Neurovascular devices market projected to grow at ~4% CAGR to reach USD2.3 Billion by 2024
The neurovascular devices market is projected to reach USD 2.3 billion by 2024. The market is expected to grow at a CAGR of 4.1% between 2016 to 2024.
The market is mainly driven by increasing prevalence of neurological disorders and growing popularity of minimally invasive surgery (MIS). Other factors include favourable reimbursement plans, rising adoption of carotid stents and balloon catheters by neurosurgeons.
Globally, adoption of MIS has increased as these procedures are known for their accuracy and convenience along with reduced hospital stay. However, shortage of skilled neuro-medical experts and the rising cost of devices may pose as restraints for market growth.
Major players include Stryker, Johnson & Johnson, Terumo, Medtronic, and Penumbra with Stryker leading the market.
Hospitals account for 85% of neurovascular device use and this segment is estimated to have highest growth during the forecast period followed by ambulatory surgical units and clinics. United States accounted for more than 70% of the market share. In the forecast period, APAC region is expected to grow primarily due to increasing healthcare spending.
Latin America is expected to increase by 5.5% over 2016-2024, driven by the rising prevalence of brain-related disorders and an increase in the number of geriatric patients. Neurovascular devices are used in in stenosis, brain aneurysm, and ischemic strokes. More than 4% of American population suffers from aneurysms. Ischemic stroke is estimated to observe the highest growth between 2016-2024 while brain aneurysm, having more than 70% market will depict a substantial growth rate over the forecast period.