May 29, 2024
Neurovascular Device Market

Neurovascular Devices Market Trends By The Rising Prevalence Of Neurovascular Disorders

The neurovascular devices market comprises medical devices utilized in interventional procedures such as coiling, stenting, and neurothrombectomy to treat several neurovascular diseases. Neurovascular devices aid in the diagnosis and treatment of various cerebrovascular diseases like aneurysms, arteriovenous malformations, and stenosis. The growing application of these devices to prevent hemorrhagic strokes has significantly driven their demand. Other advantages include quicker recovery time, minimal invasiveness, and high success rates. As neurovascular disorders become more prevalent worldwide, the need for such interventional solutions has increased tremendously.

The Global neurovascular devices market is estimated to be valued at US$ 3.05 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the neurovascular devices are 3M, Convatec Group PLC, Smith & Nephew PLC, Urgo Medical, and Coloplast Corporation, among others. Key players like Stryker and Johnson & Johnson with their broad product portfolio dominate the market. Stryker offers neurovascular devices like the intracranial stent Solitaire and the neurothrombectomy system Trevo.

The growing prevalence of neurovascular disorders globally is a major factor driving the demand for Neurovascular Device Market. As per credible reports, over 17 million people suffer strokes annually worldwide. The increasing risk factors like sedentary lifestyle, obesity, and smoking are further augmenting the risk of strokes and thereby the need for neurovascular therapy devices.

Major players are expanding their geographical presence through mergers and acquisitions to leverage growth opportunities. For instance, in 2022, Convatec acquired the global advanced wound care business of Urgo Medical to expand its product portfolio and global reach, especially in the U.S. and European markets. Manufacturers are also focusing on emerging economies in Asia Pacific and Latin America for Neurovascular Devices sales as their spending on healthcare increases.

Market Key Trends

A key trend gaining traction in the Neurovascular Devices market is the rising adoption of miniaturized devices. Traditionally, neurointerventional procedures used conventional large and rigid devices. However, increased R&D activities have led to the development and use of more advanced microcatheters, guidewires, and stents in very small diameters down to 0.010 inches. These miniaturized devices allow improved navigation through tortuous vessels and delicate treatment of narrow brain arteries. Their small size enables reaching farther areas in the neurovasculature with ease. This growing shift towards minimally invasive techniques will significantly spur the demand for miniature neurovascular devices.

Porter’s Analysis

Threat of new entrants: High capital requirements and stringent regulatory standards pose significant barriers for new companies.

Bargaining power of buyers: Large customer base of hospitals and healthcare facilities gives buyers significant influence over Neurovascular Devices manufacturers.

Bargaining power of suppliers: Specialized components and production processes leave Neurovascular Device manufacturers reliant on few technology suppliers.

Threat of new substitutes: Though alternatives exist, Neurovascular Devices have distinct clinical benefits and are still considered the standard of care for neurovascular procedures.

Competitive rivalry: Strong competition among top manufacturers to develop innovative products and capture greater market share.

Geographical Regions

North America currently holds the largest share of the global Neurovascular Devices market, supported by advanced healthcare infrastructure and growing aging population. Asia Pacific is projected to experience the fastest growth during the forecast period due to increasing healthcare investments, rising incidence of neurovascular disorders, and expanding medical device industry in China and India.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.