Neurovascular Devices Market Trends and Segmentation Report During 2023

Neurovascular Devices Industry Overview

The global neurovascular devices market size was valued at USD 2.84 billion in 2022 and is anticipated to expand at a CAGR of 6.01% during the forecast period. The neurovascular devices market is likely to be driven by the increasing prevalence of neurological illnesses, technological developments, and increased demand for minimally invasive procedures.

Interventional neurology devices are used to diagnose and treat central nervous system and brain vascular disorders. Endovascular, catheter-based procedures, angiography, and fluoroscopy are all part of the interventional neurology. Catheter angiography is one of the oldest in-vivo brain vascular imaging techniques used to diagnose a variety of neurological diseases including cerebral aneurysm, arteriovenous malformations, intracranial stenosis, arteriovenous fistula, and vasculitis.

Gather more insights about the market drivers, restrains and growth of the Neurovascular Devices Market

Increase in incidences of neurological disorders such as brain/ cerebral aneurysm, strokes, epilepsy amongst many others in several countries is expected to drive the neurovascular devices market growth. According to the NHS England, around 1 in 12,500 people in England have ruptured brain aneurysm every year. Furthermore, brain aneurysm affects approximately 3.0% of the persons in the U.K.. Furthermore, the Brain Aneurysm Foundation estimates that 6.0 million Americans are impacted by brain aneurysms each year.

Every year, the disease kills half a million people globally. Approximately 40.0% of ruptures result in death and approximately 66.0% of those who survive has some permanent brain damage. Thus, the rapidly and vast growing patient population base for the target diseases across the key markets is primarily responsible for the significant volume consumption of neurovascular devices, leading to the market growth.

A slew of potential new technologies, merger and acquisitions in the neurovascular space are on the horizon. For instance, in October 2022, the Medtronic Neurovascular Co-Lab Platform was created to help speed much-needed innovation in stroke treatment and care. Their community platform aims to transform ideas and technology into breakthrough global medicines by giving entrepreneurs and physicians with insight and care, and, most importantly, ensuring that innovation reaches as many people as possible around the world. As a result, the availability of new treatment choices and an expanding variety of tactics will drive up demand for the neurovascular devices in the coming years.

Minimally invasive surgeries are gaining popularity owing to the reduced risk and trauma associated with these procedures. Smaller incisions decrease postoperative pain and facilitate speedy recovery leading to high adoption of these procedures and triggering growth of RD in this field. Several key players are investing in RD for the launch of innovative minimally invasive surgical instruments. The endovascular coiling used for the treatment of intracranial aneurysm is one of the minimally invasive procedures that are widely recommended by the physicians. In this procedure, a microcatheter is inserted in the groin area through the artery consisting an aneurysm. Platinum coils are then released as the coil promotes clotting of aneurysm and prevents blood from entering other regions of the brain.

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Neurovascular Devices Market Segmentation

Grand View Research has segmented the global neurovascular devices market based on the device, therapeutic application, size, end use, and regions:

Neurovascular Devices Device Outlook (Revenue USD Million; Volume Unit; 2018 - 2030)

Cerebral Embolization and Aneurysm Coiling Devices
- Embolic coils
- Flow diversion devices
- Liquid embolic agents
Cerebral Angioplasty and Stenting Systems
- Carotid artery stents
- Embolic protection
Neurothrombectomy Devices
- Clot retrieval devices
- Suction devices/aspiration catheters
- Vascular snares
Support Devices
- Micro catheters
- Micro guide wires
Trans Radial Access Devices