21st March 2023
Neurovascular devices are equipped to detect, avoid, and treat neurological disorders such as Alzheimer’s disease, Parkinson’s disease, major depression, epilepsy, spinal cord injury, and traumatic brain injury. Neurosurgeons and medical professionals are extensively utilizing these devices to prevent or restrict the risk of death or severity caused by neurological diseases. The prevalence of the range of neurological disorders and neurological trauma created the demand among manufacturing and advancement in the area of neurological devices.
AVMs, brain aneurysms, carotid artery disease, and intracranial atherosclerotic disease are just a few of the neurovascular conditions that can cause a variety of neurological issues, from subarachnoid hemorrhage and stroke to disability and even death. These conditions have a significant negative impact on both health and economic outcomes for the global population. According to a report from April 2021, migraines (17%), seizures (15%), neurological disorders such as meningitis and encephalitis (14%), and tumors (14%) were the most frequently misdiagnosed conditions as strokes. The use of neurovascular devices is expected to increase over the next few years due to the increased prevalence of neurological illnesses.
The Neurovascular Devices Market has reached a value of $2.73 billion in 2022. It is projected to grow from $ 2.9 billion in 2023 to $ 5.52 billion in 2030 in the forecast period of 2023-2030 with a CAGR of 6%. The prevalence of the neurovascular devices market was depicted by segments that include product types such as Aneurysm Coiling Embolization Devices, Cerebral Balloon Angioplasty & Stenting Systems, Support Devices, Neurothrombectomy Devices, and other devices, the targeted disease involves Ischemic Strokes Cerebral Aneurysms Arteriovenous Malformation and Fistulas, and Other. The leading makers of neurovascular devices are Medtronic, Johnson & Johnson, Stryker, Terumo Corporation, and ASAHI INTECC CO., LTD.
The market is inclined to use less invasive neurosurgical technologies that enhanced the segment of aneurysm coiling embolization devices. The device component includes embolic coils, flow diversion devices, and liquid embolic agents. Among these embolic coils were most preferred in the current market. Hence, different treatments or surgical methods improvise the market of neovascular devices.
Patient from all over the world encounters various version of neurological disorders and diseases. The prevalence of these diseases varies among the geographical distribution. Among all these diseases, ischemic stroke considered as most significant in the rise of this market. Ischemic stroke is a diverse, complex disease characterized by the abrupt development of neurologic symptoms that are directly related to the areas of brain injury where the morbid process takes place. The most effective methods for detecting ischemic strokes nowadays are magnetic resonance imaging (MRI) and computer tomography (CT) procedures.
In the reports given by CDC in 2022, it is mentioned that the occurrence of stroke was at least one stroke every 40 seconds, and die of a stroke every 4 minutes in the United States. The prevalence of neurological diseases, enhancement in the health care systems, and a larger awareness of various technological devices among the people. In addition to that, the emergence of leading manufacturers in various places of the country. All these are predicted to rise the neurovascular device market in the region of North America. Further, the advancement in these devices through research and development is carried out by premium research institutes and emerging companies to bring novelty has improved the market’s growth.
Neurological devices require some of the tightest tolerance specifications and smallest design windows. The highest level of accuracy and dependability are required for components used in neurological operations. So, the companies should enhance their technology by collaborating with the top medical device OEMs that support the design of the surgical device and the manufacturing procedures necessary to produce precise components on a requirement basis.
Further, the company should sponsor leading research institutes or should partner with them to drive neurological device technology developments based on the disease characteristics. The detailed analysis of disease and epidemiology studies would support the marketization of all these devices. Hence, all these developments pave the way for the rise of the neurovascular device market in the near future.