Market Size of Neurovascular Devices Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 7.70 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Neurovascular Devices Market Analysis
During the period of the forecast, the market for neurovascular devices is expected to register a compound annual growth rate (CAGR) of 7.7%.
COVID-19 had a profound impact on the neurovascular devices market owing to the cancellations of elective procedures, including neurosurgery. For instance, an article published in the BMJ Public Health Emergency Collection Journal in August 2022 stated that out of the total of 680 enrolled patients on the waiting list for scheduled neurosurgical procedures, 470 patients (69.1%) were waiting for surgery due to degenerative spine disease, 86 patients (12.6%) due to functional disorders, 58 patients (8.5%) due to brain or spine tumors, 25 patients (3.7%) due to CSF disorders, and 17 patients (2.5%) due to cerebrovascular disease in Spain. However, the market has been recovering post-pandemic since the restrictions have been lifted. The high prevalence of neurological diseases and rising demand for neurovascular devices for the treatment and diagnosis of diseases are expected to propel the market during the forecast period.
The growth of the studied market is also affected by the fact that the number of target patients is growing, that products are still being made and sold, and that research in the field of neurovascular therapies is increasing.
Neurovascular disorders, including arteriovenous malformations (AVMs), brain aneurysms, carotid artery disease, and intracranial atherosclerotic disease, take an enormous health and economic toll on the world population and can result in lots of neurological problems ranging from subarachnoid hemorrhage and stroke to disability and even death. An article from April 2021 said that migraines (17%), seizures (15%), neurological emergencies like meningitis and encephalitis (14%), and tumors (14%) were the most common things that people thought were a stroke.Due to the high number of neurological disorders, neurovascular devices are likely to become more useful over the next few years.
Furthermore, the strategic initiatives adopted by key players, such as research and development to develop an innovative device and rising product launches, approvals, and technological advancements in devices to meet the growing demand for neurovascular devices, are expected to drive the growth of the market. For instance, in February 2021, Cerus Endovascular Ltd., a privately held, commercial-stage medical device company, received Breakthrough Device Designation from the United States Food and Drug Administration for its Contour Neurovascular System. The breakthrough device designation expedites the conventional development, assessment, and review processes, and such devices are marketed early. Also, in July 2021, Terumo Medical Corporation (TMC) announced the launch of the AZUR Vascular Plug. It is one of the first and only plugs compatible with a microcatheter to occlude arteries up to 8 mm in diameter. During the forecast period, the market is expected to grow because there will be so many new neurovascular devices.
Therefore, owing to factors such as the high prevalence of neurological diseases, technological advancements in products, and rising product launches, the studied market is anticipated to witness growth over the analysis period. But strict rules about neurovascular devices and a lack of skilled neurosurgeons are likely to slow the growth of the market as a whole.
