The global neurovascular devices market is expected to reach USD 5.5 billion by 2028 from USD 3.6 billion in 2023, at a CAGR of 8.7% during the forecast period. Factors such increase in the incidence of neurovascular diseases, growing demand for minimally invasive procedures, and increasing strategic partnership and collaborations among players to initiate new research in neuro-interventional devices are playing a significant role in propelling the growth of market. For instance, in August 2020, Cerus Endovascular Inc. (US) and with BALT (France) entered a strategic distribution agreement to develop innovative neurovascular devices to treat a range of intracranial aneurysm. In December 2022, Stryker (US), established a new research & development facility at International Park, Gurgaon, India, intending to accelerate innovations in neurovascular devices for stroke treatment
The neurovascular devices market is highly consolidated and is dominated by various players. The major players operating in this market are Stryker (US), Johnson & Johnson (US), Medtronic (Ireland), Terumo Corporation (Japan), and Penumbra, Inc. (US). These include product launches, contracts, partnerships, mergers and acquisitions, and new product development activities further to expand their presence in the neurovascular devices market.
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Stryker is among the leading players in the neurovascular devices market. The company has a strong brand presence in more than 70 countries worldwide. The company has a strong product portfolio; new products have helped it gain a sizable market share. Stryker strongly emphasizes inorganic growth strategies, such as collaborations and acquisitions, to enhance its product portfolio and expand its geographical presence. The company’s extensive research & development activities have enabled it to introduce innovative neurovascular devices in the neurovascular devices market.
Medtronic is one of the leading players in the neurovascular devices market. The company has a strong foothold in neurovascular devices with a broad range of neurovascular products, which include embolic coils, liquid embolic, microcatheters, guidewires, balloon catheters, clot retrieval devices, flow diversion devices, vascular embolization devices, remodeling devices, and flow restoration devices, among others. The company focuses on inorganic business growth strategies such as product development & commercialization, acquisitions, and market expansions to strengthen its current position and gain a larger share of the neurovascular devices market. Moreover, the company is also focusing on expanding its R&D capabilities to fuel product development and commercialization across mature and emerging markets
JOHNSON & JOHNSON (US)
With a robust product portfolio, Jonson & Johnson holds a strong position in the neurovascular devices market. It has a broad range of neurovascular products and services for joint reconstruction, trauma, spine, and sports medicine. The company is engaged in developing and manufacturing new products to expand its product offerings in the neurovascular devices market. The company’s marketing and sales strategies are focused on the rapid and cost-effective delivery of high-quality products to end users worldwide
Neurovascular Devices Market by Disease Pathology (Cerebral Ameurysm (Embolic coils), Ischemic stroke (Clot retrievers, Aspiration, Microcatheters), AVM (Liquid Embolic Agents), End User (Hospitals), & Region - Global Forecast to 2028
Mr. Aashish Mehra
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