neurovascular device market is expected to grow at a CAGR of around 8% from 2022-2028.
According to a new report published by UnivDatos Markets Insights, the neurovascular device market is expected to grow at a CAGR of around 8% from 2022-2028. The analysis has been segmented into device (aneurysm coiling & embolization devices, cerebral balloon angioplasty & stenting systems, support devices, neuro thrombectomy devices, and others); therapeutic applications (ischemic strokes, cerebral aneurysm, carotid artery stenosis, arteriovenous malformations and fistulas, and others); end-user (hospitals & surgical centers, ambulatory surgical centers, and others) Region/Country.
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The neurovascular device market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the neurovascular device market. The neurovascular device market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the neurovascular device market at the global and regional levels.
Market Overview
Neurovascular devices also called interventional neurology devices are widely used in the treatment and diagnosis of various types of peripheral and central nervous system disorders and ailments such as the rising prevalence of neurological disorders, cerebral aneurysms, strokes, and epilepsy. These all factors will drive the growth of this market during the forecast period. For instance, according to the Centers for Disease Control and Prevention (CDC), IN 2020, about 87% of strokes are ischemic strokes in which the flow of the blood towards the brain is blocked and brain cells die in the aged people.
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COVID-19 Impact
The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The global pandemic has impacted the healthcare industry and has transformed the way healthcare is delivered. The COVID-19 pandemic has significantly affected the neurovascular device market, leading to worldwide lockdown and restrictions, leading to the shutdown of the manufacturing unit, and limitations on the manufacturing and distribution of medical equipment. Furthermore, the healthcare facilities were only treating emergency cases and postpended the inessential appointments.
· Based on device, the market has been categorized into aneurysm coiling & embolization devices, cerebral balloon angioplasty & stenting systems, support devices, neurothrombectomy devices, and others. Amongst these, the aneurysm coiling & embolization devices category is expected to witness significant growth during the forecast period. Owing to, the increasing prevalence of neurological conditions, new product advancements, and research & development programs by the major companies. these factors will boost the growth of this market during the forecast period. For instance, in 2019, Medtronic announced the launch of the Solitaire X revascularization device used for the removal of blood clots in the brain.
· Based on therapeutic application, the market has been segmented into ischemic strokes, cerebral aneurysms, carotid artery stenosis, arteriovenous malformations and fistulas, and others. Among them, the cerebral aneurysms category is expected to have the fastest growth rate in the market. This is mainly due to the increasing brain injuries, cerebral disorders, and rising prevalence of hypertension in the geriatric population are the major factors for the growth of this market during the forecast period. For instance, according to the Brain Aneurysm Foundation, an estimated 6 million Americans are affected by cerebral aneurysms.
· Based on end-user, the market has been segmented into hospitals & surgical centers, ambulatory surgical centers, and others. Among them, the hospitals & surgical centers segment is expected to have the fastest growth rate in the market mainly due to the availability of neurovascular devices, skilled healthcare professionals, and the safety & efficacy during the treatment procedures. Moreover, the growing patient pool suffering from neurovascular diseases such as brain aneurysms, and arteriovenous malformations are also contributing to the growth of this market during the forecast period. For instance, according to the Brain Aneurysms Foundation, about 30,000 people in the United States suffer a brain aneurysm rupture each year.
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Neurovascular Device Market Geographical Segmentation Includes:
· North America (U.S., Canada, Rest of North America)
· Europe (Germany, U.K., France, Spain, Italy, Rest of Europe)
· Asia-Pacific (China, India, Japan, Rest of Asia-Pacific)
· Rest of the World
For a better understanding of the market, the report provides a detailed analysis of major regions and countries including North America (U.S., Canada, Rest of North America); Europe (Germany, U.K., France, Spain, Italy, Rest of Europe); Asia-Pacific (China, India, Japan, Rest of Asia-Pacific) and Rest of World. North America holds a lucrative market share owing to higher per capita income and the rising hospital administration, growing healthcare expenditure, and the availability of major key players in the region attributed to the growth of the market in the regions. Moreover, the growing patient pool in hospitals with neurological disorders is also contributing to the growth of this market in the region. For instance, according to the Centers for Disease Control and Prevention (CDC), every year, more than 795,000 people in the United States have a stroke. About 610,000 of these are first or new strokes.
The major players targeting the market include
· Stryker Corporation
· Medtronic plc
· Johnson & Johnson
· Terumo Corporation
· Penumbra Inc.
· Microport Scientific Corporation
· Medikit co. Ltd.
· Integers Holding Corporation
· BALT Group
· Kaneka Corporation
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the neurovascular device market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the neurovascular device market?
• Which factors are influencing the neurovascular device market over the forecast period?
• What are the global challenges, threats, and risks in the neurovascular device market?
• Which factors are propelling and restraining the neurovascular device market?
• What are the demanding global regions of the neurovascular device market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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