Updated date - Nov 05, 2019

[193 Pages Report] The neurovascular devices market is expected to reach USD 2.62 billion by 2021 from USD 1.74 billion in 2016, at a CAGR of 8.6% from 2016 to 2021. Major factors driving the growth of this market include growing target patient population, ongoing product development & commercialization, favorable medical reimbursements, expansion of healthcare infrastructure across emerging markets, and growing market demand for effective neurovascular devices. Moreover, increasing number of researches in the field of neurovascular therapies, rising demand for minimally invasive neurosurgical procedures, and increasing awareness among neurosurgeons about minimally invasive surgical procedures provide significant growth opportunities in the market. However, stringent regulatory scenario and dearth of skilled neurosurgeons may hinder the growth of this market during the forecast period.

Market Dynamics

Large target patient population

With their proven clinical efficacy, interventional therapeutic procedures are being increasingly adopted for better diagnosis, monitoring, and therapy for neurological conditions. This is one of the major factors responsible for the rising adoption of interventional neurology products among the majority of neurosurgeons and medical professionals across the key markets, such as the U.S., Germany, France, the U.K., and Japan. Moreover, the significant volume consumption of neurovascular devices can be mainly attributed to the large and rapidly growing patient population base for target diseases across the key markets. Some important statistics related to this have been given below:

As of 2016, an estimated 78,000 people were diagnosed with CNS tumors (including malignant and non-malignant brain tumors) in the U.S.

As of 2016, the prevalence of brain cancer in Australia was 1,120 per 100,000 individuals.

As of 2015, ~50 million patients had epilepsy across the world, out of which ~80% patients lived in the low- & middle-income countries (Source: WHO).

As of 2015, the global prevalence of arteriovenous malformations was reported to be 1 per 100,000 individuals.

As of 2015, an estimated 0.79 million new stroke patients were registered in the U.S. (Source: CDC).

As of 2015, the annual incidence of stroke among children (aged 15 years or below) was 6.4 per 100,000 individuals, out of which 50% of cases were reported to be suffering from hemorrhagic strokes.

As of 2014, the prevalence of moyamoya disease in Japan and South Korea was reported to be 0.35-0.54 per 100,000 individuals.

Globally, a larger proportion of the population is at a risk of developing neurological or neurovascular diseases as a result of the growing prevalence of obesity, high blood pressure, smoking, and aging-related physiological changes among the elderly. Some important statistics related to these risk factors for neurological or neurovascular conditions have been mentioned below:

As of 2014, ~1.9 billion adults across the world were reported to be overweight, with ~600 million individuals being obese (Source: WHO).

The obesity rate among the adult population in the U.S. increased from 31.2% to 33.7% during 2010�2014 (Source: WHO).

As of 2014, the prevalence rate of high blood pressure (140/90 mmHg or more) among adult patients (aged 18 years and above) was the highest in low-income countries at 27.6%, while the global prevalence rate of high blood pressure in the adult population was 22.3% (Source: WHO).

As of 2015, the global geriatric population (aged 65 years and above) was 617.1 million (8.5% of the total population) and is estimated to reach 1 billion (12% of the total population) by 2030 (Source: WHO).

Dearth of skilled neurosurgeons

The procedural efficacy and medical complications arising during neurovascular treatments depend upon a neurosurgeon�s skills to precisely place or retrieve neurovascular devices in a patient�s body. As a result, a surgeon�s experience in operating a neurovascular device is of utmost importance.

Complications in the treatment of unruptured aneurysms include operative morbidity, induced hypertension, hypervolemia, and silent thromboembolic events. Surgical clipping is an important therapeutic alternative to treat cerebral aneurysms. However, the mature markets such as the U.S., Germany, and Japan have a limited number of neurosurgeons possessing the required skills and experience to perform surgical clipping or endoscopy to treat complex cerebral aneurysms. In terms of providing training and skill development, healthcare providers across these markets have been unable to match the ongoing technological advancements and expansion of patient base.

