Global Neurovascular Devices Market is Expecting a Technological Major Makeover in Near Future

COVID-19 Impact on the Global Neurovascular Devices Market:

Globally, the outbreak of COVID-19 has impacted every aspect of the medical devices industry, including interventional neurology devices. From the past six months, the number of patient visits to hospitals has also reduced significantly despite the emergency. There is considerable variation in the management of neurointerventional procedures during the COVID-19 pandemic. Patients are avoiding healthcare institutions to prevent contact with COVID-19 patients and healthcare professionals.

Falling rates have been observed across a range of acute and critical conditions, including stroke, myocardial infarction, and various cancers. The interventional neurology devices market is expected to be impacted due to the temporary postponement of various elective surgeries, as governments and authorities seek to ensure the availability of resources for COVID-19 patients. Closed manufacturing facilities due to lockdowns have also disrupted supply chains, and reduced recruitments for clinical trials have further impacted the growth of the overall neurovascular devices market in 2020.

Expected Revenue Gain During Forecast Period:

The Neurovascular Devices Market size is expected to grow from an estimated USD 2.5 billion in 2021 to USD 3.8 billion by 2026, at a CAGR of 8.6%.

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Growth Influencing Factors:

The growing target patient population, ongoing product development, and commercialization, favorable medical reimbursements, expansion of healthcare infrastructure across the emerging markets, growth in market demand for effective neurovascular devices, increase in research in the field of neurovascular therapies, rise in demand for minimally invasive neurosurgical procedures, and increase in awareness among neurosurgeons about minimally invasive surgical procedures are high growth prospects for the Neurovascular Devices Market during the forecast period.

Challenges Faced by the Leaders: Stringent regulations

Several key neurovascular device manufacturers (such as Stryker and Medtronic Plc) have been successful in the development and subsequent commercialization of their respective products during the last decade. These products were primarily intended for interventional use during neurovascular surgeries. However, across the mature markets (particularly in the US), the developmental pipeline for interventional neurology products is affected mainly by pricing pressure faced by the key product manufacturers as a result of unsupportive government reforms undertaken in the last three years. Some of these unsupportive government regulations and reforms include the following:

The Patient Protection and Affordable Care Act that was suspended for a two-year period commencing January 1, 2018, got reinstated in 2020. The law imposes a 2.3% excise tax on the sale in the US of certain medical devices by a manufacturer, producer, or importer.

Regulatory laws in the US require substantial scientific evidence for clinical trials conducted on human subjects to confirm the safety, efficacy, & risk profile of specific medical devices intended for a particular therapeutic application (including for neurovascular intervention).

Recent Developments in the Global Neurovascular Devices Market:

In 2020, Johnson & Johnson launched Cerenovus Stroke Solutions, which includes a suite of three devices designed to aid physicians in clot removal procedures. The devices include the Cerenovus Large Bore Catheter, Cerebase DA Guide Sheath, and Embotrap III Revascularization Device

In 2021, Penumbra partnered with Genesis MedTech to expand the neurovascular market in China.

In 2021, Pehnox established a new entity in the UK in light of Brexit to strengthen its footprint in the key markets across Europe.

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Geographical Growth:

North America is expected to be the largest market during the forecast period.

North America is estimated to be the largest market for Neurovascular Devices Market during the forecast period. The neurovascular devices/interventional neurology market in North America is driven primarily by factors such as the growing target patient population for neurovascular diseases, rising awareness among neurosurgeons regarding the benefits offered by interventional neurology devices, and ongoing government initiatives to modernize & expand healthcare infrastructure. Additionally, the adoption of these devices has increased due to falling product prices, thereby further supporting the market growth in this region.

Global Leaders:

To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the neurovascular devices/interventional neurology market. The major players in the Neurovascular Devices Market are Johnson & Johnson (US), Medtronic PLC, Stryker Corporation (US), Terumo Corporation (Japan), Penumbra, Inc. (US), MicroPort Scientific Corporation (China), and Kaneka Corp. (Japan) among others.

These players are adopting various strategies to increase their share in the neurovascular devices/interventional neurology market. Collaborations & agreements, new product launches, and expansions have been a widely adopted strategy by the major players in neurovascular devices/interventional neurology industry.