The global neurovascular devices market is expected to reach US$ 3,878.51 Mn in 2027 from US$ 2,919.41 Mn in 2018. The neurovascular devices market is estimated to grow with a CAGR of 3.2% from 2019-2027.
The market is driven by the factors such as, increasing incidences of neurovascular diseases, rising demand for minimally invasive procedures, and significantly growing aging population. However, factor such as high cost of embolization coils and lack of expert professionals are the major restraining factors for the growth of the market.
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A minimally invasive medical procedure is generally carried out by inserting a small device or an implant in body through an incision or anatomical opening. Minimally invasive procedures are being performed widely in the recent years. Since these incisions are tiny, the patient recovers at a faster rate comparatively, with less discomfort. Some of the benefits of a minimally invasive procedure include, few small cuts, less trauma to the muscles, nerves and tissues, less bleeding & scarring, less tissue injury, less trauma to organs, less pain, faster oral intake and less hospital stay.
Some of the major primary and secondary sources included in the report for the neurovascular devices market are Brazilian Institute of Neuroscience and Neurotechnology, Food and Drug Administration, Centers for Disease Control and Prevention, and others.
Neurological diseases are the disorders of the brain, spine and the nerves that connect them and supplies oxygenated blood. The neurovascular systems is highly dependent on the continuous supply of oxygen and nutrients which is been supplied by the arteries and veins. The supply of oxygen and nutrients to the brain is essential for its working, therefore a defect in the system can impair the function and it may quickly become a life threatening factor.
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The neurovascular condition, diseases or disorders includes, ischemic stroke, hemorrhage stroke, brain aneurysm, vascular malformation, brain tumors and others. The lifestyle habits, genetic disorders, related chronic diseases may cause development of the neurovascular diseases. During recent years, the prevalence of neurological disorders have increased significantly. For instance, cerebral aneurysm is one of the neurovascular diseases that is rising significantly across the world. The prevalence of cerebral aneurysms has increased tremendously across the globe. Nearly, 30,000 people in the United States suffer from brain aneurysm rupture every year. A brain aneurysm ruptures every 18 minutes. The annual rate of rupture in the United States is found close to 8 to 10 per 100,000 people. Thus, it is estimated that the rising prevalence of cerebral aneurysms is likely to fuel the growth of the market during the forecast period.
Products such as neurovascular embolization & coiling assist devices including embolic coils, flow diversion devices and liquid embolic agents are widely being used in the field of neurology. Embolic coils are used to isolate an aneurysm from the normal circulation without blocking off any small arteries nearby or narrowing the main vessel. Coil embolization is a minimally invasive procedure to treat an aneurysm by filling it with material that closes off the sac and reduces the risk of bleeding. It is performed from “within” the artery (endovascular) through a steerable catheter inserted into the blood stream at the groin and guided to the brain. Tiny coils, glue, or mesh stents are used to promote clotting and close off the aneurysm.
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In addition, the rise in the awareness about the minimally invasive procedures and availability of the reimbursement for the minimally invasive procedures are likely to foster the demand for minimally invasive procedure. Thus, owing to these factors the market for the neurovascular devices is likely to propel at a significant rate during the forecast period.
Global neurovascular devices market was segmented by product, application and end user. On the basis of the product the market is segmented as neurothrombectomy devices, aneurysm coiling & embolization devices, cerebral balloon angioplasty & stenting systems and support devices. Based on the application the market is segmented into cerebral aneurysms, ischemic strokes, arteriovenous malformation & fistulas and other applications. And the market is classified into hospitals, ambulatory surgical centers and specialized clinics on the basis of end user.
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