A large extent of new developments in the neurovascular devices market stems from strides made in endovascular treatment. The modality has been considered effective for treating intracranial aneurysms. A range of neurovascular devices with new designs and materials have been developed and used in the clinical settings. In the past decade, numerous emerging technologies treatment of intracranial aneurysms have enriched the landscape of the neurovascular devices market. Endovascular devices with low initial total occlusion rates. Recent evolution in the neurovascular devices market has been spurred by trend of incorporation of alternative materials, most notable of which are biopolymers and specialized materials such as nitinol. Manufacturers are keenly testing novel designs especially for treating wide-necked intracranial aneurysms. Advances made in procedural techniques are bolstering the efficacy of neurovascular devices, thereby broadening the prospects.
In recent years, a growing body of research on endovascular treatment has focused on novel approaches for acute ischemic strokes. Regulators have been remarkably active in updating the norms for authorization of novel devices. Growing awareness about the morbidity of diseases such as Parkinson’s disease, Alzheimer’s disease, and conditions such as traumatic brain injury (TBI) has led to extensive research in advancing neuro-interventional endovascular approaches. Healthcare providers are keenly seeking devices that are safe as well as efficacious in treating various types of intracranial aneurysms.
The neurovascular devices market is expected to observe profitable growth across the assessment period of 2018-2026. The rising prevalence of cardiovascular diseases and disorders among a large chunk of the global populace will bring good growth prospects for the neurovascular devices market. An increase in the demand for minimally invasive surgeries and the growing awareness among neurosurgeons about the importance of neurovascular devices will bring tremendous growth opportunities for the neurovascular devices market.
- Neurovascular diseases like cerebral aneurysms, epilepsy, brain stroke, and others are increasing at a rapid rate. Thus, this factor will bring expansive growth prospects for the neurovascular devices market. A surge in the geriatric population will also add extra stars of growth to the neurovascular devices market.
- Research and development activities have a major role in the growth of the neurovascular devices market. The players are involved in these activities for exploring new insights which help in upgrading the neurovascular devices, eventually contributing to the growth of the neurovascular devices market.
- The players in the neurovascular devices market indulge in mergers and acquisitions. These activities help the players strengthen their foothold across the neurovascular devices market, which ultimately help in sowing the seeds of growth.
Global Neurovascular Devices Market: Overview
The global population is aging rapidly. According to WHO, the chances of health risks are greater in geriatric people than the young generation. Old age is considered to be one of the biggest risk factors that are responsible for developing various diseases such as cardiovascular and neurological conditions. It is because of these factors, the global neurovascular devices market is experiencing robust growth in the forecast period of 2018 to 2026. Moreover, various favorable government regulations such as Family Smoking Prevention and Tobacco Control Act, that allows FDA with the power to control production, marketing and use of tobacco products, are another factors that are promoting the growth of global neurovascular devices market over the period of time.
Transparency Market Research provides a consolidated report on global neurovascular devices market. It encapsulates the various facets that can be insightful for the players who are willing to step in and grow in the market. The report enlightens developments, opportunities, challenges and key drivers that are responsible for the growth of the global neurovascular devices market during the forecast period.
Global Neurovascular Devices Market: Notable Development
The consolidated global neurovascular devices market is influenced by the activities of players such as Stryker Corporation, Johnson & Johnson, Penumbra, Inc. Abbott Laboratories, and Merit Medical Systems, Inc. These players are adopting strategies such as mergers, partnerships, and collaborations in order to acquire a competitive edge over their rivals in the global neurovascular devices market.
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Some of the notable development of the market are as follows;
- In December 2016, Codman Neuro, Johnson & Johnson subsidiary took over Pulsar Vascular Inc. The acquisition was aimed at enhancing the product portfolio of the company for hemorrhagic and ischemic stroke.
- Terumo Corporation, Abbott Laboratories and St. Jude Medical Inc. signed an agreement in December 2016. According to the agreement, Terumo Corporation acquired St. Jude Medical’s Angio-Seal and FermoSeal Vascular closure product line along with Abbott’s Vado Steerable Sheath. With this agreement, the acquirer enhanced its portfolio in minimal invasive site management. It also strengthened the company’s visibility in U.S. neurovascular devices market.
- July 2016, marked the launch of ACE 68 Reperfusion Catheter by Penumbra, Inc. The product was launched for acute ischemic stroke treatment. The device includes the latest technologies that are designed to deliver aspiration power to its full strength so as to extract thrombus in acute ischemic stroke.
These are the development that is influencing other players of global neurovascular devices market to invest heavily in research and development in order to compete with their rivals.
Global Neurovascular Devices Market: Key Drivers
With the launch of new and technologically advanced miniaturized neurovascular devices, the global neurovascular devices market is witnessing robust growth in the forecast period. Also, the commercialization of effective, easy-to-use, and technologically advanced neurovascular devices are influencing the growth of global neurovascular devices market in recent duration. Various developments in terms of technology, effectiveness, accuracy, and reduction in risk of traumas are one of the key factors that are promoting the growth of global neurovascular devices market.
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Moreover, various government bodies across multiple countries are proactively recognizing the benefits of neurosurgical and interventional neurology products. They are heavily accepting and acknowledging devices such as stents, coils, and flow diverters to offer better neurosurgical solutions to the people of their respective countries. Owing to these reasons, the global neurovascular devices market is expected to witness robust growth in the forecast period of 2018 to 2026.
Global Neurovascular Devices Market: Regional Analysis
North America is accounted for the highest growth in the global neurovascular devices market during the forecast period. The growth of the region is attributed to the favorable reimbursement structure, especially in U.S. and extensive research and development investments along with a variety of product launches by neurosurgeons. Finally, the availability of various advanced technology to improve the efficiency and reliability of neurovascular devices is also a major factor for North America to lead other regions of global neurovascular devices market in the forecast period.
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