“The rising cases of ischemic stroke and cerebral aneurysm worldwide is anticipated to fuel the demand for neurovascular devices”
The global neurovascular devices market is projected to reach USD 5.5 Billion by 2028 from USD 3.6 Billion in 2023, at a CAGR of 8.7% during the forecast period. The increase in the demand for neurovascular devices market is driven by the increasing population proportionat a risk of developing various neurovascular diseases such as Ischemic stroke, cerebral aneurysms owing to the growing prevalence of hypertension, diabetes, and obesity. However, high cost of neuro-interventional procedures and associated products and shortage of skilled neurologists across emerging countries are likely to hamper the growth of market.
“Ischemic stroke segment accounted for the highest CAGR during the forecast period”
Based on disease pathology, the neurovascular devices market is segmented into cerebral aneurysm, ischemic strokes, carotid artery stenosis, arteriovenous malformations & fistulas, and other disease pathologies (includes cavernous malformations and moyamoya disease). The ischemic stroke segment to grow a at a higher CAGR owing to increasing incidence of ischemic stroke and increase in the mechanical thrombectomy procedures.
“The Hospitals & surgical centers segment accounted for the largest market share in the neurovascular devices market, by end user, during the forecast period”
Based on end user, the neurovascular devices market is segmented into hospitals & surgical centers, ambulatory care centers, and research laboratories and academic institutes. The hospital & surgical centers captured the largest share of neurovascular devices market during the forecast period attributed to the increasing hospitalization of target patient population, rising volume of neurovascular surgeries, and upgradation in the infrastructure of hospitals in developing nations along with the availability of technological advance neurovascular treatment devices in these settings.
“The North America segment accounted for the highest market share in the neurovascular devices market, by region, during the forecast period”
Based on the region, the global neurovascular devices market is categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to witness a high market share during the forecast period. This can be attributed to the factors such as strong adoption of endovascular treatment procedures for the ischemic stroke, cerebral aneurysm, and arteriovenous malformation, availability of R& D investments for development of novel neurovascular devices, strong foothold of key players in region, and favorable reimbursement policy for neurovascular treatment procedures.
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