Neurovascular Devices Market Size, Share, and Trends 2024 to 2034

Neurovascular Devices Market Size and Growth 2024 to 2033

The global neurovascular devices market size was valued at USD 2.79 billion in 2023 and is expected to hit around USD 6.14 billion by 2033 with a CAGR of 8.2% during the forecast period 2024 to 2033. The key players operating in the market are focused on adopting inorganic growth strategies like acquisition and merger to develop advance technology for manufacturing neurovascular devices which is estimated to drive the global neurovascular devices market over the forecast period.

Neurovascular Devices Market Key Takeaways

• North America dominated the neurovascular devices market in 2024.
• Asia Pacific is expected to grow at a significant rate in the market during the forecast period. 
• By device, the cerebral embolization and aneurysm coiling devices segment dominated the market with the largest share in 2024. 
• By therapeutic application, stroke segment is expected to grow at significant rate during the forecast period.
• By size, the 0.021" segment dominated the market with the largest share in 2024. 
• By end-use, the hospitals segment dominated the neurovascular devices market in 2024. 

U.S. Neurovascular Devices Market Size and Growth 2024 to 2033

The U.S. neurovascular devices market size was estimated at USD 590 million in 2023 and is predicted to be worth around USD 1,380 million by 2033, at a CAGR of 8.9% from 2024 to 2033.

North America region held the dominating share of the neurovascular devices market in 2024.  North America, particularly the United States, has some of the most advanced healthcare infrastructure globally, with cutting-edge hospitals, surgical centers, and diagnostic equipment. This enables the use of high-tech neurovascular devices and supports the adoption of the latest treatment methods. The region has a robust healthcare system that supports a high level of patient care, ensuring access to advanced treatments like neurovascular surgery and endovascular procedures, which often require specialized devices. North America is home to many leading medical device companies, academic institutions, and research organizations focused on developing innovative neurovascular devices. 

Companies based in the region often drive advancements in device design, minimally invasive techniques, and improved materials, leading to the introduction of new, highly effective neurovascular devices. The region is known for the early adoption of new medical technologies. Healthcare providers are often quick to integrate the latest advancements in neurovascular treatments, such as robotic-assisted surgery, AI-powered diagnostics, and advanced imaging systems.

North America has a large number of skilled neurovascular surgeons, interventional radiologists, and other specialists who are well-trained in the use of advanced neurovascular devices. Their expertise contributes to better outcomes, which drives the continued use and preference for these devices. The region also offers robust professional development programs for healthcare professionals, ensuring that they remain up-to-date with the latest techniques and technologies in neurovascular treatments.

• In November 2024, Mentice, a medical technology startup, has introduced NV Connect, a platform designed to enhance neurovascular training, treatment planning, and rehearsal with an emphasis on increasing procedural accuracy and physician trust. In a press release, this is mentioned. The platform serves as more than just a training aid, according to Johan Lindkvist, senior product manager for neurovascular solutions at the company.

Europe Neurovascular Devices Market Size and Growth 2024 to 2033

The Europe neurovascular devices market size was calculated at USD 790 million in 2023 and is projected to expand around USD 1,840 million by 2033, poised to grow at a CAGR of 8.8% from 2024 to 2033.

Neurovascular Devices Market Growth Factors

• The key players operating in the market are focused on geographic expansion and launching their medical device brand in other countries which is expected to drive the growth of the neurovascular devices market in the near future. 
• Increasing focus on cost reduction and production efficiency can drive the specialty market growth further.
• Emerging markets and trends for neurovascular devices is expected to drive the growth of the global neurovascular devices market over the forecast period. 
• Increasing regulatory support is estimated to drive the growth of the market over the forecast period. 
• Increasing in adoption of the advanced technology for the production of neurovascular devices is estimated to drive the growth of the global neurovascular devices market in the near future. 
• Technology advancements like development of minimally invasive devices that improve patient outcomes, has estimated to drive the growth of the market over the forecast period. 
• Increasing demand for minimally invasive procedures has driven the growth of the neurovascular devices market in the near future. 
• Rising investments in healthcare systems, particularly in developing countries, has estimated to drive the growth of the market. 

How Can AI Improve the Neurovascular Devices Industry? 

AI can improve the accuracy and speed of diagnostics by analyzing medical images such as CT scans, MRIs, and angiograms. Machine learning algorithms can detect abnormalities like aneurysms, strokes, or other neurovascular diseases more quickly and accurately than traditional methods, aiding in early detection and treatment. 

AI can assist in developing personalized treatment plans by analyzing patient data, including medical history, imaging results, and genetic factors. This can optimize surgical or endovascular interventions for better patient outcomes, reducing complications. AI can forecast patient outcomes and complications, helping healthcare providers make informed decisions. For example, it can predict the likelihood of a stroke or the risk of a clot forming post-surgery, enabling proactive care management.

Wearable AI devices can continuously monitor neurovascular health, offering real-time data to both patients and healthcare providers. This allows for better management of chronic conditions like hypertension, which is a risk factor for neurovascular events. AI can optimize clinical trial design by identifying the most suitable patients, predicting trial outcomes, and analyzing large datasets faster, thus accelerating the approval process for new neurovascular devices.

