Neurovascular Devices Market - This is How Emerging Trends are Boosting Global Market Revenue - Exclusive Report by MarketsandMarkets™


Posted January 27, 2022 by mmvaidya

This study involved four major activities in estimating the current size of the neurovascular devices market. Exhaustive secondary research was done to collect information on the market, peer market, and parent market.
 
According to the new market research report, "Neurovascular Devices/Interventional Neurology Market by Product (Embolization(Coil, Flow Diverter), Stents, Balloon Occlusion Devices, Clot Retrievers, Microcatheters), Pathology (Stroke, Aneurysm, CAS, AVM) User (Hospital, ASC) - Global Forecasts to 2026", size is expected to grow from an estimated USD 2.5 billion in 2021 to USD 3.8 billion by 2026, at a CAGR of 8.6%.

Browse and in-depth TOC on "Neurovascular Devices Market"
261 - Tables
49 - Figures
281 - Pages

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Growth Boosting Factors:

The growing target patient population, ongoing product development, and commercialization, favorable medical reimbursements, expansion of healthcare infrastructure across the emerging markets, growth in market demand for effective neurovascular devices, increase in research in the field of neurovascular therapies, rise in demand for minimally invasive neurosurgical procedures, and increase in awareness among neurosurgeons about minimally invasive surgical procedures are high growth prospects for the neurovascular devices/ interventional neurology market during the forecast period.

Overview of This Study:

This study involved four major activities in estimating the current size of the neurovascular devices/ interventional neurology market. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and market sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were used to estimate the total market size. After that, the market breakdown and data triangulation were done to determine the market size of the segments and sub-segments.

COVID-19 Impact on the Global Neurovascular Devices/ Interventional Neurology Market

Globally, the outbreak of COVID-19 has impacted every aspect of the medical devices industry, including interventional neurology devices. From the past six months, the number of patient visits to hospitals has also reduced significantly despite the emergency. There is considerable variation in the management of neurointerventional procedures during the COVID-19 pandemic. Patients are avoiding healthcare institutions to prevent contact with COVID-19 patients and healthcare professionals. Falling rates have been observed across a range of acute and critical conditions, including stroke, myocardial infarction, and various cancers. The interventional neurology devices market is expected to be impacted due to the temporary postponement of various elective surgeries, as governments and authorities seek to ensure the availability of resources for COVID-19 patients. Closed manufacturing facilities due to lockdowns have also disrupted supply chains, and reduced recruitments for clinical trials have further impacted the growth of the overall neurovascular devices market in 2020.

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Driver: Increasing R&D investments in the pharmaceutical and biotechnology industry

Neurosurgeons and medical professionals are increasingly looking at therapeutic alternatives that can effectively reduce the risk of fatality or severity of neurovascular diseases in patients. With a growing number of patients suffering from neurovascular diseases (such as epilepsy, brain stroke, and cerebral aneurysm) and rising severity of medical conditions (such as hemorrhage and local infections) in target patients, the demand for effective neurovascular treatments is continuously rising across key markets such as the US, Germany, Japan, China, and India. For instance, a cerebral aneurysm is a common neurovascular disorder across the globe. This condition has a significant risk of hemorrhage or permanent neurological damage associated with it. As of 2020, ~6.5 million brain aneurysm cases were reported in the US; moreover, ~30,000 people in the US suffer brain aneurysm rupture every year.

Restraints: High procedural cost of neurovascular surgeries and related products

The high cost of neurovascular surgical procedures and devices is a major factor restraining the global neurovascular devices market, especially in developing countries with poor reimbursement policies. The average cost of standard procedures to treat aneurysm and artery disorders is USD 45,000 to USD 50,000 in the US. Additionally, maintenance costs and other associated indirect expenses increase the total cost of ownership of these devices, thereby limiting their adoption. Small hospitals and standalone ASCs are less inclined to invest in costly and sophisticated technologies due to budgetary constraints; this is more prominent in developing countries. Owing to high costs and a poor reimbursement scenario, a very limited pool of patients in developing countries can afford neurological treatment. As a result, healthcare facilities are reluctant to invest in new or technologically advanced systems, thus limiting the neurovascular devices market.

North America is expected to be the largest market during the forecast period.

North America is estimated to be the largest market for neurovascular devices/interventional neurology during the forecast period. The neurovascular devices/interventional neurology market in North America is driven primarily by factors such as the growing target patient population for neurovascular diseases, rising awareness among neurosurgeons regarding the benefits offered by interventional neurology devices, and ongoing government initiatives to modernize & expand healthcare infrastructure. Additionally, the adoption of these devices has increased due to falling product prices, thereby further supporting the market growth in this region.

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Contact Email [email protected]
Issued By Makarand Vaidya
Country United States
Categories Industry , Medical , News
Tags neurovascular devices , neurovascular devices market
Last Updated January 27, 2022