Neurovascular Devices Market Size Reveals the Best Marketing Channels In Global Industry
Executive Summary
The Neurovascular Devices Market research report provides a comprehensive analysis of the current market conditions, trends, and geographical spread of the industry. The market is forecasted to grow at a CAGR of % during the forecasted period.
The Neurovascular Devices market is witnessing significant growth due to the increasing prevalence of neurological diseases and disorders, rising aging population, advancements in technology, and growing awareness about minimally invasive procedures. The demand for neurovascular devices is increasing as they help in the diagnosis and treatment of neurological conditions such as aneurysms, arteriovenous malformations, and ischemic strokes.
Market trends include a rise in the adoption of technologically advanced devices, increasing collaborations and partnerships among key players, and the development of novel products to cater to unmet medical needs. The market is also witnessing a shift towards personalized medicine and the use of artificial intelligence in neurovascular procedures.
In terms of geographical spread, North America leads the Neurovascular Devices market due to the presence of a well-established healthcare infrastructure, high healthcare spending, and a large patient population. The Asia-Pacific region is expected to witness the highest growth rate during the forecasted period, driven by the improving healthcare infrastructure, rising disposable income, and increasing healthcare investments in countries like China and India. Europe and the United States also hold significant market shares in the Neurovascular Devices market.
In summary, the Neurovascular Devices market is experiencing steady growth driven by various factors such as technological advancements, increasing prevalence of neurological disorders, and rising demand for minimally invasive procedures. The market is expected to continue growing at a steady pace, with Asia-Pacific emerging as a key growth region in the coming years.
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Market Segmentation:
This Neurovascular Devices Market is further classified into Overview, Deployment, Application, and Region.
In terms of Components, Neurovascular Devices Market is segmented into:
- Stryker Corporation
- Johnson & Johnson
- Medtronic
- Terumo
- Penumbra
- Microport Scientific Corporation
- Abbott Vascular
- W. L. Gore & Associates
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The Neurovascular Devices Market Analysis by types is segmented into:
- Aneurysm Coiling & Embolization Devices
- Cerebral Balloon Angioplasty & Stenting Systems
- Support Devices
- Neurothrombectomy Devices
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The Neurovascular Devices Market Industry Research by Application is segmented into:
- Hospitals
- Clinics
- Ambulatory Surgical Units
In terms of Region, the Neurovascular Devices Market Players available by Region are:
North America:
- United States
- Canada
Europe:
- Germany
- France
- U.K.
- Italy
- Russia
Asia-Pacific:
- China
- Japan
- South Korea
- India
- Australia
- China Taiwan
- Indonesia
- Thailand
- Malaysia
Latin America:
- Mexico
- Brazil
- Argentina Korea
- Colombia
Middle East & Africa:
- Turkey
- Saudi
- Arabia
- UAE
- Korea
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Key Drivers and Barriers in the Neurovascular Devices Market
Key drivers in the Neurovascular Devices market include increasing prevalence of neurological disorders, rising geriatric population, technological advancements in devices, and growing demand for minimally invasive procedures. Barriers to market growth may include stringent regulatory approvals, high cost of devices, lack of skilled professionals, and limited awareness about neurovascular diseases.
Challenges faced in the market include intense competition among key players, limited reimbursement policies, complications associated with devices, and concerns regarding the safety and efficacy of neurovascular devices. Additionally, the impact of the COVID-19 pandemic on healthcare systems and medical device supply chains has further exacerbated challenges in the market.
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Competitive Landscape
Stryker Corporation is a leading player in the neurovascular devices market, offering a wide range of products for the treatment of neurovascular disorders. The company was founded in 1941 and has since grown to become a global powerhouse in the medical device industry. Stryker's neurovascular division has shown impressive growth in recent years, driven by the increasing prevalence of neurovascular diseases and disorders.
Microport Scientific Corporation, based in Shanghai, China, is another key player in the neurovascular devices market. The company has been expanding its presence in the global market through strategic partnerships and acquisitions. Microport's neurovascular division has recorded significant sales revenue growth in recent years, thanks to its innovative products and strong market presence.
Abbott Vascular, a division of Abbott Laboratories, is a major player in the neurovascular devices market, offering a wide range of devices for the treatment of neurological disorders. The company has a strong presence in the global market and has been investing heavily in research and development to further expand its product portfolio.
Sales revenue for some of the above-listed companies in 2020 are as follows:
- Stryker Corporation: $ billion
- Johnson & Johnson: $85.6 billion
- Medtronic: $28.9 billion
- Terumo: $6.7 billion
The global neurovascular devices market is expected to continue its growth trajectory in the coming years, driven by the rising incidence of neurovascular disorders and the increasing demand for minimally invasive treatment options. Key players in the market are focusing on developing innovative products to address the evolving needs of patients and healthcare providers, further fueling market growth.
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