Neurovascular Devices Market Volume Analysis, Segments, Value Share and Key Trends 2016-2026
Neurological devices/Interventional neurology is the non-surgical specialty that uses minimally invasive, image guided techniques for the treatment of most complex and dangerous diseases of neck, brain, and spine. The surgical procedure or specialty for the treatment of neurovascular diseases is called neurosurgery. Neurology is the medicine branch that deals with the disorders of the entire nervous system and brain. Interventional neurology deals with the treatment and diagnosis of all categories diseases and conditions involving the peripheral and central nervous system. Arteries weakening may increase the risk of intracranial bleeding and create brain aneurysms. Neurovascular disease is the main cause of adult disability. Approximately 4.5 Mn Americans have a stroke, out of which only few recover completely. But enhanced technology is helping the healthcare professionals to minimize the impact of neurovascular disease. A variety of material such as nitinol, cobalt, platinum can be used in neurovascular devices to achieve the specialized characteristics for aneurysm repair and ischemic stroke prevention.
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Neurovascular DevicesMarket: Drivers and Restraints
The major driving factor for the global neurovascular devices/interventional neurology market is growing obese and ageing population, technological enhancements in the field of interventional neurology market. The neurovascular devices/interventional neurology market growth can be attributed to factors such as rising patient pool for hemorrhagic and ischemic stroke and increasing demand for minimally invasive procedures for the treatment of neurovascular disease. According to the upcoming data of clinical trials, interventional procedure is more favourable than neurosurgery as there is minimal damage to surrounding tissues, minimal surgical trauma, lesser possibility of infection in post-surgical phase and lesser surgical scar. However, a dearth of skilled neurologists is restraining the growth of global neurovascular devices/interventional neurology market. Stringent regulatory policies across the major markets also posing significant challenges for global neurovascular devices/interventional neurology market growth.
Neurovascular DevicesMarket: Segmentation
Neurovascular Devices/Interventional Neurologymarket is classified on the basis of product type, technology type, end users and geography.
Based on product, the global neurovascular devices/interventional neurology marketcan be segmented as follows:
- Aneurysm Coiling & Embolization Devices
- Embolic Coils
- Flow Diversion Devices
- Liquid Embolic Agents
- Cerebral Balloon Angioplasty & Stenting Systems
- Carotid Artery Stents
- Embolic Protection Systems
- Support Devices
- Micro catheters
- Micro guide wires
- Neurothrombectomy Devices
- Clot Retrievers
- Suction and Aspiration Devices
Based on technology, the global neurovascular devices/interventional neurology marketcan be segmented as follows:
- Embolization and Coiling
- Carotid Artery Angioplasty and Stenting
- Supporting Technologies
Based on end user, the global neurovascular devices/interventional neurology marketcan be segmented as follows:
- Ambulatory Surgical Centers
Neurovascular Devices Market: Overview
Interventional neurology is the procedure that refers to special kind of endovascular procedure within the spinal cavity or within the vessels of the brain, imaging guidance, utilizing minimally invasive techniques and special micro catheter, guide wire and other small devices to treat stroke and other neurological disorders. In 2015, the embolization & coiling technology segment is estimated to account for the largest market share, while the Cerebral Balloon Angioplasty & Stenting technology segment is expected to be the fastest growing segment. High growth of Cerebral Balloon Angioplasty & Stenting segment can be attributed to the expansion adoption of balloon catheter and carotid stents among neurologists, increasing in population of patient suffering from ischemic strokes and atherosclerosis, increasing interventional neurologists, hospitals and neurosurgical centers and improvement in reimbursement scenario across developed countries.
Neurovascular DevicesMarket: Region-wise Outlook
Depending on geographic regions, global neurovascular devices/interventional neurologymarket is segmented into seven key regions: North America, South America, Eastern Europe, Western Europe, Asia Pacific, Japan and Middle East & Africa. North America is expected to command the largest market share in 2015, followed by Europe. Asia Pacific is expected to grow at the highest CAGR in the next five years, owing to rising awareness among neurologists related to benefits of interventional neurology devices and decreasing prices of neurovascular devices in Asia Pacific. Strong growth of neurovascular devicesmarket in North America can be attributed to factor such as favourable reimbursement scenario, significant adoption of interventional neurology devices among neurologists and large presence of device manufacturers in the region.
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Neurovascular Devices Market: Key Players
The global neurovascular devices/interventional neurology market is dominated by Medtronic, plc (U.S.), Stryker Corporation (U.S.), Terumo Corporation (Japan), Johnson & Johnson (U.S.), W. L. Gore & Associates, Inc. (U.S.), Merit Medical Systems, Inc. (U.S.), Abbott Laboratories (U.S.), Penumbra, Inc. (U.S.). Strategic acquisitions, geographic expansion, agreements, new product launches and collaborations are the major adopted strategies by most key players to achieve growth in the global neurovascular devices/interventional neurology market.