Global Neurovascular Devices Market, by Device Type [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)], by Therapeutic Application (Cerebral Aneurysms, Ischemic Stroke, Cerebral Artery Stenosis, Arteriovenous Malformations (AVMs) and AV Fistulas, and Others), by End User (Hospitals, Specialty Clinics, Ambulatory Surgical Centers, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) 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), as highlighted in a new report published by Coherent Market Insights.
Increasing growth strategies, such as product launches, by key market players to expand their product portfolios are expected to drive the market growth over the forecast period. For instance, in December 2020, Terumo Corporation, a medical device company, announced the commercial launch of WEB Embolization System, an intrasaccular aneurysm treatment device in Japan. The WEB device is an intravascular device that can be used to treat intracranial wide neck bifurcation aneurysms that cannot undergo surgical clipping
Global Neurovascular Devices Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others, faced problems with regard to the transportation of drugs from one place to another.
Neurovascular devices are required for surgeries for stroke and brain aneurysms, which might be delayed due to the pandemic. During the pandemic, brain surgeries were often being postponed or even cancelled. Moreover, neurosurgeons were faced various challenges such as treatment priority setting, ethical decision-making and risk of moral injury, as well as medico-legal risks, and financial uncertainties. For instance, according to a study published by National Center for Biotechnology Information in July 2020, neurosurgical care was negatively impacted by the COVID-19 pandemic. Elective surgical procedures were cancelled so that operating theater staff and operating equipment could be deployed for critical care. Outpatient activity was reduced in order to redirect resources and to lower transmission of the disease by decreasing the footfall in hospitals.
Global Neurovascular Devices Market: Key Developments
On June 27, 2023, MicroVention, Inc., a medical device company, announced the commercial launch of its Eric retrieval device in the U.S. for the treatment of ischemic stroke. Eric is a self-expanding laser-cut clot retriever with multiple retrieval cages, located on a pusher wire delivery system.
On May 2, 2023, Stryker, medical technology company, announced that it has completed the acquisition of Cerus Endovascular Ltd., a privately-held, commercial-stage, medical device company. Cerus Endovascular Ltd. engaged in the design and development of neurointerventional devices for the treatment of intracranial aneurysms.
On May 1, 2023, CERENOVUS, Inc., a part of Johnson & Johnson Service Inc.,a medical device company, announced the commercial launch of CEREPAK Detachable Coils in the U.S. CEREPAK Detachable Coils come in three shapes and multiple coil sizes, providing physicians with comprehensive options to embolize brain aneurysms, including coils shaped specifically to achieve concentric aneurysm filling and contribute large volumetric filling
In March 2022, Artio Medical, Inc., a medical device company developing innovative products for the peripheral vascular, neurovascular, and cardiology markets, received the U.S. Food and Drug Administration (FDA) clearance for its Solus Gold Embolization Device, a next-generation product for peripheral vascular occlusion. The Solus Gold Embolization Device is indicated to obstruct or reduce the rate of blood flow in the peripheral vasculature
Browse 31 Market Data Tables and 34 Figures spread through 212 Pages and in-depth TOC on “Global Neurovascular Devices Market”, by Device Type [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)], by Therapeutic Application (Cerebral Aneurysms, Ischemic Stroke, Cerebral Artery Stenosis, Arteriovenous Malformations (AVMs) and AV Fistulas, and Others), by End User (Hospitals, Specialty Clinics, Ambulatory Surgical Centers, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/neurovascular-devices-market-4224
Key Takeaways of the Global Neurovascular Devices Market:
- The global neurovascular devices market is expected to exhibit a CAGR of 4.1% during the forecast period due to 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 March 2020, Keystone Heart Ltd., a medtech company, announced European Conformité Européenne (CE) Mark for the TriGUARD 3 Cerebral Embolic Protection (CEP) device. The device is designed to minimize the risk of cerebral damage by deflecting embolic debris away from cerebral circulation during Transcatheter Aortic Valve Implantation (TAVI) and other transcatheter heart procedures.
- Among device type, the embolization coils segment is expected to dominate the global neurovascular devices market owing to increasing organic growth strategies, such as product launches, by key market players to strengthen their market presence which will expand the segment over the forecast period. For instance, in December 2021, Wallaby Medical, a medical device company focused on developing and commercializing medical device products for treating stroke, announced the launch of Avenir Coil System in Japan. Avenir is used in the intravascular embolization of intracranial aneurysms and other neurovascular malformations (such as arteriovenous malformations and arteriovenous fistulas), as well as arterial and venous embolization of peripheral blood vessels.
- Among regions, North America is expected to hold a dominant market share in the global neurovascular devices market as market players operating in the region are focused on launching new products for the treatment of post-aneurysmal Subarachnoid Hemorrhage (aSAH). For instance, on February 23, 2023, VESALIO, a privately-held medical device company, announced the successful initial use of its NeVa VS device in the U.S. for the treatment of post-aneurysmal Subarachnoid Hemorrhage (aSAH) cerebral vasospasm. Vasospasm is the most common cause of delayed morbidity and mortality. NeVa VS is the only U.S. FDA-approved device for this indication and the only device on the market specifically designed to treat life-threatening vasospasm.
- 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
