Neurovascular Devices Market is Poised to Grow at Highest Pace Owing To Rising Incidences of Neurovascular Diseases

 

Neurovascular Devices Market

Neurovascular devices are medical equipment used in the treatment of neurovascular diseases. The devices are used in procedures such as aneurism and arteriovenous malformation repair, carotid artery stenosis treatment, intracranial atherosclerotic disease treatment, and cerebral angiography. Neurovascular devices aid in minimally invasive endovascular procedures for treating complex neurological diseases in the brain and spinal cord. The demand for neurovascular devices is growing due to the rising cases of ischemic strokes, brain aneurysms, and brain tumors globally.

The Global 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 To 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 focusing on new product launches and strategic collaborations to expand their market share.

The demand for neurovascular devices is increasing owing to the rising prevalence of neurological diseases such as ischemic strokes, brain aneurysms, and arteriovenous malformations globally. As per statistical reports, nearly 800,000 people in the United States suffer a stroke every year.

Technology advancements are aiding the treatment of complex neurological disorders. Companies are investing in developing innovative neurovascular devices with improved functionalities such as flow diverter stents, new generation coiling devices, and pipeline embolization devices. The advanced products provide minimal invasiveness and improved clinical outcomes.

Market Trends
The rising healthcare expenditure in developing countries is creating new opportunities. Various governments and healthcare organizations are funding initiatives to spread awareness regarding neurological disorders and the available treatment options which is propelling the growth of the neurovascular devices market.

Telemedicine is gaining popularity wherein neurosurgeons can remotely access high-end neurovascular equipment to perform surgeries. This trend allows treating patients in rural areas and expands the reach of quality healthcare services.

Market Opportunities
The growing geriatric population globally is susceptible to chronic neurological diseases, hence representing an opportunity for the neurovascular devices market. As per estimates, over 65% of strokes occur in people aged over 65.
3D printing technology can enable the development of patient-specific neurovascular devices with intricate customized designs. It allows producing devices with precise specifications as per the unique anatomy in each case.

Impact of COVID-19 on Neurovascular Devices Market Growth

The COVID-19 pandemic has negatively impacted the neurovascular devices market globally. During the peak of the pandemic in 2020-21, most hospitals focused their resources on treating COVID patients which led to postponement of many elective neurovascular procedures. This impacted the demand for neurovascular devices in the short term. However, as the pandemic situation improved in late 2021 and 2022 with increased vaccination rates, the neurovascular devices market is demonstrating signs of recovery.

Manufacturers faced disruptions in their supply chain and production activities during the lockdown periods. This led to shortage of some devices. Also, economic slowdown reduced the purchasing power of hospitals globally. However, as the economies are opening up now, the demand is picking up steadily. The long term demand drivers like growing geriatric population, rise in lifestyle diseases, and increased access to healthcare remain intact which will help the market reach pre-COVID levels by 2024.

Going forward, manufacturers need to focus on building resilient supply chains. Telemedicine and remote patient monitoring technologies can be leveraged for better management of post-surgery patients. Policymakers should provide financial support to hospitals for uninterrupted service and prioritize healthcare spending to mitigate future healthcare crisis impacts.

The United States accounts for the largest share of the global neurovascular devices market in terms of value. This is due to the large target patient population, high healthcare spending, presence of leading industry players, and frequent adoption of advanced technologies. In 2024, the U.S. market is estimated to reach around US$ 1 Bn.

The Asia Pacific region is projected to be the fastest growing market during the forecast period. This is attributed to factors like rising healthcare expenditure, growing medical tourism industry, increasing penetration of private insurance, availability of low-cost devices & treatments, and rising incidence of neurovascular diseases. Countries like China, India, Japan and South Korea are expected to drive the market growth in Asia Pacific.

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