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Technological advancements in neurovascular devices is a key factor driving market revenue growth

VANCOUVER, BRITISH COLUMBIA, CANADA, August 5, 2024 /EINPresswire.com/ -- The global neurovascular devices market size was USD 2.84 Billion in 2022 and is expected to register a steady revenue CAGR of 6.0% during the forecast period, according to latest analysis by Emergen Research. Rising prevalence of neurovascular diseases and adoption of minimal invasive procedures and increasing number of strokes and technological advancements in neurovascular devices are key factors driving market revenue growth. Neurovascular devices treat conditions including conditions affecting blood arteries that supply brain with oxygenated blood. In addition, rising government approvals and funding is another key factor driving revenue growth of the market.

Moreover, several leading companies are launching different neurovascular platforms, which is also expected to drive market revenue growth during the forecast period. For instance, on 26 October 2022, Medtronic plc, a global leading company in medical technologies, planned for a neurovascular innovation incubation and acceleration platform and announced the release of Medtronic Neurovascular Co-LabTM Platform, which intends to accelerate much-needed innovation in stroke care and treatment.

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Drivers Of Neurovascular Devices Market:

Several factors are driving the growth of the Neurovascular Devices market. One of the primary drivers is the rising prevalence of neurovascular diseases, particularly strokes, which are a leading cause of death and disability worldwide. The aging population, especially in developed countries, contributes significantly to the increasing incidence of these conditions, as older adults are more susceptible to neurovascular disorders. Additionally, advancements in medical imaging and minimally invasive surgical techniques have made it possible to diagnose and treat neurovascular conditions more effectively. The development of advanced devices that offer improved safety, efficacy, and ease of use has also driven market growth. Moreover, the growing awareness of the benefits of early intervention in neurovascular conditions has led to an increased demand for devices that can facilitate timely and effective treatment.

Restraints Of Neurovascular Devices Market :

Despite the promising growth, the Neurovascular Devices market faces several challenges that could limit its expansion. One of the significant restraints is the high cost associated with neurovascular devices and the procedures in which they are used. The development and production of these advanced medical devices require substantial investment in research and technology, leading to higher costs for healthcare providers and patients. This can be a barrier to access, particularly in low- and middle-income countries where healthcare resources are limited. Additionally, the stringent regulatory requirements for neurovascular devices, aimed at ensuring their safety and efficacy, can slow down the approval process and delay the introduction of new products to the market. Another challenge is the limited availability of skilled healthcare professionals trained in the use of neurovascular devices, which can hinder their adoption in some regions. Furthermore, the risk of complications, such as device malfunctions or adverse reactions, remains a concern, which can impact patient outcomes and the overall perception of these devices.

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Growth Factors Of Neurovascular Devices Market:

Several factors are expected to propel the growth of the Neurovascular Devices market in the coming years. The continuous advancement in technology, particularly in the fields of robotics, artificial intelligence (AI), and imaging, is likely to drive innovation in neurovascular devices. These technologies have the potential to improve the precision and effectiveness of neurovascular interventions, leading to better patient outcomes. The increasing investment in healthcare infrastructure, particularly in emerging markets, is also expected to create new opportunities for market growth. As governments and private entities invest in the expansion and modernization of healthcare facilities, the demand for advanced medical devices, including neurovascular devices, is likely to increase. Additionally, the growing focus on preventive healthcare and the early detection of neurovascular diseases is expected to boost demand for diagnostic and therapeutic devices. The development of next-generation devices with enhanced features, such as drug-coated stents and bioresorbable implants, is also anticipated to drive market growth.

 Some major companies in the global market report include:

Stryker, Medtronic, Johnson and Johnson Services Inc., Microvention Inc., W. L. Gore & Associates, Inc., Merit Medical Systems., Penumbra, Inc., Lumenis Be Ltd., Acandis GmbH, and Codman Neurosurgery.

Some Key Highlights From the Report

The neurothrombectomy devices segment accounted for largest revenue share due in the global neurovascular devices market in 2022. This is due to increasing number of ischemic strokes treated with this device. In the U.S., approximately 780,000 individuals have a new or recurrent stroke each year, with one-quarter dying within a year of their initial stroke. Ischemic strokes account for nearly 85% of all strokes. In addition, numerous clinical trials that are currently being conducted to assess the efficacy of these tools is another factor driving revenue growth of this segment.

The specialty clinics segment is expected to register steadily fast revenue growth rate during the forecast period. Specialty clinics employ a range of tools and techniques to ensure teaching of sophisticated clinical skills such as cutting-edge ambulatory care technologies, understanding of the necessity for focused study and practice, and fully utilizing benefits of medical education's internationalization. These functionalities are rising demand for neurovascular devices and driving revenue growth of this segment.

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Emergen Research has segmented global neurovascular devices market on the basis of device type, application, end-use, and region:

Device Type Outlook (Revenue, USD Billion; 2019-2032)
Cerebral Embolization and Aneurysm Coiling Devices
Neurothrombectomy Devices
Cerebral Angioplasty and Stenting Systems
Support devices
Application Outlook (Revenue, USD Billion; 2019-2032)
Cerebral Artery Stenosis
Stroke
Ischemic Stroke
Arteriovenous malformations
Others
End-use Outlook (Revenue, USD Billion; 2019-2032)
Hospitals
Specialty clinics
Others

Regional Outlook (Revenue, USD Billion; 2019-2032)
North America
Europe
Asia Pacific
Latin America
Middle East & Africa

About Emergen Research

Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy.

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Emergen Research
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