Neurovascular Devices Market size will exceed USD 2.3 billion by 2024; according to a new research report by Global Market Insights, Inc.
Global neurovascular devices market share will be driven by high prevalence of stenosis and ischemic strokes, favorable government initiatives to expand healthcare infrastructure, rise in demand for minimally invasive surgical procedures, and advancement in medical techniques developed by leading industry players. However, designing more effective and low cost treatments ensuring long term results with improved patient safety should restraining the industry growth.
Embolic coils will witness majority more than 30% of global business revenue, followed by stenting. Coiling procedures will show highest growth over coming years due to increasing government and private investments to develop new occlusion catheter products and increasing accessibility to scientifically advanced devices.
Neurovascular stenting market will be the fastest growing segment due to growing adoption of balloon catheters and carotid stents among neurosurgeons; increase in number of patients suffering from ischemic strokes and stenosis, and improving reimbursement scenario across developed economies.
Hospitals hold majority neurovascular devices market share while ambulatory surgical units segment has prominent share in U.S. and Germany. Brain aneurysm accounts for over 70% of overall market. Ischemic strokes will show highest growth owing to increased prevalence rate of the disease especially in emerging regions.
U.S. neurovascular devices market size holds over 70% regional share, due to growing patient population, favorable medical reimbursement settings, technological developments in neurosurgery, and increasing expenditure in healthcare infrastructure.
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Germany and UK will witness significant growth in the coming years owing to increase in geriatric and obese population in the region. Japan, China, India and Brazil are intended to spur the industry growth because of rise in GDP and increase in healthcare expenditure in these regions.
While Japan neurovascular device market could occupy more than 47% of APAC sales by 2024, it will remain a mature market compared to India & China. Leading companies are trying to expand their market footprint in developing economies by strengthening their distribution channel. Low cost production facilities coupled with economic prosperity and increasing penetration of healthcare insurance will further fuel overall industry growth in these regions.
Key industry players are Penumbra, Stryker, Johnson & Johnson (DePuy Synthes), Medtronic and Terumo. Companies are focusing on clinical trials to commercialize cost effective therapies through collaborations and mergers and acquisitions.
Browse key industry insights spread across 210 pages with 243 market data tables & 7 figures & charts from the report,“Neurovascular Devices Market Size By Product (Embolic Coils, Carotid Stents, Intracranial Stents, Neurovascular Thrombectomy, Embolic Protection Devices, Flow Diverters, Intrasaccular Devices, Liquid Embolic Coils, Balloons, Stent Retrievers), By Process (Neurothrombectomy, Cerebral Angiography, Stenting, Coiling, Flow Disruption), By Therapeutic Application (Brain Aneurysm, Stenosis, Ischemic Strokes), By End Use (Hospitals, Clinics, Ambulatory Surgical Units), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Spain, Italy, Russia, Japan, China, India, Australia, Korea, Brazil, Mexico, Argentina, Saudi Arabia, UAE, South Africa), Growth Potential, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:
Key insights from the report include:
- Global antidiabetics market size was USD 51.1 billion in 2015, with over 10% industry gains up to 2023. Global neurovascular devices market size will see over 4% growth, due to high prevalence of stenosis and ischemic strokes, ongoing government initiatives to modernize healthcare, and rise in demand for minimally invasive medical procedures.
- Germany neurovascular devices market size will grow at 3.6% reaching USD 86.1 million by 2024, whereas UK will grow at 3.4% CAGR.
- China and India will manifest fastest growth of 5.9% and 5.5% respectively followed by Japan because of rise in GDP and increasing healthcare expenditure in these regions. Advancements in minimally invasive surgical techniques and development in healthcare infrastructure will boost regional industry growth.
- Key industry participants need to train and create awareness among neurosurgeons to expand the untapped regions in developing regions.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.