The market is expected to reach USD 2.62 Billion by 2021 at a CAGR of 8.6% during 2016 to 2021. Major factors driving the growth of this market include growing target patient population, ongoing product development & commercialization, favorable medical reimbursements, expansion of healthcare infrastructure across emerging markets, and growing market demand for effective neurovascular devices.
Moreover, increasing number of researches in the field of neurovascular therapies, rising demand for minimally invasive neurosurgical procedures, and increasing awareness among neurosurgeons about minimally invasive surgical procedures provide significant growth opportunities in the market. However, stringent regulatory scenario and dearth of skilled neurosurgeons may hinder the growth of this market during the forecast period.
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Neurovascular/interventional neurology devices are used to treat several neurovascular diseases (including aneurysms, arteriovenous malformations, atherosclerosis, and moyamoya disease) that affect the central nervous system as well as the blood vascular system associated with it. As compared to conventional neurovascular devices such as neurosurgery and radiosurgery devices, interventional neurology devices offer a minimally invasive mode of treatment.
On the basis of product, the neurovascular devices market is segmented into the neurovascular devices market is segmented into aneurysm coiling and embolization devices, cerebral balloon angioplasty and stenting systems, support devices, and neurothrombectomy devices. The aneurysm coiling and embolization devices segment, by type, is segmented into embolic coils, flow diversion devices, and liquid embolic agents. The aneurysm coiling and embolization devices segment is expected to account for the largest market share in 2016. This can primarily be attributed to the growing end-user preference for minimally invasive neurosurgical procedures and increasing market availability of embolic coils for neurovascular treatment.
On the basis of disease pathology, the neurovascular devices market is segmented into ischemic strokes, cerebral aneurysm, arteriovenous malformations & fistulas, and other diseases. The ischemic stroke segment is expected to grow at the highest CAGR during the forecast period due to the growing incidence of ischemic stroke across the globe and increasing patient preference for minimally invasive surgeries.
The market is dominated by North America, followed by Europe, Asia Pacific, and the Rest of the World. North America is expected to dominate the market in 2016. Asia Pacific is expected to grow at a highest CAGR during the forecast period. Factors such as presence of a large patient population base for target diseases, rising awareness among neurosurgeons related to the benefits offered by interventional neurology devices, and ongoing government initiatives to modernize & expand healthcare infrastructure are expected to drive market growth in Asia Pacific. Moreover, the growing focus of major players in this region is expected to boost the neurovascular devices market in Asia Pacific.
As of 2015, Stryker Corporation (U.S.), Medtronic plc (U.S.), Johnson & Johnson (U.S.), Terumo Corporation (Japan), Penumbra, Inc. (U.S.), Abbott Laboratories (U.S.), Merit Medical Systems, Inc. (U.S.), W. L. Gore & Associates, Inc. (U.S.), and MicroPort Scientific Corporation (China) are some of the key players operating in the global market.
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