Neurovascular Catheters Market Growth, Top Manufacturer Analysis and Forecast to 2028

Posted on 2022-09-23 by researchinsights in Healthcare // 0 Comments

San Francisco, California , USA, Sept 23, 2022 — /EPR Network/ —

Neurovascular Catheters Industry Overview

The global neurovascular catheters market size was valued at USD 2.88 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.7% from 2021 to 2028.

The increasing prevalence of neurological conditions such as brain aneurysm and stroke, the adoption of an unhealthy lifestyle, increasing awareness among the population about the treatment of neurological conditions, increasing disposable income, and new product launch by the key market players are some of the prime factors driving the market. The COVID-19 pandemic has posed a significant challenge by limiting access to medical services resulting in inadequate medical services for patients suffering from other diseases. Neurocare clinics and neurosurgeons have been adversely impacted by the pandemic. During this period, brain-related surgeries are often being postponed or even canceled due to the lower transmission of the disease.

Neurosurgical procedures (volume) declined up to 55.0% during mid-2020 among highly affected countries, such as the U.S., Russia, India, Brazil, France, the U.K., Italy, and Spain. These are some of the worst affected countries in terms of confirmed cases and reported deaths. As COVID-19 cases increased rapidly in the U.S., in March 2020, the American College of Surgeons (ACS) issued a recommendation to curtail, postpone, or cancel elective procedures. Following the ACS, the Center for Medicare and Medicaid Services and the American Hospital Association also issued similar recommendations to limit the spread of coronavirus. However, by the end of 2020, neurosurgical procedures witnessed significant growth as pressure on healthcare systems eased with a dampening pandemic, almost nullifying the effect of the previous decline in procedure volume.

Gather more insights about the market drivers, restrains and growth of the Global Neurovascular Catheters market

In addition, supply chain, manufacturing activities, delivery schedules, and sale of neurological devices have been disrupted due to the nationwide lockdowns in the past few months. However, the market is expected to rebound and grow over the forecast period as most of the countries across the globe have started easing lockdown measures and resumed some of the elective procedures. Key players are strategizing to geographically expand their businesses and build more warehouses at various locations to run their operations through various other channels in worst-hit regions. To tackle supply chain disruption, strategies adopted by companies include rerouting logistics, sourcing from additional partners, and quick delivery with air freight. The pandemic has also created opportunities for local manufacturers.

The U.S. FDA controls and regulates medical devices. It classifies medical devices based on the risk associated and accordingly evaluates the regulation that provides a reasonable assurance of device safety and effectiveness. Devices are categorized into three categories: Class I, II, and III. Class I devices fall under the lowest level of risk and require a low level of regulatory control. Class II devices are more complicated than Class I devices; these are associated with slightly higher risk than Class I devices and must comply with stringent regulations. Class III devices are very complex devices and are higher in risk than Class I and II devices.

Neurovascular catheters fall under Class II of FDA regulations (870.1330). According to the FDA, neurovascular catheters are meant to retrieve blood clots in cerebral neurovasculature by mechanical methods, such as suction or snare, laser, or ultrasound technologies.

Neurovascular catheter regulations include premarket notification submission [510 (k)] and de novo classification, which depend on the identification of the predicated device, device technology, and indications for use. This classification is based on the degree of risk, which specifies the risk profile of a device. The device approval may be rejected if the FDA is unable to find a device substantially equivalent to the legally marketed predicated device.

The increasing awareness about neurological conditions, such as stroke, hemorrhage, brain aneurysm, is contributing to the market growth. As per the estimation of the Brain Aneurysm Foundation, it is projected that 500,000 people die due to brain aneurysm every year. Whereas, in the U.S., 30,000 people suffer from brain aneurysm every year. In addition, the federal government of the U.S. spends 83 cents per year on brain aneurysm research for each person affected. Globally, at present, several initiatives and programs have been launched by the governments of various countries to improve public awareness and treatment related to neurological conditions, such as ischemic stroke.

Browse through Grand View Research’s Medical Devices Industry Research Reports.

Cellulite Treatment Market – The global cellulite treatment market size was valued at USD 1.25 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 11.3% from 2022 to 2030.
Acute External Ventricular Drain Market– The global acute external ventricular drain market size was valued at USD 218.71 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.91% from 2022 to 2030.

Neurovascular Catheters Market Segmentation

Grand View Research has segmented the global neurovascular catheters market on the basis of type, application, end-use, and region:

Neurovascular Catheters Type Outlook (Volume, Units; Revenue, USD Million, 2016 – 2028)

Microcatheters
Balloon Catheters
Access Catheters
Embolization Catheters
Others

Neurovascular Catheters Application Outlook (Revenue, USD Million, 2016 – 2028)

Embolic Stroke
Brain Aneurysm
Arteriovenous Malformations
Others

Neurovascular Catheters End-use Outlook (Revenue, USD Million, 2016 – 2028)

Hospitals
Clinics
Ambulatory Surgical Centers
Diagnostic Centers

Neurovascular Catheters Regional Outlook (Revenue, USD Million, 2016 – 2028)

North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)

Key Companies profiled:

Some prominent players in the global Neurovascular Catheters market include

Medtronic
Stryker
phenox GmbH
Penumbra, Inc.
Integer Holdings Corporation
Terumo Corporation
Integra LifeSciences Corporation
Biomerics
Acandis GmbH
Spiegelberg GmbH & Co. KG.

Order a free sample PDF of the Neurovascular Catheters Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Matched content

Editor’s pick