The neurovascular devices market is poised for substantial expansion in the foreseeable future, attributed to the escalating prevalence of neurological conditions such as strokes, aneurysms, and arteriovenous malformations. Furthermore, advancements in neurovascular device technologies, like stent retrievers and flow diverters, play a pivotal role in improving patient outcomes and minimizing complications, fostering market growth.
The global neurovascular devices market is estimated to have reached a value of USD 2.81 billion in 2022 and is projected to grow at a steady Compound Annual Growth Rate (CAGR) of 6.1% to reach USD 4.51 billion by 2030, according to a recent market analysis.
This growth is attributed to several key factors, including:
Rising Prevalence of Neurological Disorders: The increasing incidence of neurological conditions like stroke, cerebral aneurysms, and carotid artery stenosis is driving the demand for neurovascular devices used in minimally invasive treatments.
Technological Advancements: Continuous advancements in device technology, with improved functionalities and patient outcomes, are fueling market expansion.
Growing Focus on Minimally Invasive Procedures: The growing preference for minimally invasive procedures, which offer faster recovery times and reduced risk of complications compared to traditional surgeries, is propelling the market forward.
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Market Segmentation:
The neurovascular devices market is segmented by various factors, including:
Device Type: Cerebral embolization and aneurysm coiling devices, cerebral angioplasty and stenting systems, neurothrombectomy devices, and support devices.
Therapeutic Application: Stroke, cerebral artery stenosis, cerebral aneurysm, and others.
Region: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Key Findings:
The cerebral embolization and aneurysm coiling devices segment is expected to hold the largest market share due to the increasing prevalence of cerebral aneurysms.
The neurothrombectomy devices segment is projected to witness the fastest growth rate due to the rising demand for minimally invasive stroke treatment options.
North America is expected to remain the dominant regional market due to the presence of well-established healthcare infrastructure, high disposable income, and favorable government regulations.
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