Neurovascular Devices Market Size Is Estimated To Reach $2.92 Billion By 2024: Grand View Research, Inc.
The
global neurovascular device market was valued at USD 1.62 billion in
the year 2015 and is expected to reach a value of USD 2.92 billion by 2024,
growing at a CAGR of 6.5% according to a new report by Grand View Research,
Inc.
Key
factors driving the market growth include increase in patients suffering from
cerebral vascular disorders mandating assistance of neurovascular devices such
as cerebral embolization and aneurysm coils, implementation of advanced
technological platforms in this field, and the favorable reimbursement policies
across established markets such as the U.S., Canada, U.K., Germany, and Japan.
Neurovascular devices market, by device type, 2013 - 2024 (USD Million) |
The
market is segmented on the basis of device type and respective therapeutic
applications. The embolization coils are widely employed in the treatments of
strokes and cerebral aneurysms. They are responsible for majority of market
share in the device type segment. According to World Health Organization (WHO),
strokes are the leading cause of disability and third cause of death across the
world. Stroke therapeutic application segment accounts for the largest market
as compared to others. In addition, according to the American Heart Association,
nearly 5% of the population is currently suffering from the cerebral aneurysms.
Aneurysms can cause moderate to severe brain damage depending upon the
condition. Therefore, their treatment is contributing to the increased demand
of these platforms.
The
embolization and aneurysms coiling devices are minimally invasive and are
employed in effectively treating the aneurysms. Several diseases can be treated
with the help of a single coil however; the unusual cerebral aneurysms require
several expensive coils. Due to the efficacy, the volume for these procedures
has increased over the years. This trend will continue over the forecast
period, thereby rendering the leading position for this segment in terms of
revenue share. The stenting systems possess the potential to address complex
natured aneurysms, which were untreatable in the past. Hence, the cerebral
angioplasty and stenting systems will exhibit an impressive growth pattern
during the forecast period.
Moreover,
Stryker Corporation is a key leader in the neurovascular device market, owing
to the strategic acquisition of complete neurovascular portfolio of Boston
Scientific Corporation in the year 2010. The other notable players in this
industry include Abbott Laboratories, W.L. Gore & Associates, Inc.,
Micorport Scientific Corporation, and Terumo Corporation.
Browse full
research report on Neurovascular Devices Market: www.grandviewresearch.com/industry-analysis/neurovascular-devices-market
Further key
findings from the report suggest:
- Rising incidence of cerebral vascular disorders
such as strokes (both ischemic and hemorrhagic), arterial stenosis, and brain
aneurysms are primarily responsible for the high demand for neurovascular
diseases.
- On the basis of types, the market is segmented
into embolization and aneurysms coils, stenting systems, neurothrombectomy
and support devices. Among these, embolic coils are widely used owing to
the safety and efficacy, followed by the stenting systems.
- According to the therapeutic application of the
device type, stroke accounts for the largest market share, reason being
the leading cause of disability and third cause of deaths worldwide.
- In addition, the rising geriatric population
and increased life expectancy are causing an increase in the target
patient population.
Browse more
reports of this category by Grand View Research: www.grandviewresearch.com/industry/medical-devices
Grand View Research has segmented the neurovascular device market by
type, therapeutic application, and region:
Device Type
Outlook (Revenue, USD Million; 2013 - 2024)
- Cerebral
Embolization and Aneurysm Coiling Devices
- Embolic
Coils
- Flow
Diversion Devices
- Liquid
Embolic Agents
- Cerebral
Angioplasty and Stenting Systems
- Carotid
Artery Stents
- Embolic
Protection Systems (Distal Filter Devices, Balloon Occlusion Devices)
- Neurothrombectomy
Devices
- Clot
retrieval Devices
- Suction
Devices
- Vascular
Snares
- Support
Devices
- Micro
catheters
- Micro
guidewires
Therapeutic
Applications Outlook (Revenue, USD Million; 2013 - 2024)
- Stroke
- Cerebral
Artery Stenosis
- Cerebral
Aneurysm
- Others
Regional
Outlook (Revenue, USD Million; 2013 - 2024)
- North
America
- U.S.
- Canada
- Europe
- Germany
- UK
- Asia
Pacific
- China
- Japan
- Latin
America
- Mexico
- Brazil
- MEA
- South
Africa
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Press Release By Grand View Research: www.grandviewresearch.com/press-release/global-neurovascular-devices-market-size-report
About Grand
View Research:
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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