Global Neurovascular Devices market is expected to witness a CAGR of 7.7% during the forecast period. Certain factors that are driving the market growth include increasing target patient population, ongoing product development and commercialization, and rising research activities in the field of neurovascular therapies.
Vascular diseases involving the cerebral circulation characterize a complex as well as miscellaneous spectrum of pathology. Over the past few years, within the cerebrovascular field, a number of recent advances have taken place regarding patient diagnosis, imaging analysis, evaluation, microsurgical treatments, medical therapies, and minimally invasive therapeutic modalities. All these improvements have been propelled by research developments from in vivo, in vitro, translational, as well as clinical studies. Neurovascular disorders, including arteriovenous malformations (AVMs), brain aneurysms, carotid artery disease, along with intracranial atherosclerotic disease, take an enormous health and economic toll on the world population and can result in lots of neurological problems ranging from subarachnoid hemorrhage and stroke to disability and even death.
Key Market Trends
Ischemic Strokes is Expected to Hold Significant Market Share in the Target Disease Segment
Ischemic stroke is referred to a heterogeneous multifactorial disease characterized by the sudden onset of neurologic signs that are directly related to the places of injury in the brain where the morbid process takes place. The evaluation of multifaceted neurologic disorders, including stroke, in which a large number of genetic and epigenetic factors interact with even the environmental risk factors in order to increase the risk has been revolutionized by the GWAS (genome-wide association studies) approach. According to the Stroke Center, the US, the risk of ischemic stroke in current smokers is around two-fold higher than that of nonsmokers after fine-tuning with other risk factors. Hence, with increasing smoking population the prevalence of the disease is expected to rise significantly over the forecast period, thus contributing to the market growth.
North America Dominates the Market and Expected to do Same in the Forecast Period
According to the Centers for Disease Control and Prevention (CDC) facts (2017), stroke results in the death of about 140,000 Americans each year which is 1 out of every 20 deaths. In the United States, there is estimated to be at least one stroke within every 40 seconds and every four minutes, someone dies of a stroke. Approximately 87% of all strokes are ischemic strokes, in which blood flow to the brain gets blocked. Similarly, as per stated by the Brain Aneurysm Foundation (2019), cerebral aneurysms affect an estimated 6 million Americans and are accountable for nearly half a million deaths worldwide each year, with half the victim's age 50 and younger. All these factors are expected to fuel the overall market growth across the region.
The global Neurovascular Devices market is highly competitive and consists of a few major players. Companies like Abbott Laboratories, Johnson & Johnson, Medtronic plc, MicroPort Scientific Corporation, Penumbra, Inc., Stryker Corporation, Terumo Corporation, W. L. Gore & Associates, Inc., among others, hold the substantial market share in the Neurovascular Devices market.
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