Neurovascular Devices Market is Poised to Garner Significant Gains Owing to Rising Prevalence of Neurovascular Disorders

 

Neurovascular Devices Market

Neurovascular devices are medical instruments used to treat various neurological disorders, injuries or infections affecting the blood vessels that supply the brain and spinal cord. Some key advantages include faster recovery time, minimally invasive procedures and improved health outcomes. Rising cases of strokes, aneurysms, arteriovenous malformations and carotid artery disease have increased the need for effective neurovascular treatments, driving demand for neurovascular devices.

The 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 2024-2031.

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. The key players are investing heavily in R&D to develop innovative product offerings and consolidate their market position. Growing prevalence of neurovascular disorders and increasing patient awareness about available treatment options have amplified demand for neurovascular devices. Technological advancements like flow diverters, liquid embolics and coil assist devices have made neurovascular procedures more effective and less risky for patients.

Market Trends
Growing geriatric population prone to neurovascular problems and lifestyle diseases is a major growth driver for the market. Seniors above 65 years account for the majority of neurovascular cases. Rising healthcare spending in emerging nations is also supporting market expansion as more patients can afford premium treatment options. Managed care and bundled payment models prevalent in the US are prompting hospitals to use cost-effective neurovascular devices to reduce readmission rates.

Market Opportunities
Untapped Rural areas in developing nations present significant growth prospects. Growing telemedicine capabilities allow neurosurgeons to provide remote consultations and procedures to underserved regions. Combination products that integrate advanced bioabsorbable materials, drug coatings and minimally invasive functionality offer new opportunities. Developing biointegratable and biodegradable devices aligned with the trend of value-based care also has market potential.

Impact of COVID-19 on Neurovascular Devices Market Growth

The coronavirus pandemic has negatively impacted the neurovascular devices market. During the initial months of 2020 when lockdowns were imposed across nations, elective surgeries were postponed to focus resources on Covid-19 patients. This resulted in a decline in demand for neurovascular devices as their primary application is in neurovascular surgeries and interventions. However, emergencies like aneurysms and strokes could not be postponed, maintaining a baseline demand.

As lockdowns eased from mid-2020 and hospitals resumed normal functioning with strict protocols, the neurovascular devices market saw a gradual recovery. The demand increased from levels seen during the peak of first wave, though is yet to reach pre-Covid numbers. 2021 witnessed staggered multiple waves, again leading to periodic surges and declines in device usage. Telemedicine supported remote monitoring of patients in such times.

Going forward, as vaccination drives progress worldwide and economies fully reopen, the neurovascular devices market is expected to bounce back. The delayed surgeries from 2020 will be taken up, supplemented by new cases. Product innovations focusing on minimally invasive techniques can boost uptake. Capacity expansion by key players despite pandemic points to optimism about long term growth opportunities. However, further outbreaks can act as short term impediments.

Geographical Focus of Neurovascular Devices Market

In terms of value, North America dominates the global neurovascular devices market and accounted for the largest share as of 2024. This is attributed to factors like rising incidence of neurological diseases, growing geriatric population vulnerable to conditions like stroke, strong healthcare infrastructure and greater access to advanced treatments. The United States represents the major market within the region.

The Asia Pacific region has emerged as the fastest growing market for neurovascular devices in recent years and is expected to continue on its growth trajectory. Increasing awareness about management of neurological disorders, growing healthcare expenditures of nations, large patient pools due to bigger population size offer immense scope for market expansion. In addition, growing penetration of major multinational device companies Point towards bright prospects. China and India dominate the Asia Pacific neurovascular devices landscape.

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