The global “neurovascular catheters market size” is projected to reach USD 1,083.5 million by 2026, exhibiting a CAGR of 7.1% during the forecast period. Increasing prevalence of stroke around the globe will be the prime growth driver for this market in the coming years, states Fortune Business Insights™ in its new report, titled “Neurovascular Catheters Market Size, Share & Industry Analysis, By Type (Microcatheters, Balloon Catheters, Thrombectomy Catheters, and Others), By Application (Hemorrhagic Stroke, and Ischemic Stroke), By End User (Hospitals, and Specialty Clinics), and Regional Forecast, 2019-2026”. Data analysis by the World Stroke Organization revealed that every year there are more than 13.7 million new stroke cases worldwide, with nearly 25% of the people over the 25 years of age likely to suffer from stroke at least once in their lifetime. Furthermore, the Global Burden of Disease (GBD) study of 2018 found that strokes caused approximately 5.5 million deaths and 116.4 million Disability-Adjusted Life Years (DALYs) globally in 2016. Thus, strokes present a heavy health and economic burden and therefore, their effective treatment should a top priority. This situation would, as a result, generate huge demand for neurovascular catheters across the globe as these devices have proven to be critical in performing neurovascular procedures.
North America to Occupy Driver’s Seat in the Market; Europe to Follow
With a market size of USD 271.6 million in 2018, North America is anticipated to dominate the neurovascular catheters market share during the forecast period. This will mainly occur as a result of rising prevalence of neurovascular disorders and patient-friendly reimbursement policies in the region. In Europe, rapid adoption of advanced medical devices and spreading awareness about neurovascular conditions will augment the market growth. Similarly, in Asia-Pacific, the primary growth drivers will be increasing incidence of complex neurovascular disorders such as arteriovenous malformations. However, market growth is expected to be slow in Middle East & Africa and Latin America on account of poor awareness about neurovascular disorders.
Rising Incidence of Brain Aneurysms to Propel the Market
Brain aneurysm refers to a bulging area in an artery in the brain that has the appearance of a balloon. The walls of this balloon are weak and therefore, it poses the risk of rupturing and inducing a hemorrhagic stroke in a patient. One of the leading neurovascular catheters market trends is the steadily climbing incidence rate of brain aneurysms. According to the Brain Aneurysm Foundation (BAF), around 6.5 million Americans are living with a non-ruptured brain aneurysm, with 30,000 of them suffering from an aneurysm rupture every year. Worldwide, nearly half a million people die because of brain aneurysms annually. Moreover, the economic costs of this condition are staggering. For example, the BAF estimates that the total loss faced in terms of wages by aneurysm survivors is approximately USD 150 million. Treating this complex condition necessitates the employment of efficient surgical devices and neurovascular catheters server this purpose perfectly well.
Key Players to Engage in Acquisitions and New Product Launch Activities
The neurovascular catheters market analysis suggests that major players are increasingly focusing on acquiring companies and expanding their reach in the market. In addition to this, many players are also designing, developing, and launching novel products and diversifying their offerings, thereby consolidating their position in the market.
An Overview of the Impact of COVID-19 on this Market:
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The neurovascular catheters market report states that the market value stood at USD 625.6 million in 2018. Besides, this, the report also provides the following information:
- Exhaustive overview of the industry trends and outlook;
- Comprehensive assessment of the factors driving and restraining the market;
- Careful evaluation of the regional dynamics and developments in the competitive landscape of the market.
- February 2020: The US-based specialty medical device maker Teleflex Incorporated announced its acquisition of IWG High Performance Conductors, a leading company in medical tubing. This move will aid Teleflex in widening its customized medical devices portfolio and providing innovative solutions for neurovascular interventions.
- May 2019: Medtronic, the Irish medical device giant, introduced its revascularization device in the US called Solitaire X. The device is intended to treat patients suffering from acute ischemic stroke as it can efficiently remove blood clots in the brain and help restore blood flow in such patients.
List of Key Companies Covered in the Report:
- Teleflex Incorporated
- Penumbra, Inc.
- Zeus Industrial Products, Inc.
- Integra LifeSciences Corporation
- Microvention Inc.
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