May 29, 2024
Neurovascular Devices Market

Neurovascular Devices Market Is Thriving on Improving Stroke Management Abilities

Neurovascular devices are medical devices used for diagnosis and treatment of neurovascular diseases, which involves the circulation system of the brain and spinal cord. These devices include occlusion coils, stents, balloon catheters and embolic protection devices that help manage ischemic or haemorrhagic stroke. Stroke management has become an increasing public health concern and neurological devices offer minimally invasive treatment options to clinicians.

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: Key players operating in the Neurovascular Devices Market are 3M, Convatec Group PLC, Smith & Nephew PLC, Urgo Medical, and Coloplast Corporation, among others. These players are focusing on developing technologically advanced devices and partnering with hospitals to strengthen their market presence.

Growing demand: Rising prevalence of neurological disorders such as stroke, cerebral aneurysm, and spinal cord injuries have increased the demand for neurovascular devices globally. Additionally, growing preference for minimally invasive surgeries compared to open surgeries is fueling the adoption of these devices.

Global expansion: Major players are expanding their presence in developing markets of Asia Pacific and Latin America owing to increasing healthcare spending and large patient pools. Favorable reimbursement policies and economic expansion in emerging countries also supports the use of advanced neurovascular technologies.

Market key trends

The increasing focus on R&D of bioabsorbable stents is a key trend in the neurovascular devices market. These stents disappear or dissolve in the body after fulfilling their function of holding open blood vessels. This eliminates the need for mechanical implant removal and minimizes the risk of restenosis. Companies are conducting clinical trials to evaluate the safety and performance of bioabsorbable stents for treatment of intracranial arterial diseases.

Porter’s Analysis

Threat of new entrants: High capital requirement and strict regulations create entry barriers for new players.

Bargaining power of buyers: Large number of regional players fragment the buyers bargaining power.

Bargaining power of suppliers: Proprietary technologies and innovation gives existing suppliers an edge over new suppliers.

Threat of new substitutes: No major threat of substitutes exist due to complex nature of treatments provided by neurovascular devices.

Competitive rivalry: Intense competition exist among major players focused on new product launches and expansions.

The neurovascular devices market in North America currently holds the largest share in terms of value. The region accounted for 35% share of the global market in 2024 owing to increasing adoption of minimally invasive procedures and presence of major players in the US and Canada.
The neurovascular devices market in Asia Pacific is expected to witness fastest growth during the forecast period driven by growing healthcare infrastructure, increasing healthcare expenditure, rising geriatric population and increasing prevalence of neurovascular diseases. China, India and Japan are likely to be major revenue generators for neurovascular devices market in Asia Pacific.

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