Neurovascular Devices Market Is Anticipated To Witness High Growth Owing To Rising Incidences Of Neurological Disorders

Neurovascular Device Market 

Neurovascular devices are medical instruments that are used in treatment of neurovascular disorders affecting cerebral arteries and veins of brain. Some common neurovascular devices include aneurysm coils, intracranial stents, cerebral balloon systems among others. These devices help in filtration and flow diversion of blood thus improving blood circulation and brain function. The growing prevalence neurological disorders like stroke and cerebral aneurysm has boosted the demand for neurovascular devices. Neurovascular disorders affect millions of people globally and require effective minimally invasive treatment options for better outcomes.

The Global Neurovascular Devices Market is estimated to be valued at US$ 3.05 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Neurovascular Devices are 3M, Convatec Group PLC, Smith & Nephew PLC, Urgo Medical, and Coloplast Corporation, among others. 3M is a leading manufacturer of medical tapes and wound care products for neurovascular use. Convatec manufactures ostomy care products and advanced wound therapies.

The key opportunities in the Neurovascular Device Market include development of advanced flow diverters, coiling assistance devices and bioabsorbable stents. There is also demand for minimally invasive neurosurgical robotic technologies for treating complex neurovascular disorders.

The major players are focused on expanding their geographical presence in emerging regions of Latin America, Asia Pacific and Middle East & Africa. For instance, Smith & Nephew launched its products in India and plans to double its India base by 2023. Convatec aims to strengthen its presence in China.

Market Drivers
Growing elderly population susceptible to neurological disorders is a key factor driving the neurovascular devices market. Changing lifestyles and risk factors like hypertension are contributing to rising stroke incidences. Advancements in interventional neurology and availability of reimbursement are further augmenting the market growth.

Market Restrain
High costs of neurovascular procedures and devices remain a major challenge especially in developing nations. Lack of skilled neurosurgeons also restrains the market potential to some extent. Stringent regulations for new product approvals also restrict quicker market entry for small players.

Segment Analysis

The neurovascular devices market is segmented into neurothrombectomy devices, aneurysm coiling and embolization devices, cerebral balloon angioplasty and stenting systems, support devices, and aneurysm clips. Among these, the aneurysm coiling and embolization devices segment dominated the market in 2024 due to rise in incidence rates of unruptured brain aneurysms and intracranial aneurysms. Aneurysm coiling and embolization devices are highly preferred minimally invasive techniques for the treatment of brain aneurysms.

Global Analysis

Regionally, North America accounted for the largest share of the global neurovascular devices market in 2024 due to increase in healthcare expenditure and rise in demand for minimally invasive procedures. The presence of advanced healthcare infrastructure and availability of skilled professionals are also contributing for the dominance of North America in the global market. Asia Pacific is anticipated to grow at the highest CAGR during the forecast period owing to rise in healthcare expenditure, increase in geriatric population, and growth in prevalence of risk factors for stroke and brain aneurysms in developing nations such as India and China. Countries in Asia Pacific are projected to offer immense growth opportunities to market players on account of enhancement in healthcare facilities and medical reforms.

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