 2023-2030. The market is projected to grow at a CAGR of around 13% during this period and surpass a valuation of US$ 4 Bn by 2030.
Regional analysis: North America currently dominates the neurovascular devices market due to advanced healthcare infrastructure and high adoption of new technologies. However, Asia Pacific is emerging as the fastest growing regional market attributed to rising healthcare spending, growing medical tourism, and increasing prevalence of cerebrovascular diseases. Countries like China and India offer massive future growth opportunities.
Key players operating in the neurovascular devices market are 3M, Convatec Group PLC, Smith & Nephew PLC, and Coloplast Corporation. 3M is a leading player with a wide portfolio of aneurysm coiling and embolization devices. Convatec focuses on advanced wound dressings. Smith & Nephew has a strong presence across various medical devices segments including neurovascular. Coloplast offers ostomy care and wound and skin care solutions.
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