Neurovascular Catheters Market
Number of pages: 100 | Report Format: PDF | Published date: January 25, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market Size Value in 2021 |
US$ 2.76 billion |
|
Revenue Forecast in 2030 |
US$ 4.86 billion |
|
CAGR |
6.5% |
|
Base Year For Estimation |
2021 |
|
Forecast Period |
2022-2030 |
|
Historical Year |
2020 |
|
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) |
According to the deep-dive market assessment study by Growth Plus Reports, the global neurovascular catheters market was valued at US$ 2.76 billion in 2021 and is expected to register a revenue CAGR of 6.5% to reach US$ 4.86 billion by 2030.
Neurovascular Catheters Market Fundamentals
Neurovascular catheters are specialized devices used in neurovascular surgeries. The catheters used in neurovascular organs are manufactured according to the sensitivity of these organs to avoid any vessel injuries. Neurovascular catheters are commonly used in procedures such as embolic coil delivery, access to different brain parts, and thrombectomy devices placement.
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. These problems can be treated using neurovascular medical devices, such as the destruction or removal of cerebral clots using neuro thrombectomy catheter devices.
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Neurovascular Catheters Market Dynamics
The global neurovascular catheters market revenue is expected to grow at a steady pace during the forecast period. This can be attributed to various factors, such as the growing prevalence of neurovascular disorders/diseases, including brain aneurysms and hemorrhagic strokes. Furthermore, increasing technological advancements due to growing investments and a surge in R&D activities are some other factors driving the market revenue growth.
The rising awareness about the availability of novel treatment methods, increasing launch of advanced products, growing adoption of minimally invasive surgeries, and rising disposable income across developed and developing countries fuel the market revenue expansion.
However, risks related to neurovascular interventions, lack of trained & experienced physicians, and expensive neurovascular treatments are major constraints to market revenue 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.
Neurovascular Catheters 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 the type, the global neurovascular catheters market is segmented into balloon catheters, microcatheters, thrombectomy catheters, and others.
The thrombectomy catheters segment accounts for the largest market revenue share. This type of catheter is used in the removal of debris from blood vessels and provides various advantages, such as improved outcomes, faster recovery rate, and reduced fatality. Along with these benefits, technological advancements ensuring further improvements in treatment outcomes facilitate revenue growth for the thrombectomy catheters segment.
The microcatheters segment is estimated to show remarkable revenue growth during the forecast period. Microcatheters are smaller than traditional catheters, with 0.70-1.30mm diameter. Microcatheters are 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 healthcare sector. These factors are fueling the revenue growth of the neurovascular microcatheters segment.
Neurovascular Catheters Market by Application
Based on the application, the global neurovascular catheters market is segmented into ischemic and hemorrhagic stroke.
The hemorrhagic stroke segment dominates the global market with the largest revenue shares due to increasing incidences of intracerebral hemorrhage and subarachnoid hemorrhage. The growing AVM (arteriovenous malformation) patient population proportionately increases the demand for neurovascular catheters, thus fueling the market segment revenue growth.
Neurovascular Catheters Market by End-user
Based on the end-user, the global neurovascular catheters market is segmented into hospitals, specialty clinics, and ambulatory centers.
The hospitals segment accounts for the largest market revenue share owing to the large patient footfall in the hospitals. Furthermore, the availability of advanced healthcare infrastructure and efficient treatment using advanced technologies under a medical expert fuel the segment’s revenue growth.
The ambulatory surgical centers segment is estimated to show notable revenue growth opportunities during the forecast period. Rising cases of neurovascular diseases are one of the key factors for the revenue 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 revenue growth of this segment.
Neurovascular Catheters Market by Region
Based on the region, the global neurovascular catheters market is segmented into North America, Europe, Asia Pacific, and the rest of the world.
North America accounts for the largest market revenue share 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 that are responsible for increasing cases of neurovascular diseases among people. According to a 2022 article by the American Heart Association, the prevalence of stroke in the U.S. is around 2.7%. Nearly 7,95,000 people register for new or recurrent stroke cases each year in the U.S. Additionally, the revenue growth of the market in North America is also driven by swift product approvals, increase in adoption of novel technologies, and presence of enhanced healthcare infrastructure.
Neurovascular Catheters Market Competitive Landscape
The prominent players operating in the global neurovascular catheters market are:
Neurovascular Catheters Market Strategic Developments
Asia Pacific is the fastest-growing region for the neurovascular catheters market.
The neurovascular catheters market is expected to be valued at US$ 4.86 billion by 2030.
The global neurovascular catheters market is expected to grow at a revenue CAGR of 6.5% during the forecast period from 2022 to 2030.
A rise in the prevalence of neurovascular diseases/disorders (brain aneurysms, hemorrhagic stroke), advancement in technologies, and increase in the launch of novel products are some of the major driving factors for the global neurovascular catheters market revenue growth.
Johnson & Johnson Services Inc., Boston Scientific Corporation, Teleflex Incorporated, Becton, Dickinson and Company, and Medtronic plc are among the prominent players in the global market.
*Insights on financial performance are subject to the availability of information in the public domain