Research Methodologies Followed:
The neurovascular devices market comprises several stakeholders, such as end-product manufacturers, raw material providers, and end-users in the supply chain. The demand-side of this market is characterized by its end-users, such as hospitals & surgical centers, ambulatory care centers, research & academic institutes, among others. The supply-side is characterized by raw material providers, integrators, and others. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information.
This research study involved the use of extensive secondary sources, directories, and databases, such as Hoover’s, Bloomberg BusinessWeek, Factiva, and OneSource, to identify and collect information useful for a technical, market-oriented, and commercial study of the neurovascular devices/ interventional neurology market. The other secondary sources included annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, manufacturer associations, trade directories, and databases.
COVID-19 impact on the Neurovascular Devices 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.
Download PDF Brochure@
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 market in 2020.
Projected Revenue Growth:
The neurovascular devices market 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%.
Major Growth Influencing Factors:
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.
Request Sample Pages@
Market Size Estimation:
Both top-down and bottom-up approaches have been used to estimate and validate the size of the neurovascular devices market and its dependent submarkets. These methods were also used extensively to determine the extent of various sub-segments in the market. The research methodology used to estimate the market size includes the following:
# The key players in the industry and demand have been identified through extensive secondary research, and their market share has been determined through both primary and secondary research.
# The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research processes.
# All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
# All the possible parameters that affect the market segments covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
# The above-mentioned data was consolidated and added with detailed inputs and analysis from MarketsandMarkets and presented in this report.
After arriving at the overall market size—using the market size estimation processes as explained above—the market was split into several segments and subsegments. To complete the whole market engineering process and arrive at the exact statistics of each market segment and subsegment, data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides in the end-use industries.
Read More Detailed Article@