Thus, the dearth of skilled and experienced neurosurgeons is restraining the adoption of neurovascular devices/interventional neurology in clinical settings. In order to tackle this issue, the market players are emphasizing on providing specific training to physicians and neurosurgeons.

The following are the major objectives of the study

To define, describe, and forecast the global neurovascular devices market on the basis of product, disease pathology, and region

To provide detailed information regarding major factors influencing growth of the market (drivers, restraints, and opportunities)

To strategically analyze micromarkets with respect to individual growth trends, future prospects, and contributions to the overall market

To analyze the opportunities in the market for key stakeholders and provide details of the competitive landscape for leading market players

To forecast the size of the market segments with respect to four main regions, namely, North America, Europe, Asia-Pacific, and the Rest of the World (RoW)

To strategically profile the key market players and comprehensively analyze their market shares and core competencies2

To track and analyze competitive developments such as acquisitions, expansions, new product launches, agreements, and collaborations in the neurovascular devices/interventional neurology devices market

During this research study, major players operating in the interventional neurology market in various regions have been identified, and their offerings, regional presence, and distribution channels have been analyzed through in-depth discussions. Top-down and bottom-up approaches have been used to determine the overall market size. Sizes of the other individual markets have been estimated using the percentage splits obtained through secondary sources such as Hoovers, Bloomberg BusinessWeek, and Factiva, along with primary respondents. The entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews with industry experts such as CEOs, VPs, directors, and marketing executives for key insights (both qualitative and quantitative) pertaining to the market. The figure below shows the breakdown of the primaries on the basis of the company type, designation, and region considered during the research study.

To know about the assumptions considered for the study, download the pdf brochure

The neurovascular devices market is consolidated in nature. Major players in this market include Stryker Corporation (US), Medtronic plc (US), Johnson & Johnson (US), Terumo Corporation (Japan), Penumbra, Inc. (US), Abbott Laboratories (US), Merit Medical Systems, Inc. (US), W. L. Gore & Associates, Inc. (US), and MicroPort Scientific Corporation (China), among others. Product approvals, launches, and enhancements were the key strategies adopted by players to grow and expand their presence in the neurovascular devices market.

Major Market Developments:

In December 2016, Codman Neuro (a subsidiary of Johnson & Johnson) acquired Pulsar Vascular Inc. (US), this acquisition aimed at the enhancement of product portfolio for hemorrhagic and ischemic stroke.

In December 2016, Terumo Corporation signed an agreement with Abbott Laboratories (U.S.) and St. Jude Medical, Inc. (U.S.). The agreement was aimed at acquisition of St. Jude Medical�s Angio-Seal and FemoSeal vascular closure & Abbott�s Vado Steerable Sheath. This agreement helped Terumo Corporation to enhance the product portfolio in minimally invasive entry site management and strengthen its visibility in the U.S. neurovascular and interventional neurology devices market.

In July 2016, Medtronic plc launched its Pivox Oblique Lateral Spinal System with Lateral Plate for OLIF25 and Divergence-L Anterior/Oblique Lumbar Fusion System for OLIF51 for the development of OLIF (Oblique Lateral Interbody Fusion) Platform. The OLIF platform is a minimally invasive spine fusion procedures utilized for the placement of an implant into the disc space for anterior column support.

In July 2016, Penumbra, Inc. launched ACE 68 Reperfusion Catheter for the treatment of acute ischemic stroke. It includes latest technological advancements to deliver maximum aspiration power for extracting thrombus in acute ischemic stroke patients.

In February 2015, Terumo Corporation announced the establishment of its R&D center in Southern California (U.S.) with an investment of USD 84.0 million (~JPY 10.0 billion). The R&D center will commence operations in 2017, and is mandated to focus on R&D programs related to coronary and peripheral interventional therapies (including neurovascular surgeries).

Target Audience:

Original Equipment Manufacturers (OEMs)

Product Sales and Distribution Companies

Healthcare Service Providers (Hospitals and Surgical Centers)

Non-government Organizations

Government Regulatory Authorities

Research Laboratories and Academic Institutes

Clinical Research Organizations (CROs)

Research and Development Companies

Market Research and Consulting Firms

Scope of the Report

This report categorizes the neurovascular devices market into the following segments and sub-segments.

