The Neurovascular Devices Market is expected to grow at a CAGR of 4.5% to reach USD 777.4 million by 2028. The Neurovascular Devices Market, specifically the embolic protection devices segment, experiences robust expansion in emerging economies such as India, China, and South Africa. Factors fueling this growth include the escalating incidence of chronic diseases, burgeoning disposable income levels, heightened consciousness regarding healthcare, escalating private healthcare sector investments, and government initiatives to enhance healthcare infrastructure in rural areas. Key players, including Terumo, Stryker, and Medtronic, are capitalizing on these opportunities by augmenting research and development investments and expanding their manufacturing footprint in these markets.
North America dominates the regional market because of The Neurovascular Devices Market represents a significant growth opportunity for businesses in the healthcare industry. These devices, used for the treatment of neurological conditions and strokes, demonstrate a rising demand due to an aging population and increasing prevalence of neurological disorders. Key players in this market include Stryker, Medtronic, and Boston Scientific, who invest in research and development to innovate and expand their product offerings. The market is expected to grow at a robust CAGR through 2027.
There are various factors that drive the Neurovascular Devices Market market which are as following: In developed markets, including North America and Europe, healthcare reimbursement is facilitated through public or private payment systems. Governments are incentivizing the adoption of neurovascular devices through initiatives and regulatory approvals, leading to favorable reimbursement policies. In the US, Medicare and Medicaid provide reimbursement under Diagnostic-Related Groups (DRGs) and Ambulatory Payment Classifications (APCs), with procedures coded using Current Procedural Terminology (CPT). Typically, these schemes cover approximately 75% of device costs and related treatment expenses.
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Neurovascular Devices Market Segmentation
Product (Embolization devices, Revascularization devices, Embolic protection devices) Geography (North America, Europe, Asia, Rest of World (ROW))
The market witnesses several challenges, which are as follows In the Neurovascular Devices Market, traditional endovascular surgical techniques such as surgical clipping and the use of stents and flow diverters serve as alternatives to embolization coil devices. Endovascular surgery is a minimally invasive procedure utilized for treating various blood vessel conditions, including aneurysms. During this process, an endovascular graft, a fabric tube device reinforced with a self-expanding stainless steel stent, is inserted into the arteries via a catheter and positioned within the aorta. The graft expands, sealing off the aneurysm and halting blood flow into it. Surgical clipping entails the placement of a tiny metal clip across the aneurysm's neck to obstruct blood from entering the affected blood vessel.
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Some of the key companies that have been profiled in the report include:
In accordance with Technavio's market classification, the neurovascular devices market falls under the expansive umbrella of the global healthcare equipment industry. This sector encompasses entities involved in the research and development (R&D) of a diverse range of product categories, such as capital equipment, instruments, implants, accessories, and consumables. These products are integral to the diagnosis, monitoring, and treatment of numerous diseases. The size of the global healthcare equipment market is determined by Technavio through the aggregated revenue generated by manufacturers of diagnostic equipment and neurovascular devices used across various therapy areas. The healthcare equipment sector is segmented into Devices, which incorporates advanced, differentiated, and clinically tested data-driven devices, including neurovascular devices. - The Neurovascular Devices Market is experiencing significant growth, fueled by the Availability of favorable reimbursement coverage. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
The Neurovascular Devices Market encompasses a range of medical devices used in the diagnosis and treatment of brain vascular disorders, including aneurysms, hemorrhagic strokes, and ischemic strokes. Hospitals play a significant role in the market, as neurovascular devices are primarily used in their facilities by neurosurgeons and interventional neurologists. These specialists employ various techniques such as stenting systems, cerebral balloon angioplasty, and aneurysm coiling to treat brain vascular conditions. Advancements in personalized medicine, imaging technologies, proteomics, and genomics are driving innovation in neurovascular devices. Technological developments include the use of minimally invasive procedures, such as endovascular treatments, which reduce patient risk and improve outcomes. Regulatory reforms are also playing a role in the market's growth, enabling faster approval processes for new neurovascular devices. Neurovascular devices are used in catheter-based procedures, such as fluoroscopy and angiography, to diagnose and treat conditions like aneurysms. Patient safety remains a top priority in the market, with healthcare providers continually seeking out devices that offer the best possible outcomes while minimizing risks. Some of the most common neurovascular devices include stenting systems, cerebral balloon angioplasty devices, and aneurysm coiling systems. Overall, the Neurovascular Devices Market is poised for significant growth due to the increasing prevalence of neurological illnesses and the ongoing development of new and innovative technologies.
Technavio Research
Jesse Maida
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