NEUROVASCULAR DEVICES MARKET ANALYSIS

Neurovascular Devices MarketSize and Trends

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).

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

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

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.

Market- Trends