Neurovascular Devices Market – Expansion of Healthcare Infrastructure Across Emerging Markets

PUNE, India, 2021-Jun-14 — /EPR Network/ —

Overview of This Study:

This study involved four major activities in estimating the current size of the neurovascular devices market. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and market sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were used to estimate the total market size. After that, the market breakdown and data triangulation were done to determine the market size of the segments and sub-segments.

Research Methodologies Followed:

Primary Research:

The neurovascular devices market comprises several stakeholders, such as end-product manufacturers, raw material providers, and end-users in the supply chain. The demand-side of this market is characterized by its end-users, such as hospitals & surgical centers, ambulatory care centers, research & academic institutes, among others. The supply-side is characterized by raw material providers, integrators, and others. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information.

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Secondary Research:

This research study involved the use of extensive secondary sources, directories, and databases, such as Hoover’s, Bloomberg BusinessWeek, Factiva, and OneSource, to identify and collect information useful for a technical, market-oriented, and commercial study of the neurovascular devices market. The other secondary sources included annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, manufacturer associations, trade directories, and databases.

Expected Growth in Revenue:

The neurovascular devices market size is expected to grow from an estimated USD 2.5 billion in 2021 to USD 3.8 billion by 2026, at a CAGR of 8.6%.

Major Growth Influencing Factors:

The growing target patient population, ongoing product development, and commercialization, favorable medical reimbursements, expansion of healthcare infrastructure across the emerging markets, growth in market demand for effective neurovascular devices, increase in research in the field of neurovascular therapies, rise in demand for minimally invasive neurosurgical procedures, and increase in awareness among neurosurgeons about minimally invasive surgical procedures are high growth prospects for the neurovascular devices market during the forecast period.

COVID-19 Impact on the Global Neurovascular Devices Market

Globally, the outbreak of COVID-19 has impacted every aspect of the medical devices industry, including interventional neurology devices. From the past six months, the number of patient visits to hospitals has also reduced significantly despite the emergency. There is considerable variation in the management of neurointerventional procedures during the COVID-19 pandemic. Patients are avoiding healthcare institutions to prevent contact with COVID-19 patients and healthcare professionals.

Falling rates have been observed across a range of acute and critical conditions, including stroke, myocardial infarction, and various cancers. The interventional neurology devices market is expected to be impacted due to the temporary postponement of various elective surgeries, as governments and authorities seek to ensure the availability of resources for COVID-19 patients. Closed manufacturing facilities due to lockdowns have also disrupted supply chains, and reduced recruitments for clinical trials have further impacted the growth of the overall neurovascular devices market in 2020.

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Restraints: High procedural cost of neurovascular surgeries and related products

The high cost of neurovascular surgical procedures and devices is a major factor restraining the global neurovascular devices market, especially in developing countries with poor reimbursement policies. The average cost of standard procedures to treat aneurysm and artery disorders is USD 45,000 to USD 50,000 in the US. Additionally, maintenance costs and other associated indirect expenses increase the total cost of ownership of these devices, thereby limiting their adoption. Small hospitals and standalone ASCs are less inclined to invest in costly and sophisticated technologies due to budgetary constraints; this is more prominent in developing countries. Owing to high costs and a poor reimbursement scenario, a very limited pool of patients in developing countries can afford neurological treatment. As a result, healthcare facilities are reluctant to invest in new or technologically advanced systems, thus limiting the neurovascular devices market.

Challenges: Stringent regulations

Several key neurovascular device manufacturers (such as Stryker and Medtronic Plc) have been successful in the development and subsequent commercialization of their respective products during the last decade. These products were primarily intended for interventional use during neurovascular surgeries. However, across the mature markets (particularly in the US), the developmental pipeline for interventional neurology products is affected mainly by pricing pressure faced by the key product manufacturers as a result of unsupportive government reforms undertaken in the last three years.

North America is expected to be the largest market during the forecast period.

North America is estimated to be the largest market for neurovascular devices market during the forecast period. The neurovascular devices/interventional neurology market in North America is driven primarily by factors such as the growing target patient population for neurovascular diseases, rising awareness among neurosurgeons regarding the benefits offered by interventional neurology devices, and ongoing government initiatives to modernize & expand healthcare infrastructure. Additionally, the adoption of these devices has increased due to falling product prices, thereby further supporting the market growth in this region.

Key Market Players

The major players in the neurovascular devices market are Johnson & Johnson (US), Medtronic PLC (Ireland), Stryker Corporation (US), Terumo Corporation (Japan), Penumbra, Inc. (US), MicroPort Scientific Corporation (China), Kaneka Corp. (Japan), Integer Holdings Corporation, BALT (France), Perflow Medical, Phenox GmbH (Germany), Sensome (France), Evasc (Canada), Rapid Medical (Israel), Asahi Intecc Co. Ltd (Japan), Acandis GmbH (Germany), Medikit Co. Ltd (Japan), Imperative Care (US), Lepu Medical (China), and Cerus Endovascular (US), among others.

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