Neurovascular Intervention Devices Global Market estimated to be worth $4,473.2 million by 2024
Neurovascular Intervention is a specialized field of neuroscience, which involves treatment of neurological disorders like intracranial aneurysm, ischemic stroke, arteriovenous malformation and carotid stenosis & others. Cerebral aneurysm or intracranial aneurysm or intracerebral aneurysm or brain aneurysm is a disorder wherein a weak or thin spot on a blood vessel in the brain bulges out and fills with blood which then exerts pressure on the nerves or surrounding brain tissues and may lead to leak or rupture. Ischemic stroke a disorder of blockage or occlusion of cerebral arteries due to blood clot or fatty deposit in case of atherosclerosis and thereby interrupts the blood flow to brain. The artreiovenous malformation (AVM) a disorder characterized by abnormal tangle of vessels in the brain in which one or more arteries are directly connected to one or more veins. The carotid stenosis is caused due to plaque (abnormal thickening of the artery wall) deposits in the carotid arteries present on both left and right side of the neck and intracranial stenosis is caused due to abnormal plaque deposition within the brain arteries. According to Brain Aneurysm Foundation in U.S., about 6 million people suffer unruptured aneurysm and women suffer more than men in the ratios of 3:2. These neurovascular diseases are seen among aged population as they are more prone to such diseases due to slow cerebrovascular auto regulation ability. According to OECD (Organization for Economic Co-operation and Development), at least one in four people will be aged over 65 by 2050 in about two-thirds of OECD countries. The aging population is rising from 5% to 15% in Spain, Germany and from 6% to 16% in Japan.
The procedures taking place in neurovascular intervention field are artificial embolization, stenting and mechanical thrombectomy. Artificial embolization is a minimally invasive procedure carried out by microcatheter insertion into the vessel to treat abnormal blood vessels in the brain or aneurysm by reducing blood flow to abnormal areas or locations of blood loss and this procedure is an alternative to open surgery. Artificial Embolization treats intracranial aneurysm and arteriovenous malformations. Artificial embolization devices are coils, liquid embolics, flow diverter and flow disruptor. Stenting procedure is done to treat carotid stenosis, intracranial aneurysm and intracranial stenosis with products like carotid stents and intracranial stents which are implanted into the artery. The carotid stents keep the carotid arteries wide open once they are widened with angioplasty done in order to restore blood flow to the brain. Intracranial stents include aneurysm coil stent, neck reconstruction stent and stent graft are used to treat intracranial aneurysm. Neurovascular thromobectomy is a mechanical endovascular treatment done to remove blood clot present in the brain which leads to stroke. Thrombectomy devices are stent retrievers and aspiration devices. Some of the support devices used during coil embolization, stenting and thrombectomy devices is microcatheters, balloon catheters, embolic protection system and neurovascular sheath. According to IQ4I Analysis, Neurovascular Intervention devices global market is expected to grow at high single digit CAGR to reach $4,473.2 million by 2024.
The increase in incidence and prevalence of neurovascular diseases like cerebral aneurysm, stroke, arteriovenous malformations, increase in aging population, technological advancement, acquisitions and favourable reimbursements are driving the market. Increasing product recalls, lack of skilled professional, adverse effects of product implant are restraining the growth of the market. The stringent regulatory process and alternative treatments that include surgical clipping, pharmaceutical drugs and stem cell therapies are some of the threats to the market.
Neurovascular Intervention Devices global market is classified based on products, applications and geography. The products segment is divided into four segments i.e., Artificial embolization devices (coils, liquid embolics, flow diverter and flow disruptor), stents (intracranial and carotid stents), thrombectomy device (stent retriever and aspiration device) and support devices (microcatheter, embolic protection system and others). Artificial embolization device segment holds largest share and is projected to grow at a high single digit CAGR from 2017 to 2024 due to many companies producing bare metal coils for treating intracranial aneurysm and arteriovenous malformation, technological advancements in coils and flow diverter. The Thrombectomy device segment is fastest growing segment and is projected to grow at a strong double digit CAGR from 2017 to 2024 due to increase in ischemic stroke procedures, technological advancements in stent retreivers and aspiration devices.
Based on the application, the Neurovascular Intervention Devices global market is segmented into intracranial aneurysm, ischemic stroke, arteriovenous malformation and carotid stenosis & others. Among application, intracranial aneurysm segment accounted for the largest share and is projected to grow at a high single digit CAGR from 2017 to 2024, due to the increase in incidence and prevalence of intracranial aneurysm and increase in aging population. The Ischemic stroke segment is fastest growing segment and is projected to grow at a high single digit CAGR from 2017 to 2024 due to increase in product regulatory approvals for stent retreivers, increase in ischemic stroke patients and procedures, technological advancement in stent retriever and aspiration devices.
