The Neurovascular report devices are segmented into the market by Type (Embolization, Stenting systems, Support Devices, Neurovascular thrombectomy devices), Application (Carotid Artery Stenosis, Cerebral Aneurysm, Arteriovenous Malformations and Fistulas, Ischemic Strokes), end-user (Hospitals, Specialty care centres, Ambulatory centres, Research laboratories and Academic institutions), and Region. The Global Neurovascular Devices Market share was USD 2.6 billion in 2020 and is predicted to reach USD 5.21 billion by 2030, representing a CAGR of 8.6 percent throughout the forecast period.
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Key Factors Augmenting the market growth
Some of the most notable factors that are majorly driving the overall growth of the market worldwide are an increase in the neurological diseases, especially in the age-old people, an increase in the number of surgical procedures which are efficient and easy, and also increase in the investments in the research and development for the disorders.
Based on Type, the Embolization segment dominated the overall market share in 2020
Based on Type, the Neurovascular devices market has been broadly classified into Embolization, Stenting Systems, Support Devices which are Neurovascular Microcatheters and Neurovascular Guidewires, Neurovascular thrombectomy devices. It is segmented into embolic coils, flow diversion devices, and liquid embolic agents. With an emphasis on novel and cost-effective technologies, the embolization sector controlled the overall market share. The embolic neurovascular coils are more effective than surgical clipping techniques, according to reliable clinical data.
Based on the Application, the Cerebral Aneurysm segment dominated the overall market share in 2020
Based on the Application, the Neurovascular devices market has been broadly classified into Carotid Artery Stenosis, Cerebral Aneurysm, Arteriovenous Malformations, and Fistulas Ischemic Strokes. The Cerebral Aneurysm segment dominated the overall market due to the availability of the new device for the treatment of the condition, which helps fuel the demand for the neurovascular devices.
Based on End Users, hospitals dominate the overall market share in 2020
Based on End Users, the Neurovascular devices market has been broadly classified into Hospitals, Specialty care centres, Ambulatory centres, Research laboratories, and Academic institutions. Hospitals dominate the overall market share during the forecasted period due to the higher adoption rate of neurovascular devices in most hospitals. During the forecast period, ambulatory care centres are expected to have the most significant CAGR as the the ease of scheduling, the focused clinical staff, the enhanced productivity, and the increased safety and efficacy of these centres, are expected to drive the growth of end-user segment in the following years.
Based on Region, North America accounts for the dominant market share in 2020
Based on Region, the Neurovascular devices market has been broadly classified into North America, Europe, Asia Pacific, and LAMEA. North America had accounted for the largest market share of about 26.8% in 2020 due to some major manufacturers and an increase in the number of neurological diseases. The growing target population for neurovascular diseases, rising awareness among neurosurgeons about the benefits of interventional neurovascular devices, and ongoing government initiatives to modernize and expand healthcare infrastructure are driving the neurovascular devices market in North America. Furthermore, dropping product prices have improved the use of these gadgets, thus aiding market expansion in this region.
Key Competitive Players
The key players included in the Global Neurovascular medical device Market report are Stryker, Medtronic plc, Johnson & Johnson Services, and Penumbra. Inc, Micro Port Scientific Corporation, Terumo Corporation, W.L. Gore & Associated Inc., Merit Medical Systems
Recent Developments