The neurovascular devices market comprises products that are used during neurovascular surgical procedures such as aneurysms, arteriovenous malformations, carotid artery disease, stroke, and others. Neurovascular devices aid in restoring and repairing blood circulation in the brain and spinal cord. Some key products in this market include embolic coils, neurothrombectomy devices, cerebral balloon angioplasty and stenting systems, and support devices.

The global neurovascular devices market is estimated to be valued at US$ 3.05 billion in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2031.

The market is driven by the rising prevalence of neurological disorders and the growing geriatric population. As per some estimations, by 2050 approximately 16% of the world's population will be aged 65 and above. This demographic shift is anticipated to fuel the demand for Neurovascular Device Market as risk of neurovascular diseases increases with age.

Key Takeaways

Key players operating in the neurovascular devices market include 3M, Convatec Group PLC, Smith & Nephew PLC, Urgo Medical, and Coloplast Corporation, among others. These companies account for a significant share of the market.

Neurovascular diseases such as aneurysms, strokes, and vascular dementia are on the rise globally due to changing lifestyles and increased life expectancy. According to the WHO, around 17 million people die from cardiovascular diseases globally every year. This growing prevalence of neurovascular diseases is expected to boost the demand for neurovascular devices over the forecast period.

Technological advancements are helping refine neurovascular devices. Companies in this market are focusing on developing enhanced embolic coils, catheters, stents, and other products to expand treatment options and improve clinical outcomes. Miniaturization of devices and incorporation of advanced materials are some trends being witnessed.

Market Trends

Growing demand for minimally invasive neurovascular surgeries - Companies are developing improved neurovascular stents, balloon catheters, and embolization devices to optimize minimally invasive procedures and reduce recovery time for patients. This is expected to drive the market.

Advent of flow diversion stents - Flow diversion stents work by inducing controlled occlusion of aneurysms. Their ability to occlude more effectively with fewer complications is contributing to their increasing adoption.

Market Opportunities

Emerging economies in Asia Pacific and Latin America offer vast untapped market potential. Improving healthcare infrastructure and rising disposable incomes in these regions could generate significant demand in the coming years.

Neurothrombectomy devices for acute ischemic stroke treatment - These devices are used to remove life-threatening blood clots from brain arteries during ischemic strokes. Advancements to increase efficacy and facilitate faster recanalization present lucrative growth opportunities.

Impact of COVID-19 on Neurovascular Devices Market Growth

The outbreak of COVID-19 pandemic has impacted the growth of neurovascular devices market significantly. During the initial lockdown periods, majority of elective surgeries and procedures were postponed which led to decline in demand for neurovascular devices. Further, limitations on cross border trade and disruptions in supply chain resulted in shortage of key components used for manufacturing neurovascular devices. However, with relaxation in restrictions and resumption of healthcare facilities in later part of 2020, the market started recovering gradually. Despite challenges, certain procedures like aneurysm treatment could not be postponed for long which supported steady demand.

Moving forward, the market is projected to regain positive growth on the back of rising number of neurovascular disorder cases as well as increasing preference for minimally invasive techniques among patients and neurosurgeons. Further, growing geriatric population prone to conditions like stroke is likely to drive the market post COVID-19 pandemic. Nonetheless, long term impact would depend on how soon the supply chain and production activities are restored to pre-pandemic levels. Device manufacturers would also need to focus on cost effective innovations to make treatment affordable for more patients in post COVID scenario.

In terms of geographical regions, North America accounts for leading share of neurovascular devices market value. This is attributed to growing incidence of neurovascular disorders, advanced healthcare infrastructure and rising expenditures on neurology in countries like the US. Meanwhile, Asia Pacific region is emerging as fastest growing market owing to increasing healthcare awareness, improving access and expanding base of elderly population. China and India are anticipated to offer high growth opportunities for neurovascular devices market players over the forecast period.

North America accounts for leading share of neurovascular devices market value. This is attributed to growing incidence of neurovascular disorders, advanced healthcare infrastructure and rising expenditures on neurology in countries like the US. Meanwhile, Asia Pacific region is emerging as fastest growing market owing to increasing healthcare awareness, improving access and expanding base of elderly population. China and India are anticipated to offer high growth opportunities for neurovascular devices market players over the forecast period.

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