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Report: Neurovascular Devices Market to hit USD 2.1 bn by 2024

Author : Rahul Sankrityayan | Published Date : 2019-03-27 

The Neurovascular Devices Market is set to exceed USD 2.1 billion by 2024; according to a new research report by Global Market Insights. High demand for minimally invasive surgical devices will significantly drive market growth over the forecast period. Absence of post-operative complications, enhanced effectiveness and better patient outcomes are the major factors escalating demand for neurovascular devices market. With use of minimally invasive neurovascular devices, patients experience reduction in recovery time. Such factors will favor considerable growth in the future.

Increasing number of brain aneurysm cases will spur the need for neurovascular devices in upcoming years. As per Brain Aneurysm Foundation estimates, about 500 thousand deaths occur worldwide due to brain aneurysms. Use of advanced and novel devices for neurovascular surgeries in healthcare centers will increase number of surgical procedures in foreseeable future. This will positively impact adoption of neurovascular devices, thereby driving business growth during the forecast period.

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According to reports, the EMBOTRAP II Device is designed to rapidly restore blood flow by gripping & retrieving clots within the neurovasculature, thereby protecting against further complications. The FDA approval has indeed, quite overtly, helped the company strengthen its position in the global neurovascular devices market, the valuation of which stood at USD 1.7 billion in 2017.

The rising incidences of stroke and intracranial aneurysm have undoubtedly played a major role in uplifting the product landscape of the neurovascular devices market. According to reliable sources, stroke affects about 800,000 Americans every year, and is a leading cause of disability in the continent, listed as the fifth leading cause of death. The statistics clearly validate that strokes which lead to poor blood flow to the brain are increasing at an exponential rate in the recent years. However, the fatal condition has been found to be successfully addressed by endovascular surgical techniques, which by extension is fueling market demand. Estimates claim that the stent retriever product segment, driven by the rising worldwide stoke rate, will record a y-o-y growth of 3.7% over 2018-2024.

Having spoken about Cerenovus, it is also imperative to mention that the company has significantly disrupted the embolic coils based neurovascular devices market by launching its smallest and softest embolic finishing coil – the Galaxy G3 mini coil.

The embolic coil for the record is used extensively in the endovascular treatment of cerebral aneurysms & hemorrhagic stroke. The increasing prevalence of geriatric population which is most prominently susceptible to ischemic strokes and brain aneurysms, has been the key driving force behind the massive adoption of embolic coils. In fact, as per estimates, embolic coils led overall industry share, by accounting for a valuation of USD 523.4 million in 2017. Industry analysts further anticipate the embolic coils based neurovascular devices market to witness a commendable CAGR over 2018-2024.

Analyzing the aforementioned product development trends, it is wouldn’t be wrong to quote that innovative device launches and technological developments brought forth by the leading players will have a remarkable impact on this business space. However, another important driver supporting the extensive growth of this industry is the exponentially rising adoption rate of minimally invasive procedures.

Minimally invasive surgeries are becoming more & more common place in the overall healthcare & medical devices industry, given the faster recovery rate, less discomfort, and small incisions leading to minimum pain. Thus, the important role that technological developments have played with respect to making the surgeries minimally invasive has further endowed this business space with unprecedented remuneration trends.

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Some of the prominent players involved in neurovascular devices market are Asahi Intecc, Boston Scientific Corporation, Integer Holdings, Integra Lifesciences, Johnson & Johnson, Kaneka Medix Corp., LivaNova PLC, Medtronic, Stryker and Terumo Corporation. These firms adopt strategic initiatives such as mergers, acquisitions, geographical expansion and new product launch to reap benefits in market. For instance, in January 2018, Medronic announced U.S. FDA approval for Riptide Aspiration System for treatment of acute ischemic stroke. This approval will help in expansion of neurovascular product portfolio, thereby increasing its business revenue.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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