Transparency Market Research (TMR) has published a new report on the neurovascular embolization devices (neurology) market for the forecast period of 2019–2027. According to the report, the global neurovascular embolization devices (neurology) market was valued at ~US$ 1.2 Bn in 2018, and is projected to expand at a CAGR of ~3% from 2019 to 2027.
Neurovascular Embolization Devices (Neurology) Market: Overview
- Stroke, also known as cerebrovascular accident, is a medical condition that occurs when the blood supply to the brain is interrupted or blocked. It leads to sudden death of the brain cells due to lack of oxygen, which takes place as a result of a rupture of an artery or vein that carries blood to the brain.
- Increase in the incidence rate of neurovascular diseases, owing to changing demographics, rise in the prevalence of stroke, and surge in the demand for minimally-invasive surgeries are major factors anticipated to drive the global neurovascular embolization devices (neurology) market during the forecast period
- North America held a major share of the global neurovascular embolization devices (neurology) market in 2018, due to the presence of a large population with the history of stroke, rise in mortality rates associated with the disease, and increase in research funding for stroke in the U.S.
- The neurovascular embolization devices (neurology) market in Asia Pacific is expected to expand at a high CAGR of ~4% from 2019 to 2027, due to a surge in the number of elderly patients and increase in neurovascular disorders leading to stroke. This, in turn, is likely to drive the demand for neurovascular embolization devices in emerging markets such as India and China.
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Rise in Prevalence of Stroke to Drive Neurovascular Embolization Devices (Neurology) Market
- Rise in the prevalence of stroke, globally, is projected to drive the global neurovascular embolization devices (neurology) market during the forecast period.
- According to WHO, approximately 33 million people across the world suffer from stroke, each year. Moreover, 70% of stroke and 87% of stroke-related disabilities and mortalities occur in low- and middle-income countries. Moreover, the incidence rate of stroke in low- and middle-income countries has more than doubled in the past four decades.
- Stroke is the second leading cause of mortality and third leading cause of disability across the globe.
- Rise in the prevalence and increase in the burden of stroke will drive the need for surgeries, which, in turn, is projected to accelerate the growth of the global neurovascular embolization devices (neurology) market in the next few years.
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Embolization Coils Dominated Neurovascular Embolization Devices (Neurology) Market
- In terms of product, the global neurovascular embolization devices (neurology) market has been segmented into embolization coils, liquid embolic systems, aneurysm clips, flow diversion stents, and others. The embolization coils product segment dominated the global neurovascular embolization devices (neurology) market in 2018, and the trend is projected to continue during the forecast period.
- Rapid adoption and rise in the demand for embolization coils, as these are one of the oldest known embolization devices, and interventional radiologists being well-trained in carrying out embolization procedures with these devices as compared to others, make these vital for various embolization procedures.
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Hemorrhagic Stroke Solutions Held Leading Share of Neurovascular Embolization Devices (Neurology) Market
- In terms of treatment, the global neurovascular embolization devices (neurology) market has been classified into ischemic stroke solutions and hemorrhagic stroke solutions. The hemorrhagic stroke solutions segment held a major share of the global neurovascular embolization devices (neurology) market in 2018. Increase in high blood pressure and brain aneurysms cases is the primary factor leading to hemorrhagic stroke. Embolization devices are majorly employed for the treatment of hemorrhagic stroke.
- The ischemic stroke solutions segment is anticipated to expand at a rapid CAGR during the forecast period, owing to substantial increase in the incidence of ischemic stroke in adults aged between 18 years and 50 years across the globe.
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Brain Aneurysms Indication to Lead Neurovascular Embolization Devices (Neurology) Market
- In terms of indication, the global neurovascular embolization devices (neurology) market has been segmented into brain aneurysms, arteriovenous malformations, and others. The brain aneurysms segment accounted for a major share of the market in 2018.
- Growth of the brain aneurysms segment can be attributed to the increase in incidence of brain aneurysms leading to stroke, and rise in mortality rates associated with the disease across the globe. This, in turn, is anticipated to drive the demand for embolic coils and flow diversion devices in the next few years.
Hospitals End User to be Prominent
- In terms of end user, the global neurovascular embolization devices (neurology) market has been categorized into hospitals, ambulatory surgical centers, and specialty clinics.
- The hospitals segment held a major share of the global neurovascular embolization devices (neurology) market in 2018. Growth of this segment can be attributed to a surge in new cases of stroke and brain aneurysm across the globe, and patient preference for treatment in hospitals.
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North America to Dominate Market; Asia Pacific to Offer Significant Growth Opportunities
- In terms of region, the global neurovascular embolization devices (neurology) market has been segmented into North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa. North America is projected to account for a leading share of the global neurovascular embolization devices (neurology) market during the forecast period, owing to an increase in the incidence rates of neurovascular diseases, particularly brain aneurysm, in the U.S.
- According to the Brain Aneurysm Foundation, 1 in 50 people, or 6 million people in the U.S., have unruptured brain aneurysm. Approximately, 30,000 people in the country suffer from cerebral aneurysm rupture every year. This, in turn, is expected to drive the demand for neurovascular embolization devices (neurology) in the country.
- Favorable funding by government and charitable trusts for stroke research, prevention, and treatment, in the country, are likely to drive the neurovascular embolization devices (neurology) market in North America.
- The neurovascular embolization devices (neurology) market in Asia Pacific is projected to grow at a rapid pace in the near future. India and China are anticipated to be lucrative markets during the forecast period, owing to the high prevalence of cerebrovascular diseases, unhealthy lifestyle choices such as smoking, poor diets, and high incidence of diabetes and hypertension, which may fuel the risk of a stroke.
Growth Strategies of Key Players
- Key players operating in the global neurovascular embolization devices (neurology) market are Stryker Corporation, Terumo Medical Corporation, DePuy Synthes (Johnson & Johnson Services, Inc.), Boston Scientific Corporation, Acandis GmbH, Penumbra, Inc., B. Braun Melsungen AG, BALT EXTRUSION, and Spartan Micro, Inc.
- These companies engage in research & development activities to develop novel products in order to expand their product offerings and customer base. For instance, in January 2019, MicroVention, Inc., a U.S.-based subsidiary of Terumo Corporation, announced the launch of the WEB Aneurysm Embolization System, intended to be used for the treatment of intracranial wide neck bifurcation aneurysms. This product launch has enabled the company to expand its product portfolio and strengthen its position in the global neurovascular embolization devices (neurology) market.
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