Global Neurovascular Devices Market Opportunity Analysis and Industry Forecast 2020-2027

Neurovascular Devices Market
Neurovascular Devices Market

  

The demand for neurovascular devices is expected to increase due to the increased incidence of neurovascular illnesses brought on by sedentary lifestyles and the growing geriatric population around the world. Stroke prevalence has consistently climbed in low- and middle-income nations. During the projection period, it is anticipated that the prevalence of neurovascular disorders such as cerebral aneurysm, arteriovenous malformations, intracranial stenosis, arteriovenous fistula, and vasculitis will fuel market growth.

The global Neurovascular Devices Market is estimated to be valued at US$ 2,340.4 million in 2020 and is expected to exhibit a CAGR of 4.1% during the forecast period (2020-2027).

Growing interest in less invasive surgical methods for treating a variety of neurological illnesses among neurosurgeons and patients will increase market demand. In order to advance their businesses, market participants are also concentrating on integrating high-tech solutions into minimally invasive neurosurgical devices, such as mixed reality (MR) and augmented reality (AR). Patients with neurovascular illnesses treated with minimally invasive methods pay less for care, feel less pain, and recover more quickly.

The market is anticipated to be moderately and temporarily affected by COVID-19. Depending on the state of the local health systems and the steps taken to battle the pandemic, the effect of the epidemic on the market differs by country. The epidemic has had a negative effect on neurocare and neurosurgeons. Brain procedures have frequently been delayed or even cancelled during this time in order to stop the coronavirus from spreading.

As key players in the region are concentrated on company expansion in order to increase their presence in the industry in the region, North America accounted for the highest share of the neurovascular devices market in 2019. For instance, Johnson & Johnson announced the launch of Ceronovus, its new neurovascular division for efficient stroke care, in July 2017. The goal of the plan was to increase the company's current client base and boost its market position by developing cutting-edge goods for patients who had hemorrhagic and ischemic strokes.

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