Rising Demand for Neurovascular Devices Market Growth and Key Innovations to Watch in 2024 : Growth Prospects, Market Trends and Challenges
A research report by Spherical Insights & Consulting projects that the global neurovascular devices market will grow from USD 2.8 billion in 2022 to USD 5.3 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 6.5% during the forecast period.
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Interventional neurology devices are used to diagnose and treat disorders affecting the central nervous system and the brain's vascular system. This field includes endovascular and catheter-based procedures, as well as angiography and fluoroscopy. Catheter angiography was one of the first in-vivo imaging techniques used to diagnose neurological conditions such as cerebral aneurysms, arteriovenous malformations, intracranial stenosis, arteriovenous fistulas, and vasculitis. These conditions result in approximately half a million deaths worldwide each year. Around 40% of aneurysm ruptures lead to death, and 66% of survivors suffer irreversible brain damage. As the patient population for these disorders continues to grow in key markets, the high demand for neurovascular devices contributes to the market's expansion.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the?"Global Neurovascular Devices Market Size, Share, and COVID-19 Impact Analysis, By Device Type (Stenting Systems, Embolization Devices, Neurothrombectomy Devices, and Support Devices), By Size (0.027 inches, 0.021 inches), By Application (Cerebral Aneurysms, Ischemic Stroke, and Others), By End-user (Hospitals, Specialty Clinics, and Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022– 2032."
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The embolization devices segment is expected to dominate the market, holding the largest market share during the forecast period.
The global neurovascular devices market is divided into four segments based on device type: stenting systems, embolization devices, neuro thrombectomy devices, and support devices. Among these, embolization devices are projected to have the highest revenue share as the number of patients seeking treatment for cerebral aneurysms increases. The rise in the availability of innovative devices, such as the POD Embolization Anchoring Device (Penumbra Inc.), has also fueled demand for this category in neurovascular intervention procedures.
The 0.027-inch segment is expected to capture the largest market share over the forecast period.
The global neurovascular devices market is segmented by size into 0.027 inches and 0.021 inches. The 0.027-inch category dominates the market, driven by the benefits of the 0.021-inch devices and the launch of new products. For instance, Bendit Technologies' 0.021" Bendit21 microcatheter, approved by the US FDA in April 2021 for use in the brain, peripheral, and coronary vasculature, contributed to the growth of this segment after its successful use in two life-saving surgeries in the United States.
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The cerebral aneurysms segment is expected to lead the market during the forecast period.
The global neurovascular devices market is further divided into various applications, including cerebral aneurysms, ischemic stroke, and others. Of these, cerebral aneurysms dominate the market. Coil embolization, a minimally invasive treatment for aneurysms, involves filling the aneurysm sac with a substance that reduces the risk of bleeding. A steerable catheter is used to navigate the brain through the groin. The rising prevalence of aneurysms is expected to drive market growth. Subcategories within this segment include embolic coils, flow diversion devices, and liquid embolic agents.
North America dominated the market with the largest market revenue during the forecast period
North America is expected to experience significant market growth during the forecast period, driven by the presence of key manufacturers such as Penumbra, Inc., Stryker Corporation, Johnson & Johnson, and Merit Medical Systems, Inc. In February 2023, Phenox Inc. announced that its pRESET Thrombectomy Device had received FDA clearance for the treatment of acute ischemic stroke. This device, which has been available in Europe for nearly a decade, is now approved for use in the United States. Additionally, the rising prevalence of neurological disorders and the increasing demand for minimally invasive surgical options are further fueling the growth of the neurovascular devices market in North America.
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Key Target Audience
Market Segment
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the Global Neurovascular Devices Market based on the below-mentioned segments:
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Global Neurovascular Devices Market, By Device Type
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领英推荐
Global Neurovascular Devices Market, By Size
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Global Neurovascular Devices Market, By Application
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Global Neurovascular Devices Market, By End Users
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Neurovascular Devices Market, By Regional Analysis
About the Spherical Insights?& Consulting
Spherical Insights?& Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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