NEUROVASCULAR DEVICES MARKET ANALYSIS

The global neurovascular devices market is estimated to be valued at US$ 2.64 Bn in 2023 and is expected to exhibit a CAGR of 4.1% during the forecast period (2023-2030).

Analysts’ Views on the Global Neurovascular Devices Market:

Increasing partnerships by clinical research organization to developed new neurovascular devices for the treatment of neurovascular diseases is expected to drive the growth of the market over the forecast period. For instance, in November 2022, Viz.ai, the leader in Artificial Intelligence AI-powered disease detection and intelligent care coordination, announced a strategic partnership with Vastrax, the leading full-service, vascular Clinical Research Organization (CRO). Together, Viz.ai and Vastrax accelerate clinical trial enrollment for research on novel neurovascular therapies. Viz.ai and Vastrax both enable accelerated and improved clinical trial enrollment and therefore quicker route to market for many new neurovascular devices.

Figure 1. Global Neurovascular Devices Market Share (%), by Device Type, 2023

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Global Neurovascular Devices Market - Driver

• Increasing product approvals: Increasing organic growth strategies, such as product approvals, by regulatory authorities to expand key players product portfolio is expected to drive the market growth over the forecast period. For instance, in February 2021, Cerus Endovascular Ltd., a privately-held, commercial-stage medical device company, announced that it has received Breakthrough Device Designation from the U.S. Food and Drug Administration (FDA) for its Contour Neurovascular System. Breakthrough Device Designation was granted to medical devices and device-led combination products that provide the potential for a more effective treatment option for life-threatening or irreversibly debilitating diseases.
• Increasing prevalance of ischemic stroke: Increasing prevalance of ischemic stroke is expected to foster the market growth over the forecast period. For instance, on May 4, 2023, according to the Centers for Disease Control and Prevention, more than 795,000 people in the U.S. had a stroke, out of which 47% people suffered from ischemic stroke in 2021. Furthermore, the death rate for stroke increased from 38.8 per 100,000 in 2020 to 41.1 per 100,000 in 2021.

Figure 2. Global Neurovascular Devices Market Value (US$ Billion), by Region, 2023

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Global Neurovascular Devices Market- Regional Analysis

Among regions, North America is estimated to hold a dominant position in the global neurovascular devices market over the forecast period. This is attributed to the increasing organic growth strategies such as product approvals by regulatory authorities. For instance, on March 2021, Shape Memory Medical Inc., a U.S.-based developer of innovative therapies for cardiovascular and neurovascular markets, announced Conformité Européenne (CE) Mark approval for the IMPEDE-FX RapidFill Device, an expansion of the IMPEDE family of biodegradable peripheral vascular embolization plugs.

Global Neurovascular Devices Market- Impact of Coronavirus (COVID-19) Pandemic

• Since the COVID-19 virus outbreak in December 2019, the disease spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.
• The COVID-19 has negative impact on global neurovascular devices market due to the decreased in neurological surgery during COVID-19 pandemic. For instance, according to data provided by National Library of Medicine, in November 2021, there was a reduction in neurosurgical emergency referrals by 33.6% and operations by 55.6% during the course of COVID-19. There has been little focus on the impact of COVID-19 on neurosurgical training. During the COVID-19, and as part of restructuring the services to release capacity to deal with COVID-19, most of the company’s neurosurgical trainees were redeployed to COVID-19 wards. This combined with the fact that fewer operations were performed, meant a reduction in training opportunities.

Global Neurovascular Devices Market Segmentation:

The global neurovascular devices market report is segmented into device type, therapeutic application, end user, and region.

• Based on Device Type, the global neurovascular devices market is segmented into [embolization coils (platinum coils, coated platinum coils, and liquid embolic coils), neurovascular stents (carotid artery stents and flow diversion stents), neurothrombectomy devices (clot retrievers, aspiration/ suction devices, and vascular snares), embolic protection devices (distal filter devices and balloon occlusion devices), and neurovascular supporting devices (microcatheters and microguidewires)]. The Embolization Coils segment is expected to dominate the market over the forecast period and this is due to the increasing growth strategies such as product approval and others.
• Based on Therapeutic Application, the global neurovascular devices market is segmented into Cerebral Aneurysms, Ischemic Stroke, cerebral artery stenosis, arteriovenous malformations (avms) and av fistulas, and others. The Cerebral Aneurysms segment is expected to dominate the market over the forecast period and this is due to the increasing use of neurovascular devices for the treatment of Cerebral Aneurysms
• Based on End User, the global neurovascular devices market is segmented into hospitals, specialty clinics, ambulatory surgical centers and others. The hospitals segment is expected to dominate the market over the forecast period and this is due to the increasing use of neurovascular devices in hospitals
• Based on Region, the global neurovascular devices market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East and Africa. Out of which North America segment is expected to dominate the market over the forecast period and this is due to the increasing inorganic growth strategies such as partnership, collaboration, etc.

