Neurovascular Devices Market Current Opportunities, Business Trends, and Growth Forecast by 2030

Neurovascular Devices Industry Overview

The global neurovascular devices market size was valued at USD 2.68 billion in 2021 and is anticipated to expand at a CAGR of 6.0% in the forecast period.

The increasing prevalence of neurological disorders, technological advancements, and increasing demand for minimally invasive procedures are expected to drive the market. Interventional neurology devices are used for the diagnosis and treatment of vascular disease of the brain and central nervous system. Interventional neurology includes endovascular, catheter-based techniques, angiography, and fluoroscopy. Catheter angiography is one of the oldest primaries in-vivo brain vascular imaging modalities used for the diagnosis of several neurological conditions such as cerebral aneurysm, arteriovenous malformations, and intracranial stenosis, arteriovenous fistula, and vasculitis.

Gather more insights about the market drivers, restrains and growth of the Global Neurovascular Devices Market

COVID-19 is expected to have a short-term and moderate impact on the market. The impact of the outbreak on the market varies per country, depending on the local state of health systems and the actions taken to combat the pandemic. Neurocare and neurosurgeons have been adversely impacted by the pandemic. To reduce the spread of the coronavirus, brain surgeries have frequently been postponed or even canceled during this timeframe.

In worst-affected nations, such as the U.S., Russia, India, Brazil, France, the U.K., Italy, and Spain, neurosurgical operations fell by 55%. However, according to a research study “COVID-19 and stroke: A review” published in Elsevier journal (International Hemorrhagic Stroke Association) (Jan 2021), up to 36% of hospitalized COVID-19 patients might exhibit neurological symptoms and there were several cases related to ischemic hemorrhagic infarction.

A case study published in the Journal of Neurology, Neurosurgery Psychiatry (BMJ Publishing Group Ltd.) has projected a possible link between COVID-19 infection and acute necrotizing encephalitis. These findings also suggest that COVID-19 might enhance sales in the neurology industry, especially for catheters. Thus, these factors are expected to create lucrative opportunities for the market to grow in the near future, providing profitable opportunities for key players post COVID-19.

An increase in incidence of neurological disorders such as brain/ cerebral aneurysm, strokes, and epilepsy among many others in several countries is expected to drive the market growth. According to the NHS England, around 1 in 12,500 people in England have ruptured brain aneurysm every year. Furthermore, around 3% of adults in the U.K. have a cerebral aneurysm. Increasing prevalence of hypertension, alcohol consumption, and smoking results in brain aneurysm.

According to the Brain Aneurysm Foundation, an estimated 6 million Americans are affected by cerebral aneurysms each year. Every year, the disease kills half a million people globally. Approximately 40% of ruptures result in death, and approximately 66% of those who survive have some permanent brain damage. Thus, the vast and rapidly growing patient population base for target diseases across the key markets is primarily responsible for the significant volume consumption of neurovascular devices, leading to market growth.

A slew of potential new technologies for the neurointerventional field are on the horizon. For instance, in Oct 2020, BENDIT Technologies, leader in the development of steerable microcatheters, announced the successful results of the BENDIT neuro microcatheter, in Sheba Medical Center, Israel. Also, Replicator by Mentice is the latest neurovascular-specialized flow system that generates an extraordinarily realistic hemodynamic environment for the application of medical devices. This technology is explicitly suitable for neurovascular devices for the treatment of aneurysm and strokes.

The innovative technologies will continue to broaden the range of neuroendovascular tools available for treating a wide range of aneurysm types with greater safety and efficacy. It is fair to say that intracranial aneurysm management is constantly evolving, with sophisticated technology at the forefront of innovation. Thereby, the availability of new treatment options will significantly increase demand for neurovascular devices in the years ahead.

Stroke is the most common cause of death, followed by heart and cancer diseases worldwide. For instance, according to CDC, in 2018, 15.2 million deaths of the 56.9 million deaths worldwide were due to stroke. Acute Ischemic Stroke (AIS) is the most common form of stroke, caused due to reduced blood supply to the brain, making brain cells to die. For instance, according to the U.S. CDC, 87.0% of strokes are classified as ischemic strokes, with the U.S. being the most affected country.

According to the Southwestern Medical Center, about 795,000 people in the U.S. suffer from a stroke every year. Furthermore, according to the National Center for Biotechnology Information (NCBI), strokes occur more commonly in women than men, especially in elderly population (aged 55 to 65). Therefore, such high prevalence of acute ischemic stroke is anticipated to boost the market growth over the forecast period.

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Key Companies Profile

Some of the key players in the global neurovascular devices market include: