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Neurovascular Thrombectomy Devices Market Segmented By Stent Retriever and Aspiration Catheter Product in Hospitals, Neuro-Catheterization Labs and Specialized Neurosurgery Centers
Demand for Neurovascular Thrombectomy Devices witnessed a CAGR of 6.7% between 2013 and 2021. The global Neurovascular Thrombectomy Devices Market is expected to grow at 6.4% CAGR between 2022 and 2026. In 2022, the global Neurovascular Thrombectomy Devices Market size was US$ 655.2 million, which is projected to reach US$ 841.2 million by the year 2026.
| Attribute | Key Insights |
|---|---|
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Neurovascular Thrombectomy Devices Market Size (2022) |
US$ 655.2 Mn |
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Projected Market Value (2026) |
US$ 841.2 Mn |
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Global Market Growth Rate (2022-2026) |
6.4% CAGR |
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Neurovascular Thrombectomy Devices Market is expected to witness a CAGR of 6.4% between 2022 and 2026. The rise in neurovascular disorders and the increasing geriatric population are contributing to the increase in demand for Neurovascular Thrombectomy Devices. Furthermore, the development of technologically sophisticated products and initiatives to raise awareness about neurovascular illnesses and their prevention are among the reasons that are anticipated to drive the market for Neurovascular Thrombectomy Devices.
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Get a Customized VersionThe rise in neurovascular disorders and the increasing aging population are contributing to the increase in demand for Neurovascular Thrombectomy Devices. Furthermore, the development of technologically sophisticated products and initiatives to raise awareness about neurovascular illnesses and their prevention are among the reasons that are anticipated to drive the market for Neurovascular Thrombectomy Devices.
Various government and non-profit groups are working to raise awareness about ischemic strokes and prevention methods. Government subsidies and supportive reimbursement policies also assist to drive market growth. Rising awareness and device acceptance will help in the market expansion of neurovascular thrombectomy devices.
The neurovascular devices market is categorized into embolic protection devices, embolic coils, intracranial stents, intrasaccular devices, and so on. Due to the rising occurrence of brain aneurysms and ischemic stroke, the embolic coils segment is expected to be in demand. For individuals who are at significant or prohibitive surgical risk, embolization coils and occlusion devices are employed to successfully eradicate the residual central aorta to the pulmonary artery. The increased need for less invasive procedures such as coil embolization will drive up future demand for embolic coils.
A key obstacle that is expected to hamper market growth is lack of competent laboratory experts. As diagnostic laboratories deploy advanced Neurovascular Thrombectomy devices and automating processes, the expansion of diagnostic laboratories is also limited by a scarcity of skilled professionals. Although the demand for medical laboratory professionals is rising, the number of new graduates from clinical laboratory programs is decreasing, limiting the market's growth.
The high cost of Neurovascular Thrombectomy devices is the most significant impediment to market expansion. Apart from the cost of the equipment, a significant amount of money needs to be spent on the infrastructure of a diagnostic room, particularly in developing nations. Because of the high cost of the equipment, the services are also expensive, thereby making them inaccessible to the majority of the patients in many countries. Patients from low- and middle-income countries are price-sensitive and cannot afford extremely high device costs, which is likely limit market expansion in several emerging countries.
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“Decrease in spending on system upgrades and technological advancement.”
The COVID-19 pandemic had a moderate impact on the Neurovascular Thrombectomy Devices Market because, during the pandemic, the majority of elective brain procedures were rescheduled to make room for those being treated for the virus. Moreover, as hospitals postponed elective admissions and treatments, hospital admissions began to decline in March 2020. In addition, physicians shifted away from in-person treatment toward telemedicine, and many patients had put off seeking medical aid.
Neurovascular Thrombectomy Devices industry is very competitive and highly consolidated due to the presence of several large players. Key players in the neurovascular thrombectomy devices market are focusing on acquiring companies in order to increase their product offerings and gain a larger share of the global neurovascular thrombectomy devices market in terms of revenue.
| Attribute | Details |
|---|---|
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Forecast Period |
2022-2026 |
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Historical Data Available for |
2013-2021 |
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Market Analysis |
US$ Mn/Bn for Value |
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Key Regions Covered |
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Key Countries Covered |
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Key Market Segments Covered |
By Product |
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Key Companies Profiled |
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Customization & Pricing |
Available upon Request |
Neurovascular Thrombectomy Devices Market by Product
Neurovascular Thrombectomy Devices Market by Region
In 2022, the Neurovascular Thrombectomy Devices Market stands at USD 665.2 milion, and it is expected to reach USD 541.2 million by 2026 at a CAGR of 6.4%.
Neurovascular Thrombectomy Devices Market exhibited a 6.6% CAGR between 2013 and 2021.
High equipment cost and lack of skilled laboratory professionals are the key restraints in the Neurovascular Thrombectomy Devices Market.
An increase in the number of neurovascular disorders and increasing awareness about Ischemic Stroke and its prevention are the key factors driving the growth of the market.
Johnson & Johnson, Medtronic Plc, Stryker Corporation, and Edwards Lifesciences Corporation are among the top players in the market.
