Healthcare Medical Devices Biotechnology

Neurovascular Devices Market is Expected to Reach USD 4,741.5 Million by 2031

Apr 2024

Healthcare Medical Devices Biotechnology

As per the report published by Kings Research, the global Neurovascular Devices Market was valued at USD 3,050.5 million in 2023 and is projected to reach USD 4,741.5 million by 2031, growing at a CAGR of 5.86% from 2024 to 2031.

The neurovascular devices market is witnessing steady expansion, driven by the increasing adoption of minimally invasive procedures and the development of next-generation technologies. Advancements such as 3D printing, nanotechnology, and bioresorbable materials are revolutionizing the landscape of neurovascular interventions, offering safer, more precise, and durable treatment options. These innovations have significantly reduced procedure-related risks and recovery times, thereby increasing patient preference for minimally invasive approaches over traditional surgical methods. Moreover, the market is witnessing a growing demand for neurovascular devices among the geriatric population, who seek less invasive yet effective treatment solutions for age-related neurological conditions. Additionally, regulatory reforms and favorable reimbursement policies are fueling market expansion, providing a conducive environment for manufacturers to introduce novel neurovascular products and expand their market reach. With the increasing prevalence of neurovascular diseases globally, stakeholders are increasingly prioritizing innovation and collaboration to address unmet clinical needs and enhance patient access to advanced neurovascular therapies.

Key Insights

  • Based on device type, the trans radial access devices segment held the largest market share of 30.45% in 2023
  • Based on application, the cerebral aneurysm segment generated the highest revenue of USD 1,162.5 million in 2023
  • Based on end user, the hospitals segment is anticipated to witness substantial growth at a CAGR of 5.33% over 2024-2031
  • On the basis of region, Asia-Pacific is projected to generate revenue of USD 1,257.4 million by 2031

EOSolutions Corporation Launches Cutting-Edge Product for Neurovascular Intervention

May 2023: EOSolutions Corporation unveiled the 'Dr Banner balloon guide catheter' (BGC). It offers unparalleled features tailored for neurovascular procedures. Developed in partnership with InNeuroCo, the device establishes new standards in catheter technology.

Growing Focus on Value-Based Care to Aid Neurovascular Devices Market Growth

The market is witnessing significant growth due to an increasing focus on value-based care, where reimbursement is tied to patient outcomes rather than procedure volume. Hospitals and healthcare providers are increasingly prioritizing neurovascular devices that are cost-effective and offer improved patient outcomes. Manufacturers are responding by developing devices with features that reduce procedural costs, shorten hospital stays, and enhance long-term patient health. By aligning with value-based care models, manufacturers are capitalizing on market opportunities and effectively addressing the evolving demands of global healthcare systems.

Surging Adoption of Tele-Neurovascular Interventions to Offer Lucrative Opportunities for Market Expansion

The emergence of tele-neurovascular intervention technologies represents a significant opportunity to address disparities in stroke treatment access. Particularly in underserved areas with limited availability of healthcare specialists, tele-neurovascular interventions are playing a pivotal role in overcoming geographical barriers and facilitating the delivery of life-saving treatment to remote populations. This innovation is expanding the patient pool while creating new markets for manufacturers of compatible devices and supporting infrastructure. Moreover, telemedicine platforms enable real-time consultation and remote guidance during neurovascular procedures, thereby enhancing clinical outcomes and reducing treatment delays. As healthcare systems increasingly adopt telehealth solutions, the demand for tele-neurovascular interventions is projected to rise, which is driving market growth and fostering collaboration between manufacturers and healthcare providers to develop tailored solutions for remote stroke care delivery.

Rising Focus on Preventive Devices to Propel Neurovascular Devices Market Development

The growing emphasis on preventive neurovascular devices presents a major opportunity to mitigate the burden of strokes and aneurysms before they occur. By focusing on devices designed for blood flow monitoring or clot prevention within the brain's blood vessels, manufacturers are addressing existing clinical gaps and improving patient outcomes. These preventive devices offer proactive measures to identify and manage risk factors for neurovascular diseases, thereby reducing the incidence of debilitating conditions such as ischemic strokes and cerebral aneurysms. Additionally, preventive interventions align with healthcare systems' shift toward preventative care and population health management, thereby driving demand for innovative devices and technologies. By investing in research and development focused on preventive neurovascular solutions, manufacturers are capitalizing on this burgeoning market opportunity and contributing to advancing public health initiatives aimed at reducing the global burden of stroke and aneurysm-related morbidity and mortality.

Asia-Pacific to Witness Considerable Growth at a CAGR of 7.44% Over 2024-2031

Based on region, the global neurovascular devices market is classified into North America, Europe, Asia Pacific, MEA, and Latin America.

The expansion of the neurovascular devices market in Asia-Pacific is influenced by rapidly expanding healthcare infrastructure due to economic development and rapid urbanization. Rising disposable income levels across various countries in the region have led to increased healthcare spending, particularly in the areas of advanced medical technologies and treatments. Furthermore, favorable government initiatives aimed at improving patient care, including awareness campaigns and infrastructure development, are driving demand for neurovascular devices.

Moreover, increasing focus on the development of cost-effective neurovascular devices to cater to budget constraints prevalent in numerous healthcare systems is projected to aid regional market growth. Manufacturers are innovating to produce high-quality yet affordable devices that meet the needs of both healthcare providers and patients. With an increasing emphasis on telemedicine and remote patient monitoring, there is a growing demand for neurovascular devices that enable effective home-based monitoring of stroke patients, thereby enhancing early detection and intervention.

Prominent Companies Forge Agreements to Enhance Industry Presence

The global neurovascular devices market is fragmented with key players such as Stryker, Medtronic, Penumbra, Inc., MicroPort Medical (Group) Co., Ltd., Terumo Corporation, B. Braun SE, Acandis GmbH, W. L. Gore & Associates, Inc., Integra LifeSciences Corporation, Abbott, and others. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their business globally and enhance their competitive position.

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