The neurovascular devices/ interventional neurology market size is expected to grow from an estimated USD 2.5 billion in 2021 to USD 3.8 billion by 2026, at a CAGR of 8.6%. The growing target patient population, ongoing product development, and commercialization, favorable medical reimbursements, expansion of healthcare infrastructure across the emerging markets, growth in market demand for effective neurovascular devices, increase in research in the field of neurovascular therapies, rise in demand for minimally invasive neurosurgical procedures, and increase in awareness among neurosurgeons about minimally invasive surgical procedures are high growth prospects for the neurovascular devices/ interventional neurology market during the forecast period.
A few major players that have an extensive geographic presence dominate the neurovascular devices/ interventional neurology industry globally. The leading players in the neurovascular devices/ interventional neurology market include Johnson & Johnson (US), Medtronic PLC Ireland, Stryker Corporation (US), Terumo Corporation (Japan), Penumbra, Inc. (US), Microport Scientific Corporation (China), Kaneka Corp. (Japan), Integer Holdings Corporation, Balt (France), Perflow Medical, and Phenox GmbH (Germany), among others.
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The major strategies adopted by these players include new product launches, collaborations & agreements, mergers, investments & expansions. New product launches was the most commonly adopted strategy from January 2018 to March 2021.
In 2020, Stryker Corporation was the largest player in the neurovascular devices/ interventional neurology market, owing to its wide portfolio of neurovascular products and strong geographical presence across the globe. The company primarily focuses on developing technologically advanced products for interventional neurology. The company has a strong presence across North America, Europe, the Middle East, Africa, Asia Pacific, and other countries. The company has more than 30 manufacturing facilities in countries such as the US, China, Turkey, Germany, Ireland, Switzerland, and France. It primarily focuses on inorganic business growth strategies such as product development & commercialization, acquisitions, and market expansions. As a part of its long-term growth strategy, the company invests in fast-growing markets as well as new markets by strengthening its position in the global healthcare market.
In 2020, Medtronic plc was the second-largest player in the neurovascular devices/ interventional neurology market. The company has a strong geographical presence and offers a broad range of products that are integral to the interventional neurology market, which includes embolic coils, microcatheters, guidewires, balloon catheters, liquid embolics, aspiration catheters, clot retrieval devices, flow diversion devices, vascular embolization devices, remodeling devices, and flow restoration devices. In order to strengthen its current position and to gain a larger share in the neurovascular devices/interventional neurology market, the company aggressively focuses on inorganic growth strategies, such as product development & commercialization, acquisitions, and market expansions.
Terumo Corporation (Japan) is one of the key players in the neurovascular devices/ interventional neurology market, owing to its robust portfolio and wide geographical presence. The company focuses on both organic and inorganic strategies to strengthen its position in the market. The company continues to view acquisitions as a major part of its growth strategy. These acquisitions are intended to augment growth, expand its business with new technologies and products, and enhance its geographical reach. The company’s strong research and development (R&D) capabilities enable it to produce innovative products that meet customers’ expectations. It invests a significant part of its total revenue in R&D activities to strengthen internal development capabilities and deliver novel products in the market.
Neurovascular Devices/Interventional Neurology Market by Product (Embolization(Coil, Flow Diverter), Stents, Balloon Occlusion Devices, Clot Retrievers, Microcatheters), Pathology (Stroke, Aneurysm, CAS, AVM) User (Hospital, ASC) - Global Forecasts to 2026
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