Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Neurovascular devices are required for surgeries for stroke and brain aneurysms. Factors such as approval and launch of neurovascular devices are expected to fuel growth of the global neurovascular devices market.
For instance, in April 2020, Cerus Endovascular Ltd. announced that it received CE Mark approval for its 0.021-inch Contour Neurovascular System, compatible with smaller commercially available 021 microcatheters for treatment of saccular intracranial aneurysms.
The global neurovascular devices market is estimated to be valued at US$ 2,340.4 million in 2020 and is expected to exhibit a CAGR of 4.1% during the forecast period (2020-2027).
Global Neurovascular Devices Market - Impact of Coronavirus (Covid-19) Pandemic
Supply chain and manufacturing activities in India, Italy, Spain, U.K., and the U.S. have been disrupted due to the nationwide lockdowns in the past few months, whereas countries such as Saudi Arabia, UAE, Egypt, and others are facing problems with regards to transportation of products.
Neurovascular devices are required for surgeries for stroke and brain aneurysms, which might be delayed due to the pandemic. During the pandemic, brain surgeries are often being postponed or even cancelled. Moreover, neurosurgeons are currently facing various challenges such as treatment priority setting, ethical decision-making and risk of moral injury, as well as medico-legal risks, and financial uncertainties.
Delivering care to patients with neurological disease during this crisis is challenging due to competing risks of death from cancer versus death or serious complications from SARS-CoV-2, and the likely higher risk of COVID-19 in immune compromised hosts.
According to a study published in the National Center for Biotechnology Information in July 2020, neurosurgical care has been impacted by COVID-19. Elective surgical procedures have been cancelled so that operating theater staff and operating equipment can be deployed for critical care. Outpatient activity has been reduced in order to redirect resources and to lower transmission of the disease by decreasing the footfall in hospitals.
Figure 1. Global Neurovascular Devices Market Share (%) Analysis, By Therapeutic Application, 2020
Increasing prevalence of neurovascular diseases is expected to drive the global neurovascular devices market growth
The rising incidence of neurovascular diseases, owing to sedentary lifestyle and the increasing geriatric population across the globe are projected to boost demand for neurovascular devices. The prevalence of stroke has increased steadily in low- and mid-income countries.
The increasing prevalence of neurovascular diseases such as cerebral aneurysm, arteriovenous malformations, intracranial stenosis, arteriovenous fistula, and vasculitis is expected to propel growth of the global neurovascular devices market during the forecast period.
According to a study published in the Methodist DeBakey Cardiovascular Journal in 2014, around one million strokes occur annually in the U.S. with 10% to 15% accounting for intracranial atherosclerotic disease.
Stroke is the most common cause of death, followed by heart diseases and cancer worldwide. For instance, according to the WHO, in 2016, 15.2 out of 56.9 million deaths worldwide were due to stroke. Acute ischemic stroke (AIS) is the most common form of stroke caused due to reduced blood supply to the brain, which kills the brain cells.
Neurovascular Devices Market Report Coverage
||Market Size in 2020:
||US$ 2,340.4 Mn
|Historical Data for:
||2017 to 2019
||2020 to 2027
|Forecast Period 2020 to 2027 CAGR:
||2027 Value Projection:
||US$ 3,180.7 Mn
- North America: U.S. and Canada
- Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
- Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
- Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
- Middle East: GCC, Israel, and Rest of Middle East
- Africa: South Africa, North Africa, and Central Africa
- By Device Type:
- Embolization Coils: Platinum Coils, Coated Platinum Coils, Liquid Embolic Coils.
- Neurovascular Stents: Carotid Artery Stents, Flow Diversion Stents.
- Neurothrombectomy devices: Clot Retrievers, Aspiration/ Suction Devices, Vascular Snares.
- Embolic Protection Devices: Distal Filter Devices, Balloon Occlusion Devices.
- Neurovascular Supporting Devices: Microcatheters, Microguidewires.
- By Therapeutic Application: Cerebral Aneurysms, Ischemic Stroke, Cerebral Artery Stenosis, Arteriovenous Malformations (AVMs) and AV Fistulas, Others.
Medtronic Plc., Abbott Laboratories, Johnson & Johnson, Merit Medical Systems, Inc., Stryker Corporation, Penumbra, Inc., Acandis GmbH & Co. KG, MicroPort Scientific Corporation, Terumo Corporation, and Cerus Endovascular Limited.
- Increasing prevalence of neurovascular diseases
- Product approvals and launches
|Restraints & Challenges:
Neurovascular Devices Market- Restraints
Neurovascular devices are technologically advanced devices used in surgery, diagnosis, and treatment of various neurological diseases. Due to technical faults, the U.S. FDA often recalls neurovascular devices, which is expected to hamper the global neurovascular devices market growth during the forecast period.
For instance, in September 2018, the U.S. FDA recalled the Intracranial Neurovascular Stent under Class 2 Device Recall developed by Stryker Neurovascular due to use-related coating damage on delivery catheter shafts of Wingspan delivery catheters.
Neurovascular Devices Market– Regional Analysis
North America accounted for the largest share in the neurovascular devices market in 2019, as key players in the region are focused on expansion of business in order to expand their presence in the market in the region. For instance, in July 2017, Johnson & Johnson announced introduction of Ceronovus, its new neurovascular business for effective stroke care. The strategy was focused on development of innovative products for hemorrhagic and ischemic stroke patients, thereby, expanding its existing customer base and strengthening its market position.
Furthermore, Asia Pacific is expected to observe the fastest growth during the forecast period, as key players are focusing on various inorganic strategies such as acquisition and collaborations to expand their market presence. For instance, in 2016, Terumo Corporation acquired Sequent Medical, Inc., a privately-held firm developing a new medical device for aneurysm embolization.
Figure 2. Global Neurovascular Devices Market Value (US$ Mn) & Y-o-Y Growth (%), 2017-2027
Neurovascular Devices Market- Competitive Landscape
Key players operating in the neurovascular devices market include Medtronic Plc., Abbott Laboratories, Johnson & Johnson, Merit Medical Systems, Inc., Stryker Corporation, Penumbra, Inc., Acandis GmbH & Co. KG, MicroPort Scientific Corporation, Terumo Corporation, and Cerus Endovascular Limited.