Neurovascular Devices Market, by Product

Aneurysm Coiling & Embolization Devices

Embolic Coils

Bare Detachable Coils

Coated Detachable Coils

Flow Diversion Devices

Liquid Embolic Agents

Cerebral Balloon Angioplasty and Stenting Systems

Carotid Artery Stents

Embolic Protection Systems

Distal Filter Devices

Balloon Occlusion Devices

Support Devices

Microcatheters

Microguidewires

Neurothrombectomy Devices

Clot Retrieval Devices

Suction and Aspiration Devices

Snares

Neurovascular Devices Market, by Disease Pathology

Ischemic Strokes

Cerebral Aneurysms

Arteriovenous Malformation and Fistulas

Other Disease pathology

Neurovascular Devices Market, by Region

North America

US

Canada

Europe

Germany

France

UK

RoE (Rest of Europe)

Asia Pacific

Japan

China

India

RoAPAC (Rest of Asia Pacific)

Rest of the World (LATAM, the Middle East, and Africa)

Critical Questions which the report answers:

What are the emerging technologies for interventional neurology treatment ecosystem? What is their growth potential during next decade?

What are the key revenue generating pockets for major neurovascular devices market; and their future potential during next decade?

How competitive landscape is evolving in minimally invasive/interventional neurology devices industry?

Available Customizations

With the given market data, MarketsandMarkets offers customizations as per the company�s specific needs. The following customization options are available for the report:

Company Information

Product matrix which gives the detailed comparison of the product portfolios of the top five companies

Geographical Analysis

Further breakdown of the Rest of World market size into Latin America, Middle East, and Africa

Company Information

Detailed analysis and profiling of additional market players (up to 5)

The neurovascular devices market is expected to reach USD 2.62 billion by 2021 from USD 1.74 billion in 2016, at a CAGR of 8.6% from 2016 to 2021. The market is mainly driven by factors such as growing target patient population, ongoing product development and commercialization, favorable medical reimbursements, expansion of healthcare infrastructure across emerging markets, and growing market demand for effective neurovascular devices.

Neurovascular/interventional neurology devices are used to treat several neurovascular diseases (including aneurysms, arteriovenous malformations, atherosclerosis, and moyamoya disease) that affect the central nervous system as well as the blood vascular system associated with it. As compared to conventional neurovascular devices such as neurosurgery and radiosurgery devices, interventional neurology devices offer a minimally invasive mode of treatment.

On the basis of product, the neurovascular devices market is segmented into the neurovascular devices market is segmented into aneurysm coiling and embolization devices, cerebral balloon angioplasty and stenting systems, support devices, and neurothrombectomy devices. The aneurysm coiling and embolization devices segment, by type, is segmented into embolic coils, flow diversion devices, and liquid embolic agents. The aneurysm coiling and embolization devices segment is expected to account for the largest market share in 2016. This can primarily be attributed to the growing end-user preference for minimally invasive neurosurgical procedures and increasing market availability of embolic coils for neurovascular treatment.

On the basis of disease pathology, the neurovascular devices market is segmented into ischemic strokes, cerebral aneurysm, arteriovenous malformations & fistulas, and other diseases. The ischemic stroke segment is expected to grow at the highest CAGR during the forecast period due to the growing incidence of ischemic stroke across the globe and increasing patient preference for minimally invasive surgeries.

The market is dominated by North America, followed by Europe, Asia Pacific, and the Rest of the World. North America is expected to dominate the market in 2016. Asia Pacific is expected to grow at a highest CAGR during the forecast period. Factors such as presence of a large patient population base for target diseases, rising awareness among neurosurgeons related to the benefits offered by interventional neurology devices, and ongoing government initiatives to modernize & expand healthcare infrastructure are expected to drive market growth in Asia Pacific. Moreover, the growing focus of major players in this region is expected to boost the neurovascular devices market in Asia Pacific.

