Major factors driving the growth of Neurovascular Devices 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.
Factors Hindering the Growth:
However, stringent regulatory scenario and dearth of skilled neurosurgeons may hinder the growth of this market during the forecast period.
# 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
Geographical Growth Scenario:
On the basis of geography, Neurovascular Devices Market is classified into four regions, namely, North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific is the fastest-growing geographic segment in the neurovascular devices/interventional neurology market. The large market growth of this geographic segment can be attributed to the 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.
Global Leaders:
As of 2015, 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) are some of the key players operating in the global Neurovascular Devices Market.
Different Growth Strategies Adopted by Key Players:
The key players in the 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.
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
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