Neurovascular intervention devices market is growing rapidly due to increase in neurovascular disease, product launches with technological advancements and increase in aging population. In addition to this, several companies are investing in their R&D activities to develop innovative products. Some of the advancements in this field are the development of soft coils, integrated balloon system, advancements in flow diverter and adjustable clot retriever. Inspite of using embolic protection filters there are chances of emboli escaping during carotid stenting which can lead to stroke, hence lead to the development of Paladin Carotid Post-Dilation Balloon System by Contego medical company. The product is an integrated embolic protection with an angioplasty balloon and an integrated 40 μm filter which is capable of capturing small emboli, coupled together for the first time. Embolic coils are developed by soft coil technology. For instance, Target detachable nano coil by Stryker is designed to treat small spaces and delivers increased conformability and shape adjustment. Likewise, Cerenovus a part of Johnson & Johnson company has launched Galaxy G3 mini coil in 2018, the smallest and softest embolic finishing coil, for use in the endovascular treatment of cerebral aneurysms and haemorrhagic stroke.
The currently marketed clot retrievers have an issue with respect to exerting pressure on vessel which lead to further complications like vessel damage. As of this the companies are coming up with new mechanical thrombectomy system like adjustable clot retriever which is developed by Rapid Medical company, wherein the diameter of the mesh and the radial force of the vessel wall can be adjusted by the handle and thereby does not cause any stress to the vessel. Another added advantage is the presence of mesh which is radiopaque in nature for better visibility inside the vessels and eliminates the need for long term antiplatelet therapy as required in the case of stent implantation.
Even though the flow diverter has proven for treating sidewall aneurysm by overcoming the limitations of traditional endovascular coiling but the management of large bifurcation aneurysm still remains a challenge as they required coiling with adjunctive devices like temporary balloon protection which further leads to higher chances of complications. Hence leading to the development of intrasaccular flow disruption i.e. Woven endobridge by Sequent Medical (Terumo) which is a self expanding braided mesh made of nitinol wires and a mix of other materials which gives a tailored balance of compliance and porosity which is not possible in conventional medical braids.
The Neurovascular Intervention Devices global market based on geography is divided into North America, Europe, Asia-Pacific and Rest of the world. North America region commanded the largest market share in 2017 due to favorable reimbursement coverage, increase in incidence and prevalence of neurovascular diseases have led to the market growth in this region. However, Asia-Pacific region is expected to grow at the high double digit CAGR from 2017 to 2024 due to increasing healthcare awareness, higher economic growth, and large patient pool, reduced cost of neurovascular intervention devices and increase in aging population. Hence creating demand for neurovascular intervention devices in this geography.
The Neurovascular Intervention Devices market is consolidated and the top players in the market such as Stryker Corporation (U.S.), Medtronic Plc (Ireland), Johnson & Johnson (U.S.), Abbott Laboratories (U.S.), Terumo Corporation (Japan), Balt Extrusion (Blockade Medical, LLC) (France) and Penumbra, Inc. (U.S.) control approximately 93.2% of the market as these companies have a strong distribution network, acquiring small companies and have multiple channels to reach the hospitals. For Instance, Johnson & Johnson (Codman Neuro) acquired Neuravi Limited, a privately held Irish company dedicated to advancing neurovascular therapies and improving clinical outcomes for acute ischemic stroke patients. This acquisition, and the recent acquisition of Pulsar Vascular Inc., demonstrate the company's strong commitment to delivering innovative products for stroke therapy and complement its comprehensive portfolio of products for hemorrhagic and ischemic stroke.
Major players in Neurovascular Intervention Devices market include Stryker Corporation (U.S.), Medtronic Plc (Ireland), Terumo Corporation (Japan), Balt Extrusion (Blockade Medical, LLC) (France), Penumbra, Inc. (U.S.), Johnson & Johnson (U.S.), Acandis GmbH (Germany), Microport Scientific Corporation (China), Phenox GmbH (Germany), Penumbra Inc (U.S.), Abbott Laboratories (U.S.), InspireMD (Israel), Boston Scientific Corporation (U.S.) and Cardinal Health (Cordis Corporation) (U.S.).
Some of the other companies operating in Neurovascular Intervention Device global market include Merlin MD Pte. Ltd. (Singapore), Perflow Medical Ltd (Israel), W. L. Gore & Associates, Inc (U.S.), Rapid Medical (Germany), Allium Medical (Israel), Silk Road Medical (U.S.), Balton Sp. z o.o. (Poland), Asahi Intecc Co., Ltd. (Japan), Evasc Medical Systems (Canada) and other companies.