Opportunity

Supportive Government Initiatives and Awareness Programs

Campaigns aimed at early diagnosis and treatment of neurovascular diseases. Investments in healthcare infrastructure to ensure access to advanced devices. Increasing government initiatives for early diagnosis of neurovascular disease has estimated to create lucrative opportunity for the growth of the neurovascular devices market in near future. 

• For instance, in July 2024, The Alzheimer's Association International Conference (AAIC 2024), which will take place in Philadelphia, Pennsylvania, in 2024, will feature Neurophet, an artificial intelligence (Al) solution firm for brain disorders. Neurophet will introduce "NeurophetAQUA AD," a program for prescribing treatments for Alzheimer's disease (AD) and tracking their adverse effects, at the next AAIC. An integrated solution of state-of-the-art brain image analysis technologies for AD therapies is Neurophet AQUA AD. Currently, this system is getting ready for medical device certifications in Japan, the United States, and Korea.

Neurovascular Devices Market Scope

Device Insights

The crebral embolization and aneurysm coiling devices segment held a dominant presence in the market in 2024.  Cerebral embolization and aneurysm coiling are both minimally invasive procedures, requiring only small incisions or catheter insertion, significantly reducing the risks associated with traditional open surgeries, such as infection, blood loss, or damage to surrounding tissues. The minimally invasive approach results in shorter hospital stays and faster recovery times, making these treatments more appealing to both patients and healthcare providers. Both cerebral embolization and aneurysm coiling are performed using a catheter-based technique, which is much less invasive than traditional open surgery. This reduces the risk of complications, minimizes patient recovery time, and lowers the overall burden on the patient.

By occluding the aneurysm with coils or embolic material, the devices significantly lower the risk of rupture, which is the main cause of hemorrhagic strokes. Embolization techniques are also effective for preventing re-bleeding in cases where the aneurysm has already ruptured. These devices can be used for a broad range of neurovascular conditions, including cerebral aneurysms, arteriovenous malformations (AVMs), and certain types of brain tumors, making them highly versatile and effective tools in neurovascular surgery.

By device, the Neurothrombectomy devices segment is expected to grow at the fastest rate in the market during the forecast period of 2025 to 2034. The growing incidence of acute ischemic stroke and the growing number of growth tactics used by major market participants, including product launches and mergers and acquisitions, will propel the segment's expansion in the near future. For instance, Therma Bright Inc. invested in Inretio Inc., a startup that develops Ischemic Stroke Blood Clot Retriever Technologies, in January 2024. During the thrombectomy procedure, the PREVA basket "ensnares" the clot, enclosing it and protecting the brain from any breakoff sub-clots. 

A USD 23.94 million Series A investment round was completed in February 2024 by Perfuze, a company creating next-generation catheter-based aspiration technology to treat acute ischemic stroke brought on by major artery blockage. Furthermore, FDA 510(k) authorization for TIGERTRIEVER 13 for substantial use was announced by Rapid Medical, a developer of innovative neurovascular devices. The FDA 510(k) clearance for TIGERTRIEVER 13 for major vessel occlusions was also announced by Rapid Medical, a manufacturer of innovative neurovascular devices, at the 19th Annual Conference of the Society of Neurolnterventional Surgery (SNIS) in Toronto in 2024. After an ischemic stroke, the tiggertriever 13—the tiniest revascularization tool in the world—is intended to clear thrombus from delicate brain blood vessels.

Application Insights

Based on application, the stroke segment accounted for over 58% of the market share in 2023. The increased prevalence of strokes among the population, especially among the elderly population has augmented the growth of this segment. According to the CDC, around 16.7% of people across the globe will have a brain stroke. As per the CDC, over 795,000 people have a stroke in the US every year and it accounts for around 140,000 deaths in the US every year. It is also considered to be the second most prominent cause of death. Hence, this segment is expected to sustain its dominance throughout the forecast period.

Moreover, the rising efforts by the government and various NGOs in spreading awareness regarding neurological disorders are fostering the segment’s growth. The new product launches related to stroke solutions are boosting the market growth. For instance, in September 2020, CERENOVOUS introduced CERENOVOUS Stroke Solution which aids doctors in clot removal procedures.

Therapeutic Application Insights

The stroke segment accounted for a significant share of the market in 2024. As a result of things like the rising rates of stroke, hypertension, and other neurological conditions. Over 795,000 people in the United States experience a stroke each year, and 1 in 6 people globally will experience one at some point in their lives, according to the CDC. Strokes cause over 140,000 fatalities in the United States each year, making them the second most common cause of death worldwide. The government of the world has adopted a number of steps to avoid stroke. Additionally, the focus on minimally invasive stroke treatment approaches is driving market expansion because, in comparison to open procedures, these methods usually result in faster recovery times and fewer hospital stays. 

Technological developments like real-time imaging and advanced robots are enhancing the safety and accuracy of neurovascular treatments, giving medical professionals more confidence to perform intricate procedures. Additionally, the introduction of technologically sophisticated items is fueling the expansion of this market. For example, Infinity Neuro declared in January 2024 that its Inspira aspiration catheters were now approved by the CE Mark and could be bought in Europe. This is Infinity Neuro's first buffer; in 2024 and beyond, the business plans to provide a wide range of solutions to treat ischemic and hemorrhagic stroke.

By therapeutic application, the cerebral aneurysm segment is anticipated to grow with the highest CAGR in the neurovