Wilmington, Delaware, United States, Jan. 20, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global neurovascular devices market is expected to advance at a CAGR of 7.6% during the forecast period of 2023-2033, as per the market outlook study by TMR.
Rise in obese populace, technical advancements in the interventional neurology segment of the healthcare industry, and increase in older population across the globe are some of the key drivers of the global neurovascular devices industry. As per the latest trend analysis presented in the TMR market report, rise in number of people suffering from ischemic and hemorrhagic stroke and surge in adoption of minimally invasive technologies for the treatment of neurovascular diseases are anticipated to spur market development in the next few years.
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Key Findings
- As per the TMR market forecast, the cerebral embolization and aneurysm coiling devices product type segment held the largest revenue share of the global market during 2018-22. The segment is projected to expand at a CAGR of 9.0% during the forecast period. This growth can be ascribed to the rise in prevalence of neurological diseases such as brain aneurysms, strokes, and arteriovenous malformations. Besides this, increase in focus of governments of several emerging countries on the development of healthcare infrastructure, rise in R&D activities, and growth in healthcare expenditure of consumers are propelling the segment.
- The stroke segment is anticipated to advance at a CAGR of 8.2% during the forecast period owing to the increase in prevalence of stroke, especially among the older population. Several governments as well as private NGOs are taking initiatives to spread awareness about different neurological illnesses. This aside, leading market players are focusing on the launch of products associated with stroke therapies. These factors are projected to help the segment maintain its leading position during the forecast period, as per the TMR market trends analysis.
- Governments of several developed as well as emerging countries are increasingly focusing on advancements of the healthcare infrastructure. They are investing significantly in the healthcare sector. Leading industry participants are also investing substantially in R&D activities for the development of technologically advanced products that can assist efficiently in the treatment of neurological disorders. These factors are likely to fuel the market development in the next few years.
Neurovascular Devices Market: Growth Drivers
- Increase in cases of neurovascular diseases is expected to propel the global neurovascular devices market demand during the forecast period
- Rise in demand for embolization devices due to the increase in prevalence of brain aneurysms is fueling industry growth
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Regional Analysis
- North America accounted for the largest share of the global industry in 2022. Market growth can be ascribed to the increase in elderly population, rise in cases of neurovascular health disorders, and growth in adoption of neurovascular devices in the healthcare industry in the region.
- Players are anticipated to gain significant business opportunities in Asia Pacific during the forecast period, owing to the increase in healthcare expenditure, improvement in spending power of the people, and rise in focus of regional governments on development of next-generation healthcare infrastructure.
Competition Landscape
- Companies are adopting business strategies such as acquisition, mergers, and collaboration in order to increase their market share
- Several enterprises are investing significantly in R&D activities in order to develop devices with improved quality
Neurovascular Devices Market: Key Players
- Microport Scientific Corporation
- Medtronic
- Stryker
- Penumbra Inc
- Microvention Inc.
- Johnson & Johnson Services Inc.
- Codman Neuro
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Neurovascular Devices Market Segmentation
By Product Type
- Cerebral Embolization and Aneurysm Coiling Devices
- Embolic Coils
- Flow Diversion Devices
- Liquid Embolic Agents
- Cerebral Angioplasty and Stenting Systems
- Carotid Artery Stents
- Embolic protection
- Neurothrombectomy Devices
- Clot Retrieval Devices
- Suction Devices
- Vascular Snares
- Support Devices
- Micro Catheters
- Micro Guidewires
By Therapeutic Application
- Stroke
- Cerebral Artery Stenosis
- Cerebral Aneurysm
- Other Therapeutic Applications
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
Home Rehabilitation Products and Services Market
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