Global neurovascular devices market is projected to witness a CAGR of 7.80% during the forecast period 2024-2031, growing from USD 3.35 billion in 2023 to USD 6.11 billion in 2031. The neurovascular devices market is an important part of the medical device industry, accounting for one of the fastest growth rates in the medical device industry. Factors are driving the market such as increasing prevalence of neurological disorders, rising adoption of minimally invasive surgeries, and technological advancements.
Arteriovenous malformations (AVMs) and cerebral aneurysms are two instances of blood vessel abnormalities in the brain that are treated with neurovascular devices. Cerebral embolization and aneurysm coiling devices are two important categories of neurovascular devices. By filling the pocket and obstructing blood flow, these tiny wires are coiled and placed into the aneurysm. In 2023, embolization coils were used the most for treating brain aneurysms. Cerebral angioplasty and stenting systems, which are used to unblock blocked or restricted arteries in the brain are an important part of neurovascular devices. These devices include stents, which are placed to keep the artery open, and balloon catheters, which are inflated to enlarge the artery. During an acute ischemic stroke, blood clots are removed from blocked arteries in the brain using neurothrombectomy devices. Stent retrievers and aspiration catheters are two instances of these devices. Instead of using the femoral artery in the groin, transradial access devices use the radial artery in the wrist to access the brain’s arteries. This method reduces the patient’s recovery period and minimizes problems.
In June 2024, Medtronic announced the launch of Artisse intrasaccular device for treating intercranial aneurysms. The launch took place at the same time when preliminary data about the device’s performance, safety, and efficacy were made public for the first time at LINNC Paris 2024. Artisse was developed to meet the demands of patients with complicated wide-neck bifurcation aneurysms that were previously treated with intrasaccular basket devices, coil adjunctive neck-bridging devices, and stent-assisted coiling.
Increasing Prevalence of Neurovascular Diseases
The growing prevalence of neurovascular diseases is a key driver fueling the demand for neurovascular medical devices. According to CDC data, the chance of a stroke doubles every ten years after turning 55 years old. The global incidence of neurovascular illness is on the rise due to factors such as the aging population, smoking, obesity, and high blood pressure. To improve diagnosis, monitoring, and treatment of these neurological diseases, the adoption of neurovascular devices and interventional therapeutic procedures is being greatly aided by the sizeable and quickly expanding patient base for targeting neurovascular diseases. According to data from the global stroke fact sheet, approximately 101 million individuals have experienced stroke. 15 to 49-year-olds make up 22% of those who have had a stroke and are still alive.
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Technological Advancements to Evolve Neurovascular Devices Market
Innovations in the medical device industry are associated with the development of novel methods, procedures, or technology for the diagnosis, treatment, and management of illness in response to the need for improved patient outcomes and lower healthcare expenses. Medical device companies are continuing to innovate in the neurovascular device industry, concentrating their research and development efforts on advanced technologies that have the potential to enhance outcomes and support the growth of the ischemic and hemorrhagic stroke devices. SmartTRAK identified emerging technologies that could potentially disrupt the neurovascular devices market over the next two to five years in two recent neurointerventional meetings, the 14th European Society for Minimally Invasive Neurological Therapy (ESMINT) Congress 2022 and the 19th Annual Meeting of the Society for NeuroInterventional Surgery (SNIS). It includes new methods of aspiration for the treatment of acute ischemic stroke (AIS), novel intrasaccular flow interruption devices, and supporting technology for neurointerventional treatments.
Cerebral Embolization and Aneurysm Coiling Devices Dominate the Global Neurovascular Devices Market
Cerebral embolization and aneurysm coiling devices dominate the global neurovascular devices market. Brain aneurysms that were previously thought to be incurable can be treated using minimally invasive coil embolization. Compared to open surgery, this approach for the treatment of aneurysms is less invasive and needs a considerably shorter recovery period. Better outcomes can be achieved from coil embolization of small aneurysms with narrow necks than from embolization of big or enormous aneurysms with broad necks. Over 80% of aneurysms treated with coil embolization have proven permanent success in the long term. In August 2023, Microport Neurotech received marketing approval for numen coil embolization system. Numen is categorized as a Category IV high-risk medical device, implying that registering it requires a high level of expertise. The Japanese authorities have approved this neurointerventional device, highlighting its innovative clinical design and excellent performance.
Asia-Pacific is Expected to Grow at the Fastest Rate in the Forecast Period
Asia-Pacific is anticipated to witness a significant growth in the demand for neurovascular devices in the forecast period. The primary drivers for the growth of neurovascular devices in Asia-Pacific are the rising prevalence of neurovascular diseases, growth in adoption of minimally invasive surgeries and geriatric population. Neurovascular diseases that may impact the blood artery network around the brain, results in ailments such as aneurysms and strokes that are treated with neurovascular devices. Increasing awareness of neurovascular procedures and a sizable patient base due to neurovascular illnesses are crucial reasons driving the market expansion in Asia-Pacific. In India, stroke is the second most prevalent cause of death. India encounters about 1,85,000 strokes annually, with one stroke occurring roughly every forty seconds and related mortality occurring every four minutes.
Future Market Scenario (2024-2031F)
The future of neurovascular devices looks promising, driven by advancements in technology and the growing prevalence of neurovascular conditions. Cerebral embolization and aneurysm coiling devices are expected to remain a key focus area, as these thin wire coils that fill and block blood flow to aneurysms continue to be the most preferred treatment methods. Cerebral angioplasty and stenting systems are poised for growth, as they are used to open narrowed or blocked arteries in the brain. Innovations in these devices, such as the development of flow diversion stents, are allowing for more precise and controlled placement during procedures.
Report Scope
“Neurovascular Devices Market Assessment, Opportunities and Forecast, 2017-2031F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of the global neurovascular devices market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.
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