Neurovascular Devices Market Analysis, Industry Outlook, Forecast Report 2024
Date: 2018-09-05   Author: Rahul Sankrityayan  Category: #market

Neurovascular Devices Market Analysis, Industry Outlook, Forecast Report 2024

Neurovascular Devices Market was valued at over USD 1.6 billion in 2017 and is predicted to grow at a CAGR of 3.5% from 2018 to 2024.

The neurovascular market is expected to grow due to the rising prevalence of brain aneurysms and ischemic strokes in the United States. According to the Centre for Disease Control and Prevention, more than 795,000 people have a stroke each year in the U.S. Out of these, 87% strokes are ischemic strokes. This number is expected to increase in the forecast period, further fueling the demand for products for prevention of these strokes.

Technological advancements in neurovascular devices have improved their position as minimally invasive surgical options. Thus, rising demand for minimally invasive surgical procedures will drive the growth of the market. Advantages of these procedures such as lower post-operative patient morbidity, increased safety and shorter operative duration will stimulate the demand for these procedures thereby accelerating business growth.

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Government is taking several initiatives to modernize healthcare infrastructure. These initiatives include development of immunization registries and assuring availability of advanced healthcare services for vulnerable and poor populations. This will contribute to acceptance of advanced devices for the treatment of neurovascular conditions.

Individuals suffering from neurovascular conditions do not receive treatments such as self management services or drug therapies in most situations. This is due to lack of coordination of care that arises as a result of low budget and high cost of care. Therefore, the need for designing low cost and effective treatments in this segment may act as a restraining factor for market expansion.

Embolic coils have led the market in 2017 with a market share of 31.3% and are estimated to grow at a CAGR of 3.9% in the forecast period. Growth in demand of embolic coils will be accelerated due to its benefits such as minimal invasion and requirement of less recovery time as opposed to open surgery. Furthermore, higher long term success rate and lower procedure time will incite growth.

Coiling procedure technique has dominated the market in 2017 generating revenue of USD 620 million owing to its high safety evidenced by decrease in mortality rates due the procedure and improvement in morphological outcomes. Due to its advantages, coiling procedure is considered by the population as a reasonable alternative to surgery, thus driving the growth of the market.

Application of neurovascular devices to brain aneurysms is growing with a rapid rate of 4.3%. According to the Brain Aneurysm Foundation, about 30,000 people in the United States suffer an aneurysm annually and a brain aneurysm ruptures every 18 minutes. This rate of brain aneurysms is predicted to rise owing to increasing risk factors such as cigarette smoking, increasing alcohol consumption and drug abuse, thereby triggering market growth.

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Hospitals accounted for the largest segment share; generating revenue of USD 1,496 million in the year 2017. This value is expected to grow further in the coming years as a result of increase number of hospitals and treatment options that will drive growth in demand.

Germany neurovascular devices market growth is predicted at 3.7% CAGR. As per data provided by OMICS International, more than 824 million individuals in Germany suffer from brain aneurysms. The current survival rate of those with a ruptured aneurysm is only 60% indicating that the rest 40% are subjected to death. Thus, high rate of prevalence coupled with demand for innovative technology with incite market growth in Germany.

Japan holds around 41% market share in the Asia Pacific region. This trend is observed owing its government-led health education campaigns for the awareness and treatment of neurovascular conditions such as stroke, increasing geriatric population prone to neurovascular conditions, advancements in neurovascular devices technology such as introduction of devices that alleviate pain. It has also been observed that Japan has a higher rate of stroke mortality than the rest of the world. These factors will also be responsible for the future market growth.

Key industry players include Penumbra, Depuy Synthes, Stryker, Medtronic and Terumo Corporation. These companies have focused on strategic acquisitions and on developing and launching new products to sustain their positions in the market. In December 2016, Depuy Synthes acquired Pulsar Vascular Inc. thereby expanding the company’s neurovascular solutions portfolio.

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Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for AlgosOnline, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in t...

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