In the latest report by Future Market Insights, the lead research consultant estimates the global Neurovascular Device market value to reach USD 3.0 billion in 2024.
The upward trajectory will continue securing growth, with projections indicating a market value of USD 3.9 billion by 2034. This equates to a moderate CAGR of 2.7% through the forecast period.
Attributes | Key Insights |
---|---|
Neurovascular Device Market Estimated Size in 2024 | USD 3.0 billion |
Projected Market Value in 2034 | USD 3.9 billion |
Value-based CAGR from 2024 to 2034 | 2.7% |
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The scope for neurovascular device rose at a 5.1% CAGR between 2019 and 2023. The global market is achieving heights to grow at a moderate CAGR of 2.7% over the forecast period 2024 to 2034. Several advancements were made in the neurovascular equipment category, during the historical period, such as the creation of new stent designs, embolization techniques as well as imaging technologies.
Increasing prevalence of neurovascular diseases including stroke, aneurysms, and AVMs across the globe also contributed to the increasing demand for neurovascular devices. Patients as well as the healthcare providers shifted their preference towards the minimally invasive procedures as compared to traditional surgeries, owing to their low risks implications, shorter recovery periods and better diagnostic advantages.
Healthcare spending is projected is all set to climb up particularly in developing countries in the coming years. The increased investment will augment the demand for neurovascular devices and drive market expansion.
Regulatory reforms aimed at streamlining the approval process for medical devices and ensuring patient safety will facilitate market access for neurovascular device manufacturers.
Faster regulatory approvals and expanded reimbursement coverage will drive market growth and innovation. Advances in genomics, proteomics, as well as imaging technologies will accelerate the adoption of personalized medicine approaches in neurovascular care. Neurovascular devices tailored to individual patient characteristics and disease profiles will become increasingly important, leading to market growth.
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The below table showcases revenues in terms of the top 5 leading countries, spearheaded by India and Thailand. The countries will lead the market through 2034.
Countries | Forecast CAGRs from 2024 to 2034 |
---|---|
The United States | 1.4% |
Germany | 2.2% |
France | 3.3% |
Thailand | 3.4% |
India | 5.5% |
The neurovascular device market in the United States will expand at a CAGR of 1.4% through 2034. The country is a hub for medical innovation, with ongoing advancements in neurovascular devices such as stents, embolic coils, thrombectomy devices, and flow diverters.
The technological innovations improve the efficacy, safety, and outcomes of neurovascular interventions, augmenting the market growth. The United States has a significant burden of neurovascular diseases such as stroke, aneurysms, and arteriovenous malformations.
There is a growing demand for neurovascular devices to treat and manage these diseases, with an aging population and changing lifestyles contributing to the rise in these conditions.
The neurovascular device market in the United Kingdom to expand at a CAGR of 2.2% through 2034. Government initiatives aimed at improving stroke care and reducing the burden of neurovascular diseases contribute to market growth.
Funding for stroke prevention programs, research grants, and investments in healthcare infrastructure further bolster the neurovascular device market in the country.
The United Kingdom has a well-developed healthcare infrastructure, including advanced hospitals, specialized neurovascular centers, and skilled healthcare professionals. The infrastructure supports the diagnosis, treatment, and management of neurovascular diseases, creating a conducive environment for market growth.
Neurovascular device trends in France are taking a turn for the better. A 3.3% CAGR is forecast for the country from 2024 to 2034. France has an aging population, which is more susceptible to neurovascular diseases.
The growing elderly population increases the demand for neurovascular interventions and devices to manage conditions such as stroke and cerebral aneurysms.
Public awareness campaigns and educational programs raise awareness about the signs, symptoms, and risk factors associated with neurovascular diseases. Increased awareness leads to earlier diagnosis and treatment, driving the demand for neurovascular devices in France.
The neurovascular device market in Thailand is poised to expand at a CAGR of 3.4% through 2034. Thailand has emerged as a popular destination for medical tourism due to its high quality healthcare services, affordable costs, and well trained medical professionals.
