5/23/2024 Neurovascular Devices Market is Poised to Garner High Revenues due to Rising Incidences of Neurovascular DiseasesRead NowThe neurovascular devices market comprises devices such as occlusion removal devices, aneurysm coiling and embolization devices, cerebral balloon angioplasty and stenting systems, neurovascular thrombectomy devices, and support devices. These devices are utilized to treat neurovascular diseases like aneurysm, stroke, arteriovenous malformation and others. Neurovascular diseases affect millions of people every year and their treatment requires minimally invasive neurovascular devices.
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. Rising geriatric population, increasing prevalence of neurological disorders such as aneurysm and stroke, growing preference for minimally invasive surgeries, and technological advancements in neurovascular devices are the key factors driving the market growth. Key Takeaways 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 new product launches, partnerships, acquisitions and geographical expansions to consolidate their market position. There is high growth potential in emerging markets due to increasing healthcare expenditure, rising incidence of neurological diseases and growing awareness about neurovascular therapies. Players are expanding their manufacturing and distribution facilities in Asia Pacific, Latin America, Middle East and other developing regions. Newer technologies such as flow diversion stents, bioabsorbable stents and liquid embolics offer multiple advantages over traditional devices and provide more effective treatment of neurovascular conditions. They are expected to fuel the market growth during the forecast period. Market Drivers Rising geriatric population prone to neurovascular diseases: Growing elderly population is a major driver as aging increases the risks of conditions like aneurysms, stroke and brain arteriovenous malformations. Over 65s accounted for 15% of the global population in 2024 and their proportion is projected to rise further in the coming years. Market Restraints High costs of neurovascular devices and surgeries: Neurovascular procedures and devices are highly complex and expensive. Their costs are often not covered completely by the insurance or public healthcare systems, limiting their adoption in developing nations. This acts as a major restraint for the worldwide neurovascular devices market. Segment Analysis The neurovascular devices market can be segmented based on product type, end use, and region. Based on product type, the aneurysm coiling & embolization devices segment dominates the market owing to the rising adoption of minimally invasive procedures and increasing disease prevalence. These devices offer benefits such as low morbidity and mortality as compared to neurosurgical clipping. By end use, the hospitals segment holds the largest share as these are the primary points of care for neurovascular diseases. This segment will continue dominating during the forecast period given the availability of advanced healthcare infrastructure and skilled professionals in hospitals. Global Analysis Regionally, North America holds the highest share in the neurovascular devices market and will continue to do so during the forecast period. This is attributed to factors such as advanced healthcare infrastructure, rising healthcare spending, presence of key players, and increasing incidence of cerebrovascular diseases in the region. The Asia Pacific region will grow at the fastest pace owing to growing medical tourism, developing healthcare infrastructure, and rising healthcare spending in emerging economies such as China and India. Key players are focusing on expanding their presence in Asia Pacific through strategic collaborations with regional market players. Get more insights on Neurovascular Devices Market
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