Global Neurovascular Devices Market Size, Share, Growth Analysis, By Product, By Disease Pathology(Aneurysm, Arteriovenous Malformation and Fistulas ), By Process, By Therapeutic Applications, By End-Use - Industry Forecast 2024-2031

Global Neurovascular Devices Market size was valued at USD 2.84 billion in 2022 and is poised to grow from USD 3.01 billion in 2023 to USD 4.53 billion by 2031, growing at a CAGR of 4.80% in the forecast period (2024- 2031).

The neurovascular devices market is set for significant growth due to several key factors. These include the increasing incidence of neurological disorders, ongoing technological advancements, and a rising demand for minimally invasive procedures. This growth is also driven by the expanding patient population affected by targeted ailments across major markets, leading to increased consumption of neurovascular devices. The prevalence of acute ischemic stroke, in particular, is a key factor propelling market expansion. Additionally, the introduction of advanced products with technological sophistication, along with faster product approval processes, is expected to drive the growth of this market segment.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Neurovascular Devices Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Neurovascular Devices Market Segmental Analysis

The global Neurovascular Devices market is segmented on the basis of Product, Process, Therapeutic Applications, End-Use, Disease Pathology and Region. By Process, the market is segmented into Neurothrombectomy Procedure, Cerebral Angiography Technique, Carotid Endarterectomy (CEA), Stenting, Microsurgical Clipping, Coiling, Flow Diversion, and Others. By Therapeutic Applications, the market is segmented into Brain Aneurysm, Stenosis, Ischemic Strokes, and Others. By End-Use, the market is segmented into Hospitals, Ambulatory Surgical Centers, Clinics, Others. By Product, the market is segmented into Embolization Devices, Clippings, Embolic Coils, Bare Detachable Coils, Coated Detachable Coils, Coil Assist Stent, Coil Assist Balloon, Revascularization Devices, Carotid Artery Stents, Flow Diversion Stents, Thrombectomy Devices, Clot Retrieval Devices, Suction & Aspiration Devices, Snares, Embolic Protection Devices, Distal Filter Devices, Balloon Occlusion Devices, Accessory Devices, Microcatheters, and Micro-guidewires. By Disease Pathology, the market is segmented into Aneurysm, Arteriovenous Malformation and Fistulas (AVM), Ischemic Stroke, Stenosis, and Others. By Region, the market is segmented into North America, Europe, Asia-Pacific, LAMEA, and the Middle East and Africa.

Drivers of the Global Neurovascular Devices Market

The increasing preference for minimally invasive surgeries is due to their inherent benefits, including reduced risks and trauma compared to traditional procedures. Smaller incisions lead to less postoperative pain and faster recovery times, driving widespread adoption of these techniques and prompting increased research and development. Many leading industry players are investing heavily in research and development efforts to introduce innovative minimally invasive surgical instruments.

Restraints in the Global Neurovascular Devices Market

Navigating regulatory complexities and rigorous approval processes for new devices poses significant barriers, often resulting in prolonged timelines and higher costs for product development and market entry. Moreover, the high costs associated with neurovascular procedures and devices present a considerable challenge, restricting access for certain patient groups and healthcare systems. Additionally, limited awareness among patients and healthcare professionals about the latest technological advancements in neurovascular devices hampers market growth.

Market Trends of the Global Neurovascular Devices Market

The increasing popularity of minimally invasive surgeries is largely due to their cosmetic benefits and shorter recovery times, which are expected to drive significant growth in the neurovascular devices market. Continuous advancements in innovation and improvements in surgical techniques have been crucial in ensuring the safety of these procedures for patients. These procedures range from laparoscopic and endoscopic surgeries to the emergence of robot-assisted surgical techniques. The shift towards these advanced methods creates a promising outlook for the industry, encouraging further growth and development in the neurovascular devices sector.