The influx of medical tourists seeking neurovascular treatments creates additional demand for neurovascular devices and procedures, accelerating the market growth. Increasing healthcare expenditure, both public and private in Thailand, reflects the growing investment in healthcare infrastructure, technology, and services.
The higher healthcare spending contributes to the expansion of neurovascular services and the adoption of advanced medical devices, including neurovascular devices.
The neurovascular device market in India will expand at a CAGR of 5.5% through 2034. The expansion of health insurance coverage in India, both through government schemes and private insurance providers, improves access to healthcare services for a larger segment of the population.
The affordability of neurovascular treatments increases, with more people covered by health insurance, stimulating market growth for neurovascular devices. India is increasingly becoming a hub for medical research and innovation, with the government and private sector investing in research and development initiatives.
The development of indigenous neurovascular devices, as well as collaborative research projects with international partners, leads to the introduction of innovative products tailored to the Indian market, stimulating market growth.
The below table highlights how aneurysm coiling and embolization segment is leading the market in terms of product type, and will account for a share of 31.7% in 2024.
Based on disease pathology, the cerebral aneuryms segment is gaining heights and will to account for a share of 26.9% in 2024.
Category | Shares in 2024 |
---|---|
Aneurysm Coiling and Embolization | 31.7% |
Cerebral Aneuryms | 26.9% |
Based on product type, the aneurysm coiling and embolization segment will dominate the neurovascular device market. Aneurysms, particularly intracranial aneurysms, are a significant health concern globally.
The growing incidence of aneurysms, coupled with advancements in imaging technologies leading to better detection rates, is propelling the demand for aneurysm coiling and embolization devices. Aneurysm coiling and embolization procedures offer minimally invasive alternatives to traditional surgical treatments for aneurysms.
Patients and healthcare providers increasingly prefer these less invasive procedures due to their lower risk of complications, shorter recovery times, and better outcomes, thus boosting the demand for related devices.
In terms of disease pathology, the cerebral aneuryms segment will dominate the neurovascular device market. Technological advancements in aneurysm coiling and embolization devices have significantly improved treatment outcomes for cerebral aneurysms.
Innovations such as detachable coils, flow diverters, and intrasaccular devices offer more effective and minimally invasive options for managing cerebral aneurysms, thereby driving segmental growth.
Cerebral aneurysms are a common and serious neurovascular condition, with a significant proportion of cases leading to potentially life threatening complications such as subarachnoid hemorrhage. The increasing incidence of cerebral aneurysms globally is a primary driver for the growth of this segment.
The neurovascular device market is characterized by intense competition among key players striving to maintain or enhance their market share through strategic initiatives, product innovation, and differentiation strategies.
Company Portfolio
Attribute | Details |
---|---|
Estimated Market Size in 2024 | USD 3.0 billion |
Projected Market Valuation in 2034 | USD 3.9 billion |
Value-based CAGR 2024 to 2034 | 2.7% |
Forecast Period | 2024 to 2034 |
Historical Data Available for | 2019 to 2023 |
Market Analysis | Value in USD Billion |
Key Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; The Middle East & Africa |
Key Market Segments Covered | Product, Disease Pathology, End User, Region |
Key Countries Profiled | The United States, Canada, Brazil, Mexico, Germany, France, France, Spain, Italy, Russia, Poland, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC countries, South Africa, Israel |
Key Companies Profiled | Medtronic; Penumbra, Inc.; Stryker; Johnson and Johnson Services, Inc.; MicroPort Scientific Corporation; Acandis GmbH; MicroVention, Inc.; NeuroVasc Technologies, Inc.; Asahi Intecc USA, Inc.; Perflow Medical Ltd. |
The neurovascular device market is projected to reach a valuation of USD 3.0 billion in 2024.
The neurovascular device industry is set to expand by a CAGR of 2.7% through 2034.
The neurovascular device market is forecast to reach USD 3.9 billion by 2034.
India is set to be the top performing market, exhibiting a CAGR of 5.5% through 2034.
Aneurysm coiling and embolization devices segment is preferred, and will hold the major share of 33.2% through 2024.
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