Neurovascular devices are used for the treatment of neurovascular diseases such as aneurysm and stroke through minimally invasive endovascular techniques. These devices include embolic coils, flow diverter stents, carotid stents and liquid embolic agents. Stroke is one of the leading causes of death and long-term disability worldwide. Accordingly, the demand for efficient treatment options is increasing significantly. Neurovascular devices help to restore blood circulation in the blocked vessels thereby preventing further ischemic strokes and treating cerebral aneurysms. The global neurovascular devices market is estimated to be valued at US$ 2.64 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising incidences of stroke and cerebral aneurysms has increased the demand for advanced neurovascular devices for efficient treatment. As per estimates by WHO, every year 15 million people suffer from stroke globally resulting in 5 million deaths. This high prevalence has driven research and development of new generation of neurovascular devices with better efficacy and safety profile. Ongoing clinical trials are exploring novel drug coated devices, flow diverters and bioabsorbable stents to expand treatment options. Manufacturers are also focusing on minimally invasive technique to reduce complications and faster recovery. This is expected to open new opportunities in the global neurovascular devices market during the forecast period.
Threat of new entrants: The threat of new entrants is low as it involves high R&D and regulatory approval costs. The market currently has strong IP protection.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are a few large players dominating the market. However, the buyers can opt for alternative generic products.
Bargaining power of suppliers: The bargaining power of suppliers is low as there are many suppliers for raw materials. Suppliers cannot influence pricing.
Threat of new substitutes: The threat of new substitutes is low as there are limited alternatives available for neurovascular devices.
Competitive rivalry: The competitive rivalry is high as the major players compete on the basis of innovation, quality, and pricing.
The Global neurovascular devices market size is expected to witness high growth. The market in North America is expected to dominate during the forecast period owing to the increasing prevalence of neurological disorders and growing number of clinical trials.
Regional analysis: North America accounted for the largest share of the neurovascular devices market in 2022. Factors such as increasing prevalence of cerebrovascular diseases, availability of advanced healthcare facilities, and favorable reimbursement policies are expected to drive the growth of this regional market.
Key players: Key players operating in the neurovascular devices market are 3M, Convatec Group PLC, Smith & Nephew PLC, Urgo Medical, and Coloplast Corporation, among others.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it