Global Neurovascular Devices Market Development & commercialization drive the market growth Repo
- sagar joshi
- Oct 6, 2018
- 4 min read
Neurovascular devices are extensively used for the treatment of neurovascular diseases like brain aneurysm, arteriovenous malformations (AVMs), and others. With the increasing global burden of the neurovascular diseases and rising demand for minimally invasive procedures, the market for neurovascular devices was developed. The market continues to expand on these suitable platforms. Additionally, factors such as favorable reimbursement policies, and ongoing product development & commercialization drive the market growth.
Thus, the global market for neurovascular devices is expected to grow at an exponential rate during the forecast period. Majority of the market players are focusing on the acquisitions, product launches, and distribution agreements. It was estimated that the NHS spent approximately USD 6.6 billion on neurological conditions from 2012-2013. However, high procedural cost followed by reported cases of injury and the need for physician training is estimated to restrain the market growth during the forecast period. It is reported that the average cost for the treatment of neurovascular devices using flow diversion is estimated to be about USD 24,650.
Major Key players for Global Neurovascular Devices Market are Stryker, Medtronic, Johnson & Johnson Services, Inc., TERUMO CORPORATION, Abbott, Merit Medical Systems, Inc., Medikit co., ltd., Penumbra, Inc., MicroPort Scientific Corporation, Evasc, Rapid Medical, Neuravi, W. L. Gore & Associates, Inc., OxfordEndovascular, Sensome, Blockade Medical, LLC., Delaware Corporation, Secant Group, LLC, and Gynesonics.
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On the basis of the end-users, this market has been segmented into
ambulatory surgical units and
hospitals & clinics.
Ambulatory surgical units work for ambulatory surgery centers (ASC) that are also known as
outpatient surgery centers,
same-day surgery centers,
Ambulatory surgical units perform surgical procedures not requiring an overnight hospital stay. Such surgery is commonly less complicated than those required hospitalization.
The product based segmentation segments the market into aneurysm coiling & embolization devices, cerebral balloon angioplasty & stenting systems, neuro thrombectomy devices, and a support device. The aneurysm coiling & embolization devices segment has been sub-segmented into embolic coils, flow diversion devices, and liquid embolic. Embolic coils block blood flow into an aneurysm (weak area of an artery). The embolic protection systems have been segmented into balloon occlusion devices and distal filter devices. Cerebral angioplasty is a procedure useful for opening the partially blocked carotid and vertebral arteries in the neck. They can also do the same for blood vessels within the brain. It has been segmented into is sub-segmented into carotid artery stents and embolic protection systems. Stenting system indicates an improvement of coronary luminal diameter in patients with symptomatic ischemic heart disease.
Neurothrombectomy devices are used for treating acute ischemic strokes. They have been sub-segmented into aspiration devices, retrieval systems, and suction devices. Based on therapeutic application, the market has been segmented into the hemorrhagic stroke and ischemic strokes. A hemorrhagic stroke can be defined as either a brain aneurysm burst or a weakened blood vessel leak. The different types of ischemic strokes occur when the body is deprived of oxygen or any other important nutrients.
The regional segmentation of the global neurovascular devices market comprises of The Americas (North America & South America), Europe, Asia Pacific, and Middle East & Africa (MEA) region. The Americas dominate the global neurovascular devices market due to a large number of patients suffering from neurovascular diseases like arteriovenous malformations (AVMs) and brain aneurysm. Due to technological advancement, high disposable income, and the availability of better medical facilities, North America is the bigger market than South America. Moreover, increasing healthcare expenditure, government aid to researches in the field of medical sciences and the presence of the key players in North America boosts the growth of the market in North America. Majority key players in this region are based in the United States of America (USA).
Europe holds the second largest share in global neurovascular devices market. Increasing prevalence of the neurovascular diseases and the presence of a well-developed healthcare sector are the major factors that drive the market growth in this region. Due to reasons same as The Americas, Western Europe market is bigger than Eastern Europe. In Europe, most of the key players in this market are based in France and the United Kingdom (UK).
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The Asia Pacific region is the fastest growing market for the market due to continuously developing economies like China and India, increasing demands for minimally invasive surgeries by the growing geriatric population, and the presence of a huge patient population. Asia Pacific region is yet to achieve the infrastructure development and technological advancement as par the level of North America and Europe, and there are few countries in this region that are technologically advanced. In the Asia Pacific region, the biggest markets are Australia, China, India, Japan, and South Korea, followed by the rest of Asia Pacific. MEA region is a small market due to political instability in most countries due to movements like Arab Spring.
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Lack of technology and less investment in healthcare due to healthcare not being considered a priority by governments in this region are the reasons for a small market. The biggest markets in this region are Kuwait, Oman, Saudi Arabia, Qatar, and United Arab Emirates (UAE), followed by rest of MEA region.
Latest Industry News
Israel based neurovascular device maker Rapid Medical has won Conformité Européene (CE) Mark approval in the European Union for its Tigertriever 13 stent retriever. This device is used for treating ischemic stroke. 31 JUL 2018
Israel-based medical device company Perflow Medical has announced the first clinical cases of the Cascade dynamic nonocclusive remodeling net, which is commercially available in Europe. 23 JUL 2018.
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