The global neurovascular intervention market has witnessed significant developments in the field of neuroendovascular therapy. This has been instrumental in the advancement of mechanical thrombectomy, novel revascularization, embolization, and access/support devices. The neurovascular intervention market is majorly driven by various improvements that address the unmet requirements of a huge population suffering from cerebrovascular disorders across the globe.
According to the WHO (World Health Organization), the occurrence of cerebrovascular disorders such as stroke and migraine is high in Italy. These cerebrovascular diseases are majorly affecting people in the age group of 40–84 years. The main reason responsible for the increasing incidence of these diseases is changing lifestyles in the European nations.
The growth of the global neurovascular intervention market can be mainly attributed to a massive rise in the number of patients suffering from stroke and aneurysms. Further, there has been a shift in the trend from conventional interventions to minimally invasive procedures for the treatment of neurovascular diseases. This is prompting companies to go for new developments in the neurovascular intervention market.
Some other major factors that are boosting the growth of the global market are increasing target patient population, favorable medical reimbursement scenario, ongoing product advancements & commercialization, growth of healthcare infrastructure across developing nations, and growing market demand for efficient neurovascular devices.
In addition, a growing number of researches in the area of neurovascular therapies, increasing demand for minimally invasive neurosurgical treatments, and growing awareness among neurosurgeons regarding minimally invasive surgical procedures are expected to offer impressive growth opportunities in the market.
On the other hand, lack of professional neurosurgeons and increased cost of neurovascular intervention treatment are expected to slow down the growth of the global neurovascular intervention market. The high cost of research & developments is another factor that can act as a market restraining factor. Moreover, several providers in this space are impacted by the strategies of leading orthopedic companies, which have led to an increase in the cost of neurovascular devices. This too can inhibit the growth of the global market.
Apart from these, a stringent regulatory scenario and dearth of skilled experts may limit the growth of this market over the forecast period. The regulatory policies governing the medical devices sectors often create a barrier to development.
Emerging countries in the Asia-Pacific region are highly investing in the global neurovascular devices market. The cost-effectiveness of these economies in innovation, as well as the production of neurovascular-related devices, is creating a challenge for the key players with huge capital investments in research & development and production projects.
Developing markets across the world, especially Africa and India, are recognized to have the potential to register significant growth in the coming days. Though these regions are facing fundamental health concerns, there exists a reasonable chance that the demand for these devices and procedures will increase with increasing medical infrastructure and ventures.
Likewise, various government initiatives to modernize and expand healthcare infrastructure across the globe will be another key influencing factor for business development. Awareness activities and literature, and growing concern about neurological diseases have raised the number of government initiatives in the field of the global neurovascular intervention market in the recent years.
Global Neurovascular Intervention Market, By Product Type
In terms of product type, the market has been segmented into Cerebral Thrombectomy Devices, Flow Diverter for Aneurysm, Carotid Artery Stenting (CAS), and Stent Retriever System.
The carotid stents segment is expected to witness over 4% CAGR in the forecast period due to the preference towards carotid artery stenting procedures. These devices are used to open the narrowed obstructed carotid artery to improve blood flow to the brain and minimize the risk of stroke in patients. This will increase its adoption in the near future.
Global Neurovascular Intervention Market, By Geographical Regions
In terms of regional perspective, North America's neurovascular intervention market is estimated to witness more than 5% CAGR during the forecast period. The growth of this regional market is mainly driven by the increasing prevalence of aneurysm, stenosis, ischemic stroke, and other neurovascular interventions. The availability of technologically advanced products and medical treatments will also positively influence business growth in the region.
On the other hand, the Asia Pacific neurovascular devices business was valued over US$ 600 million in 2018. The growth of this regional market can be attributed to the growing awareness about innovative and advanced neurovascular interventions. A large patient pool in the highly populated Asian countries, along with increasing healthcare expenditure, will also help boost the Asia Pacific neurovascular devices market growth.
Key Market Developments
Some Key Findings of the Global Neurovascular Intervention Market Report:
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