Neurovascular Devices Market - Rise in Demand for Minimally Invasive Neurosurgical Procedures

Posted July 7, 2022 by vmack2187

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.
Research Methodologies Followed for This Study:

Primary Research:

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.

Secondary Research:

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.

Major Growth Driving Factors:

Expansion of healthcare infrastructure across the emerging markets, growing adoption of novel neurovascular devices, and greater research in the field of neurovascular therapies are high growth prospects for the neurovascular devices/ interventional neurology market during the forecast period.

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COVID-19 Impact on the Global 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.

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.

End Users:

The ambulatory care centers segment is expected to grow at the highest CAGR during the forecast period.

Based on end-user, the neurovascular devices market has been segmented into hospitals & surgical centers, ambulatory care centers, and research laboratories, and academic institutes. As of 2020, hospitals & surgical centers are estimated to account for the largest share of the global market in 2021, while ambulatory care centers are projected to register the highest CAGR during the forecast period. Growing patient preference for minimally invasive medical procedures, rising number of ambulatory surgery centers across developed countries, along with the ease of scheduling, the focused clinical staff, the improved productivity, and the increased safety, and efficacy of these centers, are the major factors that are expected to drive the growth of this end-user segment in the coming years.

Recent Developments:

# In 2020, Johnson & Johnson launched Cerenovus Stroke Solutions, which includes a suite of three devices designed to aid physicians in clot removal procedures. The devices include the Cerenovus Large Bore Catheter, Cerebase DA Guide Sheath, and Embotrap III Revascularization Device

# In 2021, Penumbra partnered with Genesis MedTech to expand the neurovascular market in China.

# In 2021, Pehnox established a new entity in the UK in light of Brexit to strengthen its footprint in the key markets across Europe.

Geographical Growth Dynamics:

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 during the forecast period. The neurovascular devices market in North America is driven primarily by factors such as the significant disease burden, increased number of minimally invasive neurology procedures, and continued expansion of trauma/emergency care facilities in US.

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Key Market Players:

The major players in the neurovascular devices market are Johnson & Johnson (US), Medtronic PLC, Stryker Corporation (US), Terumo Corporation (Japan), Penumbra, Inc. (US), MicroPort Scientific Corporation (China), Kaneka Corp. (Japan), Integer Holdings Corporation, BALT (France), Perflow Medical, Phenox GmbH (Germany), Sensome (France), Evasc (Canada), Rapid Medical (Israel), Asahi Intecc Co. Ltd (Japan), Acandis GmbH (Germany), Medikit Co. Ltd (Japan), Imperative Care (US), Lepu Medical (China), and Cerus Endovascular (US), among others.
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Issued By Makarand Vaidya
Country United States
Categories Industry , Medical , News
Tags neurovascular devices , neurovascular devices market
Last Updated July 7, 2022