Neurovascular Devices/Interventional Neurology Market Segment Analysis – By Product Type
Based on product type, the Neurovascular Devices/Interventional Neurology market is segmented into Cerebral Embolization and Aneurysm Coiling Devices, Cerebral Angioplasty and Stenting Systems, Neurothrombectomy Devices, and Support devices. The Neurovascular Devices/Interventional Neurology market share is predicted to be dominated by the Cerebral Embolization and Aneurysm Coiling devices, which are mainly used for the treatment of Arteriovenous malformations, carotid-cavernous fistula, aneurisms and various other neurovascular disorders. The Cerebral Embolization and Aneurysm Coiling Devices segment is also estimated to be the fastest-growing segment with a CAGR of 8.5% during the forecast period 2021-2026. This rapid growth is attributed to the global rise in popularity and implementation of minimally invasive neurosurgery procedures and the rise in the availability of embolic coils essential for the treatment of aneurism.
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Neurovascular Devices/Interventional Neurology Market Segment Analysis – By Disease Type
Based on Disease type, the Neurovascular Devices/Interventional Neurology market is further segmented into Arteriovenous Malformation and Fistulas, Ischemic Strokes, Cerebral Aneurysms, and Others. The cerebral Aneurysms segment is predicted to have the largest market share during the forecast period 2021-2026 owing to the global increase in risk factors that lead to aneurysms such as high blood pressure, diabetes, high cholesterol, obesity, and use of cigarettes. However, the Ischemic Strokes segment is estimated to be the fastest-growing segment with a CAGR of 8.3% during the forecast period. This segment’s high growth rate is attributed to the global rise in risk factors leading to the disease and the increase in demand for minimally invasive surgical procedures. According to the Centre for Disease Control (CDC), about 87% of strokes are Ischemic.
Neurovascular Devices/Interventional Neurology Market Segment Analysis -By Geography
The Neurovascular Devices/Interventional Neurology Market based on Geography can be segmented into North America, Europe, Asia-Pacific, South. America, and Rest of World. North America held the largest share with 31% of the overall market in 2020. The growth in this segment is owing to the factors such as reduction in product prices, increase in awareness about the benefits of Interventional Neurological devices, as well as the increase of patients suffering from Neurovascular disorders in the region. According to the CDC, there were more than 691,000 cases of Ischemic Stroke in the US alone in 2018. This will only increase during the forecast period of 2021-2026, owing to the rise in risk factors among the population. Asia Pacific region is predicted to witness the fastest growth rate owing to the Increased healthcare expenditure and rise in manufacturers in the region, leading to reduced prices.
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Neurovascular Devices/Interventional Neurology Market Drivers
Advancement in diagnostic imaging techniques is Projected to Drive Market Growth
The innovations and advancements in diagnostic and imaging techniques for identifying disorders such as embolisms and ischemia has led to increased early detection of the diseases while also making them less invasive. This will lead to a growth in demand for the Neurovascular Devices for their treatment. For instance, the Digital subtraction angiography technique used to visualize blood vessels is being replaced by more advanced computed tomography angiography and magnetic resonance angiography.
Favourable medical reimbursements in developed economies are Expected to Boost Product Demand
Neurovascular surgeries can be a huge financial burden for patients. For instance, the average annual cost for Ischemic stroke treatment in the US could be up to $77,300. This makes treatment highly unaffordable for a large number of patients. However, demand for treatment has increased owing to the favourable reimbursement policies from both private and public insurance systems in these regions.
Neurovascular Devices/Interventional Neurology Market Challenges
Poor healthcare infrastructure and lack of skilled professionals in developing regions is Anticipated to Hamper Market Growth
Small-scale hospitals and specialty clinics in developing nations usually lack the funding to purchase and maintain expensive neurovascular devices or to provide salaries for experienced neurosurgeons to conduct the extremely delicate procedures. The low reimbursement situation in such regions leads to a lower number of patients seeking medical care. This dissuades hospitals from investing in neurovascular equipment, leading to a reduction in demand.
Stringent government regulations in the industry are projected to limit growth opportunities
Manufacturers across the developed regions such as North America face high pressure owing to the lack of support from their respective governments. These laws affect the pricing and clinical trials of new neurovascular devices. For instance, The Patient Protection and Affordable Care Act imposes a 2.3% tax on the sale of certain medical devices in the US, which will force manufacturers to sell at a higher price.
Neurovascular Devices/Interventional Neurology Market Competitive Landscape:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Neurovascular Devices/Interventional Neurology Market. The top 10 companies in Interventional Neurology are-
W.L. Gore & Associates
Johnson & Johnson
Boston Scientific Corporation
Merit Medical Systems, Inc.
Microport Scientific Corporation
In February 2021, Medtronic announced the expansion of its limited site release of their recently acquired radial artery access portfolio from RIST Neurovascular.
In January 2021, Genesis MedTech formed a collaboration with Penumbra in order to expand their neurovascular market in China
In December 2020, Terumo Corporation announced the release of their WEB Embolization System, which is a unique intravascular device that can be used to treat intracranial wide neck bifurcation aneurysms that cannot undergo surgical clipping.
Geographically, the North American Neurovascular Devices/Interventional Neurology Market accounted for the highest revenue share in 2020, and it is poised to dominate the market over the period 2021-2026 owing to the growth in the target patient population and awareness.
Increase in Research and Development in the Neurovascular Devices/Interventional Neurology industry will drive the market during the forecast period. However, the high surgery cost for neurovascular surgeries is a major challenge faced by the market.
Detailed analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Neurovascular Devices/Interventional Neurology Market report.
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