Neurovascular Devices Market Value to Hit $3 Billion by 2025: Global Market Insights, Inc.
SELBYVILLE, Del., July 24, 2019 /PRNewswire/ -- North America neurovascular devices market was valued around USD 800 million in 2018 and is anticipated to grow over the analysis timeframe. Increasing healthcare expenditure and favorable reimbursement policies for various neurosurgical procedures will drive the regional business growth. Moreover, strong foothold of key industry players focusing on product enhancement should foster North America neurovascular devices industry growth.
Hospitals segment is projected to witness substantial CAGR of more than 5% during the forecast period. Rising incidence of stroke coupled with growing demand for neurovascular surgeries will accelerate the segmental growth. Surge in number of hospitals that strive to provide comprehensive treatment options for various brain disorders will generate huge demand for neurovascular devices.
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Brain aneurysm segment of neurovascular devices market held significant revenue in 2018 and is anticipated to exceed USD 1.3 billion by 2025. Segment growth is attributed to increasing prevalence of intracranial aneurysm that typically develops at vessel branch points and occurs in a neurovascular bundle. Advent of minimally invasive endovascular treatment has led to an increase in the number of unruptured aneurysms that are being treated with less complications as compared to ruptured aneurysms. Thus, increasing demand for interventional neurology devices will favor segment growth over the coming years.
Global Neurovascular Devices Market is set to surpass USD 3 billion by 2025; according to a new research report by Global Market Insights. Also, the volume of neurovascular devices sold in 2018 accounted for around 1,020 thousand units and the number is poised to grow substantially over the forecast period. Rising incidence of neurological and cerebrovascular diseases such as brain aneurysm and ischemic strokes will render positive impact on the neurovascular devices market growth. Rapidly growing elderly population base suffering from neurological diseases is another pivotal factor driving the business growth. Rising burden of ischemic stroke worldwide will augment the demand for interventional neurology devices, thereby, boosting neurovascular devices industry growth.
Increasing demand for surgical procedures with no or less invasion will render positive impact on the neurovascular intervention business growth. Neurovascular surgery uses minimally invasive surgical techniques to treat patients suffering from various conditions related to blood vessels of the brain. Moreover, technological advancements and growing demand for minimally invasive neurovascular procedures owing to its benefits including reduced treatment cost, less pain, and minimum recovery time will favor neurovascular devices business growth. However, challenges associated with commercialization of these devices across developing and underdeveloped economies may restrict industry growth during the analysis timeframe.
Browse key industry insights spread across 350 pages with 306 market data tables & 9 figures & charts from the report, "Neurovascular Devices Market Size By Product (Embolic Coils, Carotid Stents, Intracranial Stents, Catheters, Embolic Protection Devices, Flow Diverters, Neurothrombectomy Devices, Intrasaccular Devices, Balloon Systems, Stent Retrievers, Guidewires), By Process (Neurothrombectomy, Cerebral Angiography, Carotid Endarterectomy, Stenting, Microsurgical Clipping, Coiling, Flow Diversion), By Therapeutic Applications (Brain Aneurysm, Stenosis, Ischemic Strokes), By End-use (Hospitals, Ambulatory Surgical Centers, Clinics), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, France, UK, Italy, Spain, Russia, Turkey, Netherlands, Belgium, Austria, Switzerland, Poland, Czech Republic, Hungary, Portugal, Greece, Romania, Bulgaria, Denmark, Sweden, Norway, Finland, Japan, China, India, Australia, Korea, Singapore, Hong Kong, Taiwan, Indonesia, Cambodia, Philippines, Vietnam, Malaysia, Thailand, Brazil, Mexico, Argentina, Saudi Arabia, UAE, South Africa), Application Potential, Competitive Market Share & Forecast, 2019 - 2025" in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/neurovascular-devices-market
Embolic coils segment of neurovascular devices market was valued over USD 400 million in 2018 and will show tremendous growth over the forecast period. Embolic coils are widely used in the treatment of neurovascular diseases such as brain aneurysm and arteriovenous malformations among others. Increasing preference for minimally invasive procedures such as coil embolization will further boost the demand for embolic coils. Moreover, availability of embolic coils in variety of materials, shapes and sizes encourages customer preference, thus, favors segment growth.
Stenting segment accounted for more than 14% revenue share in 2018 and is estimated to witness significant CAGR by 2025. Increasing number of stenting procedures for the treatment of complicated aneurysms that are not feasible to treat using coiling procedures. Growing demand for stenting in treating blockage of blood vessels in the brain, advancement in minimally invasive stenting techniques and minimal post-operative complications associated with the procedure will thus propel segmental growth.
Some of the eminent business players operating in neurovascular devices market include ASAHI INTECC, Boston Scientific, Integer, Johnson & Johnson, KANEKA MEDIX, LivaNova, Medtronic, MicroPort Scientific, Penumbra, Stryker and Terumo. Various initiatives undertaken by business players such as partnerships and acquisitions to sustain market competition will prove beneficial for business growth. For instance, in June 2018, Asahi Intecc acquired RetroVascular, Inc., a U.S. based company involved in R&D of new treatment methods for PTCA treatment. This acquisition has enabled company to develop technologically advanced products for its long-term growth. Furthermore, in January 2018, Medtronic announced FDA approval of Riptide Aspiration System for the treatment of acute ischemic stroke. The new product launch enabled company to enhance its neurovascular product portfolio and improve company's financial performance.
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Neurovascular Devices Market Forecasts 2019-2025
The worldwide neurovascular devices market is projected to register 5%+ CAGR from 2019 to 2025, supported by rising incidence of neurological diseases coupled with technological advancements.
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SOURCE Global Market Insights, Inc.
