The global neurovascular devices/interventional neurology market is poised to reach ~$2,370.4 million by 2020, growing at a CAGR of 8.4% from 2015 to 2020. North America is expected to hold the largest share of 47.3% of the global market in 2015. Market growth is being propelled by growing target patient population, technological advancements in the field of interventional neurosurgeries, favorable medical reimbursement scenario across mature markets, and expanding healthcare infrastructure in developing countries. However, factors such as ongoing healthcare reforms in the U.S. and a dearth of skilled neurosurgeons are restraining the growth of this market. In addition, stringent regulatory policies (that regulate product development and commercialization) across major markets are posing significant challenges for the growth of the neurovascular devices/interventional neurology market during the forecast period.
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In this report, the global neurovascular devices/interventional neurology market is segmented on the basis of technology (embolization & coiling, carotid artery angioplasty & stenting, supporting techniques, and neurothrombectomy) and product (cerebral balloon angioplasty & stenting systems, aneurysm coiling & embolization devices, support devices, and neurothrombectomy devices). The aneurysm coiling and embolization devices segment is expected to account for the largest share of the global neurovascular devices/interventional neurology market in 2015, followed by cerebral balloon angioplasty & stenting systems. The cerebral balloon angioplasty & stenting systems segment is expected to grow at the highest CAGR during the next five years owing to factors such as an increasing number of researches, rising public-private funding to develop novel carotid stents & occlusion catheter products, and growing availability of technologically advanced stents & embolic protection devices across major markets (such as Europe, Japan, and the U.S.).
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Geographically, North America (comprising the U.S. and Canada)is expected to command the largest share of the global neurovascular devices/interventional neurology market in 2015, followed by Europe. Asia-Pacific is also poised to grow at the highest CAGR during the forecast period, owing to factors such as the presence of a large patient population base for target diseases, rising awareness among neurosurgeons (related to benefits offered by interventional neurology devices during neurosurgery), ongoing government initiatives to modernize & expand respective healthcare infrastructure, and increasing adoption due to decreasing prices of interventional neurology devices in Asia-Pacific.
The global neurovascular devices/interventional neurology market is moderately competitive, with various global as well as local players. In 2014, the global neurovascular devices/interventional neurology devices market was dominated by Stryker Corporation (U.S.), Medtronic, plc (U.S.), Johnson & Johnson (U.S.), Terumo Corporation (Japan), and Penumbra, Inc. (U.S.), which together accounted for ~87.0% of the neurovascular devices/interventional neurology market. Geographic expansion, strategic acquisitions, new product launches, agreements, and collaborations are the major strategies adopted by most market players to achieve growth in the global neurovascular devices/interventional neurology market.
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