(PharmaNewsWire.Com, September 07, 2023 ) The report "Neurovascular Devices Market by Disease Pathology (Cerebral Ameurysm (Embolic coils), Ischemic stroke (Clot retrievers, Aspiration, Microcatheters), AVM (Liquid Embolic Agents), End User (Hospitals), & Region - Global Forecast to 2028", is projected to reach USD 5.5 billion by 2028 from an estimated value of USD 3.6 billion in 2023, at a CAGR of 8.7% during the forecast period. The neurovascular devices market is mainly driven by rising incidence of neurovascular diseases, availability of medical reimbursements for neurovascular procedures, expansion of healthcare infrastructure across emerging economies, increased focus of players on boosting the research in novel neurovascular devices, and growing demand for minimally invasive surgical procedures.
However, shortage of skilled neurosurgeons and high procedural cost of neurovascular, stringent regulatory approval process are some of the key challenge faced by the leading players in the global neurovascular devices market.
Cerebral Aneurysms Segment is expected to account for the largest neurovascular devices market share in 2022, by disease pathology
Based on disease pathology, the neurovascular devices market is segmented into cerebral aneurysm, ischemic strokes, carotid artery stenosis, arteriovenous malformations & fistulas, and other disease pathologies (includes cavernous malformations and moyamoya disease). The cerebral aneurysm segment is anticipated to hold the largest market share of neurovascular devices market. The increasing market demand for neurovascular devices for aneurysm treatment can be attributed mainly to the presence of neuro-interventional devices for cerebral aneurysm such as embolic coils, increase in the technological advancement in the neurovascular devices, and rise in the cases of cerebral aneurysm globally.
The ambulatory care centers segment is anticipated to register highest CAGR during the forecast period.
Based on end user, the neurovascular devices market is segmented into hospitals & surgical centers, ambulatory care centers, and research laboratories and academic institutes. The ambulatory care centers segment is projected to register the highest CAGR during the forecast period. Rising number of ambulatory surgery centers across developed countries, along with the ease of scheduling, the focused clinical staff, the improved productivity and the increased safety, and efficacy of these centers, and growing preference of minimally invasive surgical processes are the major factors that are expected to drive the growth of ambulatory care centers segment in the coming years.
North America to dominate the global neurovascular devices market
Based on the region, the neurovascular devices market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America accounted for the largest share of neurovascular devices market. The large share of North America can be attributed to the high adoption of neurovascular devices in the region, the strong presence of device manufacturers, and the availability of significant R&D investments for product development.
Asia Pacific is expected to grow at the highest CAGR during the forecast period owing to the presence of a large target patient population, rising awareness on the advantages of minimally invasive neurosurgical processes., geographical expansion of players in region, and government initiatives to modernize & expand healthcare infrastructure.
Major players in neurovascular devices market include Stryker (US), Johnson & Johnson (US), Medtronic plc (US), Terumo Corporation (Japan), and Penumbra, Inc. (US).
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