Neurovascular Catheters Market
Number of pages: 100 | Report Format: PDF | Published date: 25 January, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
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Report Attribute |
Details |
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Market size value in 2021 |
US$ 2.76 billion |
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Revenue forecast in 2030 |
US$ 4.86 billion |
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Growth Rate |
CAGR of 6.5% from 2022 to 2030 |
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Base year for estimation |
2021 |
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Forecast period |
2022-2030 |
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Historical Years |
2020 |
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Segments covered |
Type, Application, End user, and Region. |
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Regional scope |
North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
The global neurovascular catheters market was valued at US$ 2.76 billion in 2021 and is expected to witness a CAGR of 6.5% during the forecast period from 2022 to 2030.
Market Fundamentals
Neurovascular catheters are specialized devices used in neurovascular surgeries. The catheters used in neurovascular organs are constructed according to the sensitivity of these organs so as to avoid any vessel injuries. Neurovascular catheters are commonly used in procedures such as embolic coil delivery, access to different parts of the brain, thrombectomy devices placement, etc. The continuously rising life expectancy across the globe proportionately increases the demand for novel treatments for various common diseases in elderly populations. Neurovascular illnesses such as ischemic stroke and cerebral aneurysm can be life-threatening or fatal diseases. These problems can be treated using neurovascular medical devices, such as the destruction or removal of cerebral clots using a neuro thrombectomy catheter device.
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Market Dynamics
The global neurovascular catheters market is expected to grow at a steady pace in the projected period. The growth of this market can be attributed to various factors such as the growing prevalence of neurovascular disorders/diseases such as brain aneurysms, hemorrhagic stroke, and many more. Furthermore, increasing technological advancements due to growing investments and a surge in research activities are some other beneficial factors to the market growth. For instance, in February 2020, NeuroVasc Technologies, a company that focuses on the technologically advanced catheter-based trial program received US$ 34 million in funding from the Wego Group to assist the global clinical trial and expansion of the product portfolio. This strategic collaboration with Wego was established to launch a complete neurovascular platform in the market. Additionally, the rising awareness about the availability of novel treatment methods, the continuous launch of advanced products, the growing adoption of minimally invasive surgeries, and rising disposable income fuel the market expansion.
However, risks related to neurovascular interventions, lack of trained & experienced physicians, and expensive neurovascular treatments can be some of the major constraints to market growth. Additionally, treatment for the brain using a neurovascular catheter poses multiple challenges, due to its complex vasculature, where high precision is required to avoid trauma/fatal injuries to the patients.
Market Ecosystem
The global neurovascular catheters market has been analyzed from four perspectives: by Type, Application, End user, and Region.
Neurovascular Catheters Market by Type
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Based on type, the global neurovascular catheters market has been segmented into balloon catheters, microcatheters, thrombectomy catheters, and others. Thrombectomy catheters hold the largest revenue share in this market. This type of catheter is used in the removal of debris from blood vessels and provides various advantages such as better outcomes, faster recovery rate, and reduced fatality. Along with such benefits, technological advancements ensuring further improvements in treatment outcomes facilitate demand growth for thrombectomy catheters, thereby propelling the overall market growth.
Additionally, microcatheters is an emerging segment in this market and is estimated to show remarkable growth in the forecast period. Microcatheters are comparatively smaller than traditional catheters, with 0.70-1.30mm diameter. Application of microcatheters is widely utilized in complicated neurovascular operations for guidewire support, exchanges, accessing distant anatomy, crossing lesions, delivering therapeutic embolic, injecting contrast media, and performing other procedures. The successful intervention of microcatheters in complex vascular anatomy has resulted in an increased demand for these neurovascular catheters in the global market. These factors are responsible for the growth of the neurovascular microcatheters segment, thereby boosting the global neurovascular catheters market.
Neurovascular Catheters Market by Application
Based on the application, the global neurovascular catheter market has been segmented into ischemic and hemorrhagic stroke. Hemorrhagic stroke leads the market with the largest revenue share due to growing incidences of intracerebral hemorrhage and subarachnoid hemorrhage. The growing patient population of AVM (arteriovenous malformation) proportionately increases the demand for neurovascular catheters, thus, fueling the market development. Moreover, ischemic stroke is also experiencing significant growth due to the growing patient base in this segment.
Neurovascular Catheters Market by End User
Based on the end user, the global neurovascular catheter market has been segmented into hospitals, specialty clinics, and ambulatory centers. The hospitals hold the largest share of the market owing to the large patient footfall. Furthermore, the availability of advanced healthcare infrastructure, and efficient treatment using advanced technologies under a medical expert, fuel the segment growth.
Similarly, ambulatory surgical centers segment is estimated to show notable growth during the forecast period from 2022 to 2030. Growing cases of neurovascular diseases among people is one of the key factors for the growth of this segment. Ambulatory surgical settings provide various benefits such as lower cost of care, and safety, thus reducing the stress of the patients. Moreover, facilities such as time efficiency with predictable scheduling and convenience with ease in accessibility are also some of the trends responsible for the growth of this segment.
Neurovascular Catheters Market by Region
The global neurovascular catheters market has been segmented based on regions: North America, Europe, Asia Pacific, and the Rest of the World. North America dominates the market with the largest revenue share. The growth of the neurovascular catheter market in North America can be primarily attributed to the large incidence rate of neurovascular diseases. Since, neurovascular diseases are one of the leading causes of death in the U.S. due to unbalanced lifestyle standards, hereditary illness, and various medical issues responsible for growing cases of neurovascular diseases among the people. According to the American Heart Association 2022 article, the prevalence of stroke in the United States is around 2.7%. Nearly 7,95,000 people register for new or recurrent stroke cases each year in the U.S. Additionally, the growth of the neurovascular catheters market in North America is also driven by swift approval and adoption of novel technologies, and the presence of enhanced healthcare infrastructure.
Competitive Landscape
The prominent players operating in the global neurovascular catheters market are:
Strategic Developments
Asia Pacific is the fastest-growing region for the neurovascular catheters market.
The estimated market size of the neurovascular catheters market in 2030 is US$ 4.86 billion.
The global neurovascular catheters market is estimated to grow at a CAGR of 6.5% from 2022 to 2030.
The rise in the prevalence of neurovascular diseases/disorders (brain aneurysms, hemorrhagic stroke), advancement in technologies, and rapidly growing launch of novel products are some of the major driving factors in the global neurovascular catheter market growth.
The key market players in the neurovascular catheters market are Johnson & Johnson Services Inc., Boston Scientific Corporation, Teleflex Incorporated, Becton, Dickinson and Company, Medtronic plc., Hollister Incorporated, B. Braun Melsungen AG, Terumo Medical Corporation, Abbott Laboratories, Stryker Corporation, Zeus Industrial Products Inc., and Integra LifeSciences Corporation, among others.
*Insights on financial performance are subject to the availability of information in the public domain
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Snehal Deshmukh
Principle Consultant
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