Neurovascular Devices Market Size, Share & Trends Analysis Report, By Device (Cerebral Embolization & Aneurysm Coiling Devices), By Therapeutic Application (Stroke, Cerebral Artery Stenosis), and region (North America, Europe, Asia-Pacific, Middle East, and Africa and South America).
The global Neurovascular Devices Market size is 2.84 billion USD in 2022 and is projected to reach a CAGR of 6.0% from 2023-2030.
Vascular disorders of the brain and central nervous system are diagnosed and treated with the aid of interventional neurology devices. Angiography, fluoroscopy, endovascular procedures, and catheter-based techniques are all included in interventional neurology. One of the earliest primary in-vivo brain vascular imaging techniques, catheter angiography is used to diagnose a number of neurological diseases, including cerebral aneurysm, arteriovenous malformations, intracranial stenosis, arteriovenous fistula, and vasculitis.
The market is anticipated to be driven by the rising frequency of neurological illnesses, technological developments, and rising demand for less invasive procedures. The increase in R&D investments in the biotechnology and pharmaceutical industry will also be the major driving factor of the neurovascular devices market. An expanding patient population for ischemic and hemorrhagic stroke as well as a rise in demand for minimally invasive treatments for neurovascular disease may be to blame for the market's expansion.
The market is anticipated to be moderately and temporarily affected by COVID-19. Depending on the state of the local health systems and the steps taken to battle the pandemic, the effect of the epidemic on the market differs by country. The epidemic has had a negative effect on neuro care and neurosurgeons. Brain procedures have frequently been delayed or even canceled during this time in order to stop the coronavirus from spreading.
Neurosurgical operations decreased by 55% in the worst-affected countries, including the United States, Russia, India, Brazil, France, the United Kingdom, Italy, and Spain. However, up to 36% of hospitalized COVID-19 patients may experience neurological symptoms, and there have been several cases of ischemic and hemorrhagic infarction.
In a nutshell, the delay in elective surgeries caused by Covid-19 had a substantial impact on the market for neurovascular devices. The neurovascular devices sector is also harmed by cases of brain aneurysms that go undiagnosed and unreported. The usage of minimally invasive procedures and the support of R&D in this field are being driven by reduced postoperative discomfort and quicker recovery. Additionally, those who contracted the Covid-19 infection later exhibited neurological illness symptoms, which are most likely to foster market growth.
The adoption of neurovascular devices among medical professionals and patients will continue to expand as a result of the rise in demand for minimally invasive surgical procedures and post-surgery techniques such as shorter hospital stays, affordability, and quicker patient recovery. The variety of neurovascular instruments available for treating various aneurysm types with higher safety and effectiveness will continue to grow thanks to novel technologies, and aneurysm management is always evolving with cutting-edge technology at the forefront of innovation.
Asia Pacific to Dominate the Market