June 14, 2024
Neurovascular Devices Market

Neurovascular Devices Market Is Accelerating by Rapid Technological Advancement

The neurovascular devices market offers minimally invasive treatment solutions for various neurovascular diseases and disorders. Neurovascular devices help in conditions like ischemic strokes, brain aneurysms, carotid artery disease, arteriovenous malformations, and cavernous malformations. These devices aid in diverting blood flow, bypassing blockages, repairing defects, and preventing ruptures.

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

Key Takeaways

Key players: Key players operating in the Neurovascular Devices Market are 3M, Convatec Group PLC, Smith & Nephew PLC, Urgo Medical, and Coloplast Corporation, among others.
Growing demand: The growing prevalence of neurological disorders and rising adoption of minimally invasive surgeries are fueling the demand for neurovascular devices globally. According to WHO, over 17 million people suffer a stroke each year.
Global expansion: Key market players are expanding their geographical presence through partnerships and mergers & acquisitions to leverage growth opportunities. For instance, Stryker acquired Wright Medical’s neurovascular business and expanded its product portfolio.

Market key trends

Flow diverters are gaining prominence in the treatment of brain aneurysms. They work by diverting blood flow away from the aneurysm sac, thereby promoting clot formation. Companies are offering advanced flow diverters with enhanced safety, stability, and efficacy. The availability of bioabsorbable materials for flow diverters will further drive their adoption.

Porter’s Analysis

Threat of new entrants: Low capital requirement but high technical capabilities required to enter the neurovascular devices market.

Bargaining power of buyers: Large and consolidated global neurovascular devices market leads to higher buyer bargaining power.

Bargaining power of suppliers: Specialized components and stringent quality standards limit supplier bargaining power in the neurovascular devices market.

Threat of new substitutes: Limited substitute products for neurovascular devices due to requirement of specialized design and manufacturing capabilities.

Competitive rivalry: Intense competition between major players to gain higher market share through new product launches and strategic acquisitions & partnerships.

Geographical Regions

North America accounts for the largest share of the global neurovascular devices market, primarily due to the presence of major players, increased adoption of neurovascular devices for treatment of neurological disorders, and advanced healthcare infrastructure. Asia Pacific is poised to grow at the fastest CAGR during the forecast period owing to growing neurological patient pool, rising healthcare spending, and increasing collaboration of domestic players with leading global companies.

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