The increasing awareness regarding neurovascular disease, and technological advancements in the diagnostic techniques are expected to propel the demand for neurovascular embolization devices over the forecast period. As per the latest research by the company, the global neurovascular embolization devices market is expected to account for more than US$ 1,733.1 Mn, in terms of value, by 2028 end. The report on neurovascular embolization devices market further projects significant growth potential with average year-on-year growth rate estimated at 4.4% through 2028. This elevation in the growth graph of neurovascular embolization devices market is attributed to increasing demand for minimally invasive neurosurgical procedure for better patient outcomes.
It is claimed by the Brain Aneurysm Foundation that around 6 million people in the U.S. suffer from brain aneurysms, which is expected to fuel the adoption minimally invasive neurovascular procedure. More than 500,000 people worldwide die due to stroke and other disorders associated with cerebral aneurysms, which is also increasing the demand for neurovascular embolization devices. Intracranial aneurysm is prevalent in individuals younger than 60 years, as half out of the total mortality rate due to brain aneurysms comprises share of young individuals below age 50. It is been found by the Brain Aneurysm Foundation that about 15% of individuals possessing aneurysms in the neurovascular tract are very likely to have more than one aneurysm. This factor further increases the demand for neurovascular embolization devices from the individuals suffering from cerebral aneurysms. Neurovascular aneurysms if not treated can result in severe consequences of neurological defects and permanent impairment of cognitive functions in the absence of neurovascular embolization devices. The observations of these outcomes from brain aneurysms is also projected to fuel the demand for neurovascular embolization devices over the forecast period.
Neurovascular embolization devices are majorly adopted by hospitals owing to the requirement of high-end technological devices for the purpose of visualization, navigation, precision and complex nature of the surgery. The outpatient centers segment is projected to grow at a CAGR of 4.8% over the forecast period due to increasing demand for minimally invasive surgeries.
With significant presence of key players and high healthcare expenditure, North America is projected to be the dominant regional market for neurovascular embolization devices over the forecast period. Asia Pacific neurovascular embolization devices market is projected to grow at a CAGR of 5.2% due to growing awareness regarding brain aneurysms and other neurovascular diseases as well as significant presence of key manufacturers.
The company has segmented the global neurovascular embolization devices market based on product type, end user and region. In terms of revenue, the embolization devices product type segment of the neurovascular embolization devices market is expected to hold significant share and grow at a high CAGR of 4.9% in the global neurovascular embolization devices market over the forecast period. Flow diversion stents segment in the neurovascular embolization devices market is also expected to grow at a significant CAGR owing to the low associated risks and their growing adoption by the end users. Aneurysm clips segment in the neurovascular embolization devices market is estimated to contribute 2.4% market share in the terms of revenue. These devices have witness significant decrease in demand due to invasive nature of the treatment.
Additionally, the hospital end-use segment in the neurovascular embolization devices market is predicted to exhibit growth by 4.2% CAGR during the forecast period. However, outpatient Centres hold key growth opportunity due to emergence of minimally invasive treatment modalities such as embolization coils, liquid embolic systems. North America neurovascular embolization devices market is estimated to create an incremental opportunity of US$ 229.7 Mn between 2018 and 2028.
The report tracks some of the key companies operating in the neurovascular embolization devices market, including Integra LifeSciences Corporation, Medtronic plc, Resonetics Llc., Acandis GmbH, B. Braun Melsungen AG., Stryker Corporation, Penumbra Inc., Balt Extrusion S.A., Terumo Corporation, and Johnson and Johnson Services, Inc.
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