The global Neurovascular Devices Market in terms of revenue was estimated to be worth $3.6 billion in 2023 and is poised to reach $5.5 billion by 2028, growing at a CAGR of 8.7% from 2023 to 2028. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. The growth in this market is attributed to the increase in the prevalence of various neurovascular diseases, rising adoption of minimally invasive surgical procedures, expansion of healthcare infrastructure in emerging countries, and strategic collaborations & partnerships among manufacturers and research institutes to boost the new developments in interventional neurology. However, high cost of neurovascular interventional procedures & related devices to pose a barrier towards the adoption of neurovascular treatment, especially in developing countries with poor reimbursement policies.

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The neurovascular devices market is dominated by players such Stryker (US), Johnson & Johnson (US), Medtronic plc (US), Terumo Corporation (Japan), and Penumbra, Inc. (US).

This report categorizes the global Neurovascular Devices market to forecast revenue and analyze trends in each of the following submarkets:

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

By Disease Pathology

• Cerebral Aneurysm
  • Embolic coils
  • Flow Diversion Devices
  • Microcatheters
  • Intracranial Stent
  • Guidewires
• Ischemic Stroke
  • Clot Retrievers Devices 
  • Suction and Aspiration Devices
  • Vascular Snares
  • Microcatheter
  • Microguidewires
  • Balloon  Guide Catheters
• Carotid Artery Stenosis
  • Carotid Artery Stents
  • Embolic Protection Devices
  • Balloon Catheters
• Arteriovenous Malformation & Fistulas
  • Liquid Embolic Agents
  • Microcatheters
  • Occlusion Balloon Catheters
• Other Disease Pathologies

By End User

• Hospitals & Surgical Centers
• Ambulatory Care Centers
• Research Laboratories And  Academic Institutes

Neurovascular Devices Market Dynamics

DRIVER: Growing prevalence of neurovascular diseases

With proven clinical efficacy, interventional therapeutic procedures are being adopted for better diagnosis, monitoring, and therapy for neurological conditions. The significant adoption of neurovascular devices can be mainly attributed to the large and rapidly growing patient population base for target diseases across the key markets. According to the World Stroke Organization (WSO) in 2022, around 7.6 million new ischemic stroke cases were registered worldwide. Globally, a larger proportion of the population is at risk of developing neurovascular diseases as a result of the growing prevalence of obesity, high blood pressure, smoking, and surge in geriatric patient population. According to CDC, the risk of developing stroke is doubling every 10 years after the age 55. All these factors are anticipated to boost the demand for neurovascular interventional devices in the coming years.

RESTRAINT: High procedural cost of neurovascular surgeries and associated products

The high cost of neurovascular surgical procedures and devices is a major factor restraining the global market, especially in developing countries with poor reimbursement policies. Additionally, maintenance costs and other associated indirect expenses increase the total cost of ownership of these devices, thereby limiting their adoption. Owing to high costs and a poor reimbursement scenario, a very limited pool of patients in developing countries can afford neurological treatment. As a result, healthcare facilities are reluctant to invest in new or technologically advanced systems, thus limiting the market.

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OPPORTUNITY: Rising number of research activities for neurovascular therapies

Neurovascular devices are witnessing a growing demand among the major stakeholders globally, due to increasing clinical research activities in the field of neurovascular therapies, which offer credible clinical data related to their safety & efficacy profiles. Moreover, the growing emphasis by patients on effective, accurate and early diagnoses of target diseases is driving the number of industry-academia collaborations, investments in clinical studies aimed at the development and commercialization of innovative and therapeutically diverse neurovascular products. In 2021, EIT Health-supported start-up, Oxford Endovascular (UK), raised USD 10 million to boost the research & development of novel neurovascular devices for the treatment of ischemic stroke.

Neurovascular Devices Market Ecosystem

Prominent companies in this neurovascular devices industry include well-established, financially stable manufacturers of neurovascular devices systems, reagent, gel documentation systems and software. These companies have been operating in the market for several years and possess a diversified product portfolio, state-of-the-art technologies, and strong global sales and marketing networks. Prominent companies in this market include Stryker (US), Johnson & Johnson (US), Medtronic plc (US), Terumo Corporation (Japan), and Penumbra, Inc. (US).