Ischemic stroke forms the fastest growing disease pathology segment.

Ischemic Strokes

Ischemic strokes are caused when the neurovascular blood flow to the brain or spinal cord is blocked. Ischemic strokes are increasingly being treated by minimally invasive neurovascular procedures (including diagnostic angiography, cerebral balloon angioplasty, stent placement, embolization, and coiling) owing to growing patient preference for these procedures). The market for this segment is mainly driven by growing incidence of ischemic stroke across the globe and increasing patient preference for minimally invasive & affordable therapeutic alternatives.

Cerebral Aneurysms

Cerebral aneurysms are marked by abnormal focal dilation in the neurovascular system, which results in the weakening of the inner muscular layer of the blood vessel wall. This may lead to rupture of the artery wall, leading to local hemorrhage. This segment is expected to witness growth due to the ongoing technological advancements in minimally invasive treatments and growing target patient population worldwide.

Arteriovenous Malformation and Fistulas

Arteriovenous malformation (AVM) is a specific cerebrovascular disease that leads to disrupted blood flow due to poorly formed blood vessels. The neurovascular devices market for arteriovenous malformation and fistulas is expected to witness positive growth in the coming years, mainly due to the recent product innovations in the field of embolic coiling, growing market demand for non-invasive treatment across major markets, and continuous reductions in product costs.

Other Disease Pathologies

Neurovascular devices are used for the minimally invasive treatment of several other cerebrovascular diseases such as carotid artery stenosis, cavernous malformation, and Moyamoya disease, among others. These diseases are treated by carotid angioplasty and stenting (carotid artery stenosis), microsurgical resections (cerebral cavernous malformations), and cerebral bypass procedures (Moyamoya disease). Increasing number of minimally invasive procedures worldwide, growing patient preference for minimally invasive therapeutic procedures, and growing disease burden for target diseases are the factors that drive the demand growth of neurovascular devices used for the treatment of other disease pathologies.

Critical questions the report answers:

What are the emerging technologies for interventional neurology treatment ecosystem? What is their growth potential during next decade?

What are the key revenue generating pockets for major neurovascular devices market; and their future potential during next decade?

How competitive landscape is evolving in minimally invasive/interventional neurology devices industry?

Across mature markets, the developmental pipeline for interventional neurology products is affected mainly because of the pricing pressure faced by key product manufacturers resulting from unsupportive government reforms undertaken in the last three years. Moreover, certain legislations implemented by the government of emerging markets such as China and India results in increased operational costs and that negatively affect the cash flow of medical device companies across major healthcare markets worldwide. Several reforms have been undertaken by the Indian and Chinese government in the last few years. For instance, In January 2016, the Indian government increased import duties on medical devices (including interventional neurology products) from 5% to 7.5% of the overall device cost. Additionally, in January 2016, the Indian government levied a 4% additional customs duty on medical devices that were previously exempted. In addition, from 2015 onwards, medical device manufacturers are mandated to register with the State Food and Drug Administration (China) prior to entering the Chinese market.

Furthermore, the neurovascular devices/ interventional neurology market is hampered due to the dearth of skilled neurosurgeons. The complications in the treatment of unruptured aneurysms include operative morbidity, induced hypertension, hypervolemia, and silent thromboembolic events. Surgical clipping is an important therapeutic alternative to treat cerebral aneurysms. However, mature markets such as the US, Germany, and Japan have only a limited number of neurosurgeons that possess the required skill and experience to perform surgical clipping or endoscopy to treat complex cerebral aneurysms. In terms of providing training and skill development, healthcare providers across these markets have not been able to match the ongoing technological advancements and the expansion of the patient base.

Key players in the neurovascular devices market include Stryker Corporation (US), Medtronic plc (US), Johnson & Johnson (US), Terumo Corporation (Japan), Penumbra, Inc. (US), Abbott Laboratories (US), Merit Medical Systems, Inc. (US), W. L. Gore & Associates, Inc. (US), and MicroPort Scientific Corporation (China), among others.

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