Among all the segmentations, the device type segment has the highest potential due to increasing growth strategies such as agreement by key market players anticipated to boost the market growth over the forecast period. For instance, in August 2022, Wallaby Medical Holding, Inc., a medical device company, announced the distribution agreement with Japan Lifeline Co., Ltd., a Japan based medical device company, for the distributorship of neurovascular treatment devices such as Avenir Coil System

Global Neurovascular Devices Market Cross Sectional Analysis:

Increasing inorganic growth strategies, such as acquisitions, between the key market players are driving the growth of the component segment in Europe. For instance, in April 2022, allaby Medical, a medical technology company focused on developing and commercializing neurovascular interventional products for treating stroke, announced that it has acquired phenox GmbH, a Germany-based innovation and technology leader in the neurovascular space providing a wide range of neurovascular technologies and solutions to its customers and patients around the world including in the U.S., China, Europe, Japan, and other international markets.

Global Neurovascular Devices Market: Key Developments

• On June 28, 2023, Boston Scientific Corporation, a medical device company, announced it has received U.S. FDA 510(k) clearance for the Embold Soft and Packing coils, which are designed for use in a variety of embolization procedures.
• On June 20, 2023, Sensome, a smart medical device company, announced collaboration with Asahi Intecc, a Japan-based medical device company, to develop the next generation Clotild Smart Guidewire, for the treatment of acute ischemic stroke. This treatment involves the removal of a clot obstructing a blood vessel in the brain using a thrombectomy device guided over a wire from the wrist or groin to the site of the blockage.
• On March 14, 2023, Scientia Vascular, a leader and pioneer in differentiated neurovascular access technology, announces U.S. FDA 510k clearance of the Aristotle Colossus macrowire. Aristotle Colossus utilizes breakthrough microfabrication design technology. This advancement in manufacturing allows for a soft, atraumatic tip and is designed to support the tracking of large bore catheters to the treatment site and drive superior navigability of distal, tortuous anatomy.
• In April 2022, Boston Scientific Corporation, a medical device company, announced that it has received U.S. Food and Drug Administration (FDA) 510(k) clearance for the EMBOLD Fibered Detachable Coil, which is indicated to obstruct or reduce the rate of blood flow in the peripheral vasculature.

Global Neurovascular Devices Market: Key Trends

• Increasing growth strategies, such as product approvals, by regulatory authorities: Increasing organic growth strategies, such as product approvals, by regulatory authorities to expand key players product portfolio is expected to drive the growth of the market over the forecast period. For instance, in March 2021, Rapid Medical, a developer of responsive, adjustable neurovascular devices, announced the U.S. Food and Drug Administration (FDA) clearance of its TIGERTRIEVER revascularization device for use in the treatment of ischemic stroke. TIGERTRIEVER is the stent retriever to offer intelligent control, enabling neuro interventionalists to better remove blood clots and restore blood flow the brain following an ischemic event.

• Increasing growth strategies such as investment funding: Increasing inorganic growth strategies, such as investment funding by key market players, is expected to drive the market growth over the forecast period. For instance, in May 2021, Scientia Vascular, a U.S.-based medical device company, announced that it has received US$ 50 million funding from Vivo Capital, a healthcare investment firm, to develop guidewires and microcatheters for strokes.

Global Neurovascular Devices Market: Restraints

Misdiagnosis or delay diagnosis of brain aneurysms to limit the device demand

• There are many cases of delay in diagnosis of brain aneurysms which can hamper the market growth over the forecast period. For instance, according to data provided by Brain Aneurysms Foundation, in August 2022, in the U.S. almost one of every four patient with brain aneurysms was misdiagnosed or delayed in diagnosis. The rate of delay in diagnosis is higher in developing countries such as India and China.
• The delay in diagnosis can hamber the growth of market, if the patient with brain aneurysms provided access with regular treatment and diagnosis can reduced the misdiagnosis rate and helps to increased the market growth

Global Neurovascular Devices Market- Key Players

The major players operating in the global neurovascular devices market include Medtronic Plc, Koninklijke Philips N.V., Abbott, Johnson & Johnson Service Inc., Merit Medical Systems, Inc., Stryker, Penumbra, Inc., Acandis GmbH & Co. KG, MicroPort Scientific Corporation, Terumo Corporation, Cerus Endovascular Limited., ASAHI INTECC USA, INC., ZYLOX-TONBRIDGE MEDICAL TECHNOLOGY CO., LTD., iVascular, LifeHealthcare, Veiva, and Nordson MEDICAL.

*Definition: Neurovascular devices are devices used for the removal of a blood clot in the neurovascular vessels during an acute ischemic stroke. Neurovascular devices include stenting systems, embolization devices, and neurothrombectomy devices for treating neurovascular disorders such as brain aneurysms. A neurovascular embolization device is an intravascular implant intended to permanently occlude blood flow to cerebral aneurysms and cerebral ateriovenous malformations.