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Major factors shaping the Neurovascular Devices Market| $2.1 bn by 2024

Author : Rahul Sankrityayan | Published Date : 2019-04-03 

The Neurovascular Devices Market is set to exceed USD 2.1 billion by 2024; according to a new research report by Global Market Insights. 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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Speaking of the growth potential of neurovascular devices market, it is indeed deemed to be humongous. The exponentially increasing stroke rate worldwide stands as a strong testimony to the aforesaid fact. Statistics related to stroke prevalence are indeed alarming, especially in the U.S. According to WHO, nearly 15 million people worldwide suffer from stroke every year. A major chunk of this figure comes from U.S. Data claims the stroke is the fifth leading cause of death in the United States with nearly 795,000 people suffering from a stroke annually. The astoundingly mammoth prevalence is bound to generate a considerably massive demand for advanced devices, which would drive U.S. neurovascular devices industry size. In fact, U.S. accounted for nearly 85.2% of global neurovascular devices market share in 2017.
 
Another factor that would propel the U.S. neurovascular devices market is the rising prevalence of aneurysm in the nation. As per estimates put forth by the Brain Aneurysm Foundation, close to 6 million Americans suffer from unruptured brain aneurysm. Apparently, the risk of aneurysm rupture is said to upsurge with the increase in age. Consequently, the U.S., currently remnant of a rising geriatric population base and sophisticated healthcare infrastructure, will observe tremendous growth prospects for neurovascular devices market.
 
According to a recent report put forth by Centers for Disease Control and Prevention, almost 87% of the overall strokes can be categorized under ischemic strokes, which mainly occur due to obstruction of blood flow to brain.  It has been found that the disease can be successfully addressed by endovascular surgical techniques which generally require advanced level neurovascular devices. With continuous development in product design in tandem with the encouraging initiatives by the government with regards to stroke management, neurovascular devices industry share from ischemic strokes therapeutics was nearly 43.2% of the overall valuation in 2017. The demand has further prompted renowned neurovascular devices market giants to brainstorm newer innovations in the business space.
 
Citing a relevant instance, Israeli based Rapid Medical has recently made its way to the front page with the development of two controllable interventional neurovascular devices for the treatment of stroke- a Comaneci mesh, a device for brain aneurysm treatment and Tigertriever stent retriever, for treating ischemic stroke. Reportedly, both these devices are CE-marked and are touted as major products in Europe and Israel neurovascular device markets. It is prudent to mention that Germany is a major revenue pocket for Europe, subject to the extensive prevalence of stroke in the country.

Neurovascular devices industry over the past few years has been experiencing rather a plethora of appreciable initiatives by regional players that define innumerable technological breakthroughs. These giants are highly backing on product innovations and mergers & acquisitions as the top-notch growth strategies.  Say for instance, in the year 2016, Terumo Corporation, one of the globally acclaimed players in neurovascular devices market acquired U.S. based aneurysm embolization device manufacturer Sequent Medical, in a bid to enhance its product portfolio and global presence. A year before that, another prominent name in the business, Medtronic acquired Medina Medical, the famous Aneurysm device developer. The deal not only strengthened Medtronic’s portfolio in brain aneurysm treatment but also in flow diversion and clot removal sectors.

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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 neurovascular devices 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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