According to The Insight Partners market research study titled ‘Neurovascular Devices Market to 2027 – Global Analysis and Forecasts by Product, Application, End User and Geography, the global neurovascular devices market is expected to reach US$ 3,703.77 Mn in 2027 from US$ 2,744.26 Mn in 2019. The market is estimated to grow with a CAGR of 3.9% from 2019-2027. The report highlights the trends prevalent in the global neurovascular devices market and the factors driving the market along with challenges to its growth.
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Global neurovascular devices market was segmented by product, application and end user. On the basis of the product the market is segmented as neurothrombectomy devices, aneurysm coiling & embolization devices, cerebral balloon angioplasty & stenting systems and support devices. Based on the application the market is segmented into cerebral aneurysms, ischemic strokes, arteriovenous malformation & fistulas and other applications. The end user segment is classified into hospitals, ambulatory surgical centers and specialized clinics.
The market for neurovascular devices is expected to grow significantly due to factors such as increasing incidences of neurovascular diseases, rising demand for minimally invasive procedures, and significantly growing aging population. However, factor such as high cost of embolization coils and lack of expert professionals are the major restraining factors for the growth of the market. COVID19 has impacted the neurovascular devices market. In many countries situation such as lockdown has led the patient to opt for rescheduling the neuro surgeries which has significantly contributed in the market disruption
The major players operating in the neurovascular devices market include, Medtronic plc, Stryker Corporation., Johnson & Johnson Services, Inc., Acandis GmbH & Co. KG., MicroPort Scientific Corporation, Terumo Corporation, Penumbra, Inc., phenox GmbH, Integer Holdings Corporation, and Memry Corporation. The companies have carried out various organic and inorganic growth strategies in the market which has assisted in strengthening their product offering in the market.
Increasing Incidences of Neurovascular Diseases
Neurological diseases are the disorders of the brain, spine and the nerves that connect them and supplies oxygenated blood. The neurovascular systems is highly dependent on the continuous supply of oxygen and nutrients which is been supplied by the arteries and veins. The supply of oxygen and nutrients to the brain is essential for its working, therefore a defect in the system can impair the function and it may quickly become a life threatening factor. The neurovascular condition, diseases or disorders includes, ischemic stroke, hemorrhage stroke, brain aneurysm, vascular malformation, brain tumors and others. The lifestyle habits, genetic disorders, related chronic diseases may cause development of the neurovascular diseases. During recent years, the prevalence of neurological disorders have increased significantly. For instance, cerebral aneurysm is one of the neurovascular diseases that is rising significantly across the world. The prevalence of cerebral aneurysms has increased tremendously across the globe. Nearly, 30,000 people in the United States suffer from brain aneurysm rupture every year. A brain aneurysm ruptures every 18 minutes. The annual rate of rupture in the United States is found close to 8 to 10 per 100,000 people. Thus, it is estimated that the rising prevalence of cerebral aneurysms is likely to fuel the growth of the market during the forecast period.
The report segments the global neurovascular devices market as follows:
Global Neurovascular Devices Market – By Product
Global Neurovascular Devices Market – By Application
Global Neurovascular Devices Market – By End User
Global Neurovascular devices Market – By Geography
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