The global neurovascular devices market is expected to grow at a compound annual growth rate of 6.96% over the forecast period to reach a market size of US$3.416 billion in 2026 from US$2.133 billion in 2019. Neurovascular devices are used as an aid in the treatment of various neurovascular disorders such as brain aneurysms, arteriovenous malformations (AVMs), and carotid artery disease. Growth in the market may be attributed to the upsurge in the number of patients suffering from neurovascular diseases and also rising preference for the minimally invasive devices owing to the quick healing time, fewer complications, and short hospital stay.
Increasing geriatric population.
The demand for neurovascular devices is expected to surge due to the rise in the geriatric population, globally. According to the data given by the United Nations, there were around 703 million people, that were aged 65 years or over in the year 2019. The report also stated that the number of older people, worldwide, is expected to double to 1.5 million in the year 2050. An aging population is expected to put significant financial pressure on old-age support systems. During aging, a certain number of factors which include, automatic dysregulation, arterial stiffness, blood-brain barrier, and neurovascular uncoupling are expected to define the dynamics of local perfusion and brain blood flow. The atheromatous disease is a common factor among old age people. With the rise in neurological and neurovascular problems, the demand for neurovascular devices is expected to surge in the coming years.
Rising Incidence of the Neurovascular Diseases to Augment the Market Growth.
The increasing population coupled with the rising geriatric population at the risk of neurovascular diseases will boost the market for neurovascular devices during the given time frame. As per the data by the Center for Disease Control and Prevention (US), 7.4 million people suffered from a stroke in the US. Unhealthy lifestyles have increased the prevalence of the diseases such as hypertension, obesity, diabetes, and high blood cholesterol which have further raised the chances of cerebrovascular disorders, thus, boosting the growth of the neurovascular devices market for the treatment of the disorders. Advancement in the field of neurovascular disorder treatment such as the use of embolization for cerebral AVMs and internal carotid artery stenting for intracranial atherosclerotic disease will also bolster the market growth during the forecast period. However, the growth of the market might be restrained due to the high treatment cost and lack of trained professionals.
The Asia Pacific to be a lucrative market for Neurovascular Devices.
Geographically, North America is estimated to hold the major share in the neurovascular devices market. The major factors driving the growth of the market in the region are the growing and quick adoption of neurovascular devices coupled with the favorable reimbursement policies. Rising awareness among the population regarding neurovascular devices will also boost the market in the region. Asia-Pacific will present a lucrative opportunity for neurovascular devices owing to the rising patient base suffering from diseases such as stenosis, AVM, and strokes along with the improving healthcare infrastructure. Stroke is a major cause of death in the region. According to the data from the National Centre for Healthcare Quality Management in Neurological Diseases in China and other major institutes, the total death rate in China for cerebrovascular diseases was 149.49 per 100,000, and it accounted for more than 1.5 million deaths in the year 2019. Stroke is also a major concern in India. According to the All-India Institute of Medical Sciences, stroke has become the fifth major cause of death in the country in 100,000 population. These developments are expected to accelerate the demand for neurovascular devices in the region, in the coming years.
In May 2021, Scientia Vascular, a major developer of interventional medical devices, announced that it had raised US$50 million of financing from a Palo Alto, California-based global healthcare investment firm, called Vivo Capital. The company had stated that the financing would be used to increase marketing, sales, and novel product development in both its flagship neurovascular stroke market and interventional oncology and peripheral vascular markets. This development is expected to enhance the market growth in the coming years.
Evasc Neurovascular Enterprises
Spartan Micro Inc.
Johnson & Johnson
Shape Memory Medical Inc.
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