Global Neurovascular Stents Market Demand, Size & Share to Surpass USD 2242 Million by 2030, Exhibit a CAGR of 10% |...
NEW YORK, Jan. 24, 2023 /PRNewswire/ -- As per Facts and Factors study, The global neurovascular stents market size was worth around USD 1047.8 million in 2021 and is predicted to grow to around USD 2242 million by 2030 with a compound annual growth rate (CAGR) of roughly 10 % between 2022 and 2030.
Neurovascular Stents Market: Overview
The neurovascular stent is either made-up of polymer or metal and it is a minute flexible device that appears to be like a tube. This device is used in treating different conditions of the brain like the formation of stenosis in blood vessels and for treating ischemic stroke. Neurovascular stents are capable of rapid restoration of blood flow due to which they are used in thrombectomy for cases of acute embolic stroke. The cases of ischemic stroke have led to an increased rate of mortality and disability among people. The vascular system of the brain may sometimes have complex disorders which can be treated with the help of neurovascular stents.
Even though the structure of these devices is complex, the stents are used for permanent implants. The patients undergoing such surgeries feel exhausted after the procedure and may return to their normal routine within a week. These stents are made with a metal named nitinol, which is a nickel-titanium alloy having a diameter of 10 to 20 millimeters (about 0.79 in). These stents are not like the drug-eluting ones that are used for cardiovascular diseases.
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- As per the analysis shared by our research analyst, the global neurovascular stents market is estimated to grow annually at a CAGR of around 10 % over the forecast period (2022-2030)
- In terms of revenue, the global neurovascular stents market size was valued at around USD 1047.8 million in 2021 and is projected to reach USD 2242 million, by 2030.
- The market is projected to grow at a significant rate due to the increased use of neurovascular stents in hospitals and ambulatory surgical units.
- By product type, carotid artery stent accounted for the maximum market share in 2021.
- By end-user, the hospital segment was the leading revenue generator in 2021.
- Based on region, North America was the leading revenue generator in 2021.
Facts and Factors published the latest report titled "Neurovascular Stents Market Size, Share, Growth Analysis Report By Product Type (Carotid Artery Stent And Intracranial Stents), By Material (Metal And Polymer), By End-Users (Hospitals, Ambulatory Surgical Units, Clinics, And Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2030" into their research database.
Neurovascular Stents Market: Growth Drivers
· Growing demand for neurovascular stents used for treating brain aneurysms to drive market demand.
Growing cases of cerebral aneurysms and brain aneurysms in various nations across the globe have led to increased use of carotid artery stents and it has generated maximum revenue in recent times. A long hollow tube passes through the artery to reach the carotid artery which is narrowed in the neck. Many patients are opting for these less invasive surgeries, especially in the North American region. Weak artery walls and ruptured blood vessels of the brain lead to ischemic strokes.
The number of investments made for healthcare facilities in developing nations has also grown significantly in recent times. These surgical procedures are minimally invasive due to which the demand for neurovascular stents will grow significantly during the forecast period. A catheter is used for performing a small incision in the artery. The cases of complication and risk are reduced to a great extent because of such small incisions and all of these factors will drive the global neurovascular stents market growth.
Neurovascular Stents Market: Restraints
- Increasing government regulations to restrict market expansion.
Stringent regulatory policies adopted by the government of various nations will hamper the growth of the market in the long run. The unavailability of good healthcare infrastructure and lack of skilled professionals will restrain the market growth. The standardization and approval of the new innovative products is an expensive and lengthy procedure, and it will impede the market growth.
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Global Neurovascular Stents Market: Opportunities
- Rising acceptance of minimally invasive surgical procedures to provide market growth opportunities.
The complications and the risk associated with the use of neurovascular stents are reduced to a great extent due to the use of newly launched products and innovative products in the market. These products make the procedure minimally invasive as compared to the traditional procedures used by surgeons in the past. Favorable reimbursement policies adopted by patients in developed regions across the globe will provide good opportunities for the growth of the global neurovascular stents market. These procedures have a success rate of 89% and this serves to be a major opportunity for the growth of this market.
Global Neurovascular Stents Market: Challenges
- Neurovascular stents are expensive, and this happens to be a major challenge in the growth of the market.
The market growth will be obstructed due to the high cost of the products used in these minimally invasive procedures. Developing economies will suffer to a greater extent as these surgeries are extremely expensive. The reimbursement policies in developing nations are not as favorable as the ones provided in developed nations across the globe.
Global Neurovascular Stents Market: Segmentation
- The global neurovascular stents market is segmented on the basis of product type, material, end-user, and region.
The global market segments based on types are the intracranial stents segment and the carotid artery stents segment. The carotid artery stent market is expected to have a larger market share and it will grow at a compound annual growth rate of about 5.8% in the coming years. The cases of cerebral aneurysms and brain aneurysms have increased in recent times. These tents are placed in the arteries permanently. The need for these neurovascular stents has increased in recent times due to the technological advancements taking place. The need for intracranial stents has also grown to a great extent and it is estimated to project a higher compound annual growth rate in the long run.
Based on the end user, the global market segments are the hospital segment, ambulatory surgical units, and others. The largest share will be held by the hospital segment, and it will grow at a compound annual growth rate of 5.7%. Hospitals provide minimally invasive surgeries for several diseases and make use of technologically advanced products. Hospital procedures also support reimbursement policies and provide better healthcare facilities. Quality treatments and cost-effective treatments are provided at the ambulatory surgical units due to which the preference of the patients for these centers has also grown in recent times.
By material, the market is divided into metal and polymer. Based on material, the metals segment is expected to generate maximum revenue in the long run as these stents provide better visibility and they are more resistant as compared to the other materials. Metal stents also provide biocompatibility due to which they are preferred in many procedures. Sudden closure of the vessel is prevented with the help of metal stents, and it is extremely favorable for the insertion of the balloon.
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List of Key Players in Neurovascular Stents Market:
- B. Braun Melsungen AG
- Terumo Corporation
- Lombard Medical
- Johnson and Johnson Private Limited
- Cardinal Health
- Boston Scientific Corporation
- MicroPort Scientific Corporation
- Merit Medical Systems
Key questions answered in this report:
- What are the growth rate forecast and market size for Neurovascular Stents Market?
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- What segments does the Neurovascular Stents Market cover?
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Market size value in 2021
USD 1047.8 Million
Revenue forecast in 2030
USD 2242 Million
CAGR of almost 10% 2022-2030
2016 – 2021
2022 – 2030
By Type, By Application, By Payload and By Propulsion System
Value (USD Billion), and Volume (Units)
Revenue in USD million/billion and CAGR from 2022 to 2030
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
BD, Cook, B. Braun Melsungen AG, Medtronic, Terumo Corporation, Lombard Medical, Johnson and Johnson Private Limited, Cardinal Health, Boston Scientific Corporation, MicroPort Scientific Corporation, Merit Medical Systems , and others.
Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
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- In 2018, Intracranial neurovascular stents of class 2 were recalled by the U.S. FDA. It was because of the coating damage of the delivery catheter.
- In 2017, Ceronovus was introduced by Johnson and Johnson, which would provide effective care in cases of stroke. This strategy was adopted to focus on developing innovative products.
- In 2016, Sequent medical incorporated was acquired by Terumo Corporation for the development of a new device to treat aneurysm embolization.
- North America to lead with the highest CAGR during the forecast period.
The global neurovascular stents market is expected to grow with the highest compound annual growth rate during the forecast period. 38% of the share was held by North America in the year 2021. Growing cases of stenosis and malformation are the leading cause of market growth.
Technological advancements in the products and treatments offered in the neurovascular stents market will drive market growth. Growing awareness about the availability of advanced treatments for ischemic stroke and other kinds of cerebral disorders will increase the demand for neurovascular stents in the Asia-Pacific region. By 2030, China which is the second largest economy in the world is expected to have a market worth USD 387 million.
Global Neurovascular Stents Market is segmented as follows:
Neurovascular Stents Market: By Product Type Outlook (2022-2030)
- Carotid artery stent
- Intracranial stents
Neurovascular Stents Market: By Material Outlook (2022-2030)
Neurovascular Stents Market: By End-User Outlook (2022-2030)
- Ambulatory surgical units
Neurovascular Stents Market: By Region Outlook (2022-2030)
- The U.S.
- The UK
- Rest of Europe
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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