According to a report, the Neurovascular Devices Market is projected to grow from USD 2.35 Billion in 2020 to USD 3.60 Billion by 2026, at a CAGR of 5.6%, during the forecast period. The market is driven by various factors such as the growing target population for patients, favorable medical reimbursements, expansion of healthcare infrastructure across emerging markets, and increased market demand for effective neurovascular devices.

As a result of technological advancements leading to increased life expectancy, the geriatric population (60 years and above) is projected to grow by 57% from 902 million in 2015 to 1.41 billion by 2030, as reported by the United Nations. This demographic shift is expected to drive demand for neurovascular devices.

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The market is expected to witness significant growth due to technological advancements, such as the development of GORE TIGRIS by W L Gore and Medtronic distal filter embolic protection device SpiderFX, serving as high impact rendering drivers. The inclination for minimally invasive surgery in brain aneurysm and stroke treatments will also be a key factor that will increase market growth.

Moreover, increasing numbers of neurovascular therapy research, increased demand for minimally invasive neurochirurgical procedures, and increased awareness for minimally invasive surgical procedures among neurochirurgists provide significant market growth opportunities. However, strict regulatory scenarios and a dearth of skilled neurosurgeons may hinder market growth during the forecast period.

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The report suggests that the market for cerebral embolization and aneurysm coiling devices is expected to grow the largest at USD 1.11 Billion in 2026, at a CAGR of 6.5% during the forecast period. The market for stroke is also expected to grow the largest at USD 1.91 Billion in 2026, at a CAGR of 6.1% during the forecast period. In 2020, North America dominated the market for Neurovascular devices with a favorable reimbursement structure, particularly in the U.S., large-scale RD investments, and wide use of neurochirurgical products supported by the availability of advanced technologies with higher efficiency and confidence.

The major players in the market are W. L. Gore Associates, Inc. (US), Terumo Corp. (Japan), Abbott Laboratories (US), Merit Medical Systems, Inc. (US), Medtronic Plc (Ireland), Penumbra, Inc. (US), Stryker Corp. (US), Johnson Johnson (US), MicroPort Scientific Corp. (China) and others.

The report provides an analysis of the industry trends in each of the sub-segments such as cerebral embolization and aneurysm coiling, embolic coils, flow diversion, liquid embolic agents, cerebral angioplasty and stenting systems, carotid artery stents, embolic protection systems, neurothrombectomy, clot retrieval, suction, vascular snares, support, micro catheters, and micro guidewires based on type, application, and regional analysis.

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