(PharmaNewsWire.Com, April 30, 2020 ) This report studies the neurovascular devices/interventional neurology market over the forecast period of 2016 to 2021. The market is expected to reach USD 2.62 Billion by 2021 at a CAGR of 8.6% during 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.
The key players in the neurovascular devices/interventional neurology market focused on various strategies such as product launches & enhancements; agreements and collaborations; strategic acquisitions; and expansions to increase market shares in the global market. Product launches & enhancements were the key strategies adopted by major industry players to achieve the desired market growth during 2013-2016. This strategy was mainly adopted by Stryker Corporation (U.S.), Medtronic plc (U.S.), Johnson & Johnson (U.S.), Terumo Corporation (Japan), Penumbra, Inc. (U.S.), Abbott Laboratories (U.S.), Merit Medical Systems, Inc. (U.S.), W. L. Gore & Associates, Inc. (U.S.), and MicroPort Scientific Corporation (China).
Apart from product launches & enhancements, many prominent players also adopted agreements & collaborations as the key growth strategy to strengthen market presence, enhance R&D capabilities, and to expand distribution networks to generate additional demand by sensitizing end users through an increase in availability of neurovascular products
Stryker Corporation (U.S.) held the leading position in the global market, in 2015. The company has a wide range of neurovascular products, including guidewires (such as Transend guidewires and Synchro guidewires), microcatheters (such as Excelsior SL-10 microcatheter and Excelsior 1018 microcatheter), balloon occlusion catheter (Transform occlusion balloon catheter), and detachable coils (such as Target XL detachable coils, Target Nano Detachable Coils, Target 360 Detachable Coils, and Target 3D Detachable Coils).
The company has a strong presence in North America, Europe, the Middle East, Africa, Asia-Pacific and other countries. The company has more than 30 manufacturing facilities in countries such as the U.S., China, Turkey, Germany, Ireland, Switzerland, and France. It primarily focuses on inorganic business growth strategies such as product development & commercialization, acquisitions, and market expansions. The company launched and commercialized clot retrieval device, namely, Trevo ProVue in November 2012 and acquired Synergetics USA, Inc. in April 2016, Trauson Holdings Company Limited (China) in March 2013, and Surpass Medical, Ltd. (Israel) in November 2012 to strengthen its R&D capabilities and expand its product portfolio in the global market.
Medtronic plc (Ireland) held the second position in the global market, in 2015. The company has a strong foothold in the market with a broad range of neurovascular products which include embolic coils, liquid embolics, microcatheters, guidewires, balloon catheters, clot retrieval devices, flow diversion devices, vascular embolization devices, remodeling devices, flow restoration devices, cranial repair products (such as TiMesh system and INVISx Cranial Fixation System), and shunts (such as StrataMR Adjustable Pressure Valve, Strata Adjustable Pressure Valve with Siphon Control and Strata NSC Adjustable Pressure Valve with No Siphon Control). To strengthen its current position and to gain a larger share in the market, the company aggressively focuses on inorganic growth strategies such as product development & commercialization, acquisitions, and market expansions.
During 2012–2016, the company developed and commercialized several neurovascular products such as Solitaire (TM) stent retriever device (November 2016), Pivox Oblique lateral spinal system with lateral plate for OLIF25 (July 2016), infuse bone graft (December 2015), and StealthStation electromagnetic (EM) surgical navigation system instruments (May 2015). In addition, the acquisition of Medina Medical (U.S.), Covidien plc (U.S.), Reverse Medical Corporation (U.S.), and Nfocus Neuromedical, Inc. (U.S.) enhanced its R&D capabilities and expanded its product portfolio in the global market.
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