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Neurovascular Devices Market Size to Hit US$ 4.52 Bn by 2030

The Neurovascular Devices Market size is projected to hit US$ 4.52 billion by 2030 and is expanding growth at a compound annual growth rate (CAGR) of 5.7% from 2021 to 2030.

/EIN News/ -- Ottawa, Dec. 08, 2021 (GLOBE NEWSWIRE) -- According to Precedence Research, the global neurovascular devices market size was reached at USD 2.7 billion in 2021. The global neurovascular devices are primarily driven by the rising incidences of neurological disorders such as strokes, epilepsy, and cerebral aneurysm among the population. Moreover, the growing geriatric population is further estimated to drive the growth of the market in the forthcoming years.

As per the National Center for Biotechnology Information, strokes are common in women and are frequent in those aged 55 years to 65 years. According to the Unite Nations, there were around 382 million old age people, aged 60 years or above, across the globe in 2017 ad this number is expected 2.1 billion by 2050. The various technological advancements and new product launches are positively impacting the market. For instance, in October 2020, the BENDIT Technologies, in Israel, successfully developed the new BENDIT neuro micro-catheter.

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Scope of the Neurovascular Devices Market

Report Coverage Details
Market Size in 2021 USD 2.7 Billion
Growth Rate From 2021 to 2030 CAGR of 5.7%
Base Year 2021
Forecast Period 2021 to 2030
By Device
  • Cerebral Angioplasty & Stenting Systems
  • Support Devices
  • Cerebral Embolization & Aneurysm Coiling Devices
  • Neurothrombectomy Devices
By Application
  • Cerebral Aneurysm
  • Cerebral Artery Stenosis
  • Stroke
  • Others
Companies Covered Medtronic, Stryker Corporation, MicroPort Scientific Corporation, MicroVention, Inc., Penumbra, Inc., Johnson & Johnson Services, Inc., Codman Neuro

North America dominated the global neurovascular devices market, accounting for around 27% of the market share in 2020. The increasing prevalence of neurological disorders and growing geriatric population in US is boosting the growth of the region. According to the CDC, around 16.7% of the people across the globe will have a brain stroke. As per the CDC, over 795,000 people have stroke in US every year.Around 140,000 deaths in US every year are caused by strokes. It is also considered to be the second most prominent causes of death. Furthermore, presence of developed healthcare infrastructure in the region, increased healthcare expenditure, and increased awareness regarding neurological disorders are the major factors that boost the growth of the market in this region.

Asia Pacific is estimated to be the fastest-growing market during the forecast period. The rising government expenditure for developing sophisticated healthcare infrastructure in the region is expected to drive the growth of the market in the upcoming future. The rising efforts by the government and various NGOs in spreading the awareness regarding neurological disorders is fostering the adoption of various neurovascular devices. Moreover the presence of huge population, rising expenditure on healthcare, and increasing disposable income is expected to boost the neurovascular devices market in Asia Pacific region.

However, the lack of awareness among the population regarding the neurological disorders and neurovascular devices in the developing and underdeveloped regions may hamper the growth of the market. Furthermore, the lack of proper healthcare infrastructure in the underdeveloped markets restricts the growth of the market.

The rising developmental strategies adopted by the market players is expected to provide lucrative growth opportunities in the forthcoming years. The rising investment in the research and development in the field of neurology is encouraging the development of innovative and efficient neurovascular devices.

Based on the device, the cerebral embolization & aneurysm coiling devices segment dominated the global neurovascular devices market, accounting for around 38% of the market share in 2020. The increasing prevalence of various neurological disorders such as Arteriovenous Malformations, brain aneurysm, and strokes among the population is the major factor that boosts the growth of this segment.According to the CDC, there were around 15.2 million out of 56.9 deaths registered globally, due to stroke, in 2018. The most common type of stroke recoded was the Acute Ischemic Stroke. As per the data provided by the NHS England, 1 in 12,500 people suffers from ruptured brain aneurysm each year and approximately 3% of the people in UK is suffering from cerebral aneurysm.

Based on the application, the stroke segment dominated the global neurovascular devices market, accounting for over 57% of the market share in 2020. This can be attributed to the increased prevalence of strokes among the global population. As per the CDC, over 795,000 people have stroke in US every year and it accounts for around 140,000 deaths in US every year.The new product launches related to the stroke solutions is boosting the market growth. For instance, in September 2020, CERENOVOUS introduced CERENOVOUS Stroke Solution that aids the doctors in clot removal procedure.

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