Vascular disorders including cerebral circulation illustrates a miscellaneous and a complex spectrum of pathology. For the past few years, various advancements in patient diagnosis, evaluation, imaging analysis, less invasive therapeutic modalities, medical therapies, and microsurgical treatments in the cerebrovascular field have taken place. Such advancements are propelled by continued research from in vitro, in vivo, transitional, and clinical studies which have influenced neurovascular diagnostics on a significant scale.
Neurovascular disorders such as arteriovenous malformations (AVMs), carotid artery disease, brain aneurysms, and intracranial atherosclerotic disease have taken a huge toll on health and economy worldwide. This can result in various neurological problems, disability, and death. In a bid to ease the neurological disease burden, physicians are adopting advanced neurovascular devices to treat such conditions.
Adoption of Neurovascular Devices to Treat Ischemic Stokes Continues to Influence the Market
Ischemic stroke is a heterogeneous multifactorial disease that is characterised by an abrupt onset of various neurological signs that are associated with places of injury taken place in the brain. Rapidly increasing aging population coupled with a vase population base affected by ischemic stroke is a major aspect fuelling demand for neurovascular devices in the disorder’s treatment. For instance, according to the analysis of American Association of Neurological Surgeons, more than 700,000 individuals suffer from strokes every year. As per Centers of Disease Control and Prevention (CDC), about 87% cases are of ischemic strokes wherein there is a blockage to the flow of blood to the brain. The blood clot in brain results in loss of control on body functions controlled by that part of the brain. In order to avoid such critical neurological conditions, it becomes important to use neurovascular devices to treat the disease. This has fuelled the adoption of thrombectomy devices in treating ischemic strokes consequently complementing the growth of the neurovascular devices market.
North America to Account for a Major Share in the Neurovascular Devices Market
Developed economies in North America reflected significant contribution in terms of value in the neurovascular devices market and are expected to maintain the status quo in the following years. This can be attributed to better reimbursement policies, significant funding in healthcare research and development and strong diagnostic procedures. Additionally, the sales of neurovascular devices continue to remain influenced by growing prevalence of strokes in the region. According to CDC, stroke is one of the major causes of death in United States and a leading cause of critical disability among adults. Around 795,000 individuals in the United States suffer from stroke every year. Off these, around 610,000 cases are new strokes.
Stroke also reduces mobility functions in more than half of those individuals who have survived the disorder with an age of 65 years and above. Thus, rising cases of strokes and higher prevalence of ischemic stroke cases are likely to influence demand, in turn bolstering growth of the neurovascular devices market in North America region. Furthermore, other macro aspects such as better healthcare infrastructure, growing hospital collaborations and growing presence of major manufacturers and distributors of neurovascular devices in the region are also expected to boost market growth.
Neurovascular Devices Market: Competitive Landscape
Companies in the neurovascular devices market continue to apply various growth strategies to ensure a prominent market position. They are involved in various activities such as new product development and launches, partnerships and collaborations. For instance, in 2020, Johnson & Johnson introduced Cerenovus Stroke Solutions that cover a package of three devices which are designed to assist physicians in various clot removal procedures. Likewise, in August 2020, Surpass Evolve Flow Diverter was launched in the US by Stryker Corporation following its approval by US FDA (Food and Drug Administration). This 64-wire chromium-cobalt flow diverter is intended in aneurysm treatment.
In 2021, Genesis MedTech and Penumbra entered into a partnership in a bid to expand their hold in neurovascular devices market in China. Same year, TMC (Terumo Medical Corporation) launched AZUR Vascular Plug. This is the only plug that is compatible with microcatheter. With this it is possible to occlude arteries with diameter up to 8mm. This one of a kind advanced product innovation supported TMC in strengthening its market position worldwide.
Few of the major players in the neurovascular devices market include Medtronic, Penumbra Inc., Johnson & Johnson, Stryker Corporation, Abbott Laboratories, Codman Neuro, MicroPort Scientific Corporation, MicroVention Inc., and Merit Medical Systems Inc.
Global Neurovascular Devices Market is Segmented as Below:
By Therapeutic Application
Key Elements Included In The Study: Global Neurovascular Devices Market
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