The neurovascular devices market is witnessing growth due to the rising prevalence of different kinds of neurovascular diseases such as aneurysms, arteriovenous malformations (AVMs), cavernous malformations, and stenosis, among others. The demand for neurovascular devices is anticipated to rise owing to the growing elderly population, changing lifestyle habits leading to high blood pressure and stroke, excessive tobacco and alcohol consumption, and progression of aneurysms. Neurovascular devices are used for the treatment, monitoring, and diagnosis of neurovascular diseases to improve the quality of life of patients. With technological advancements and availability of advanced devices, the neurovascular devices market is estimated to offer minimal invasive treatment options to patients through endovascular surgeries.
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 Market are 3M, Convatec Group PLC, Smith & Nephew PLC, Urgo Medical, and Coloplast Corporation, among others. 3M is one of the leading players in the market and offers extensive range of neurovascular devices such as stents, coils, flow diverters, liquid embolics, and accessories.
The rising geriatric population and increasing incidence of neurological diseases and disorders are fueling the demand for neurovascular devices. As per the statistics by World Health Organization (WHO), around 17.9 million people died from cardiovascular diseases in 2019, representing 32% of all global deaths. Stroke is a major cause of death and disability worldwide.
Key players are expanding their presence globally to strengthen their market position and meet the growing demand from customers. For instance, in December 2021, Stryker announced the acquisition of Silicon Valley-based company Invendo Medical, the developer of the Promote Anticoagulant Removal device used for aspiration thrombectomy in stroke patients. Such strategic initiatives are helping companies enhance their geographical presence.
Geographically, the richest rewards for manufacturers exist in densely populated emerging Asian markets where neurology disorders cases are mounting at an alarming rate in tandem with the ongoing economic development and lifestyle changes. China in particular holds enormous future business opportunities considering its vast size, rising medical standards and increasing willingness of people to spend on healthcare. However, penetrating these complex and price-sensitive Asian MR markets necessitates meticulous regulatory clearances and customized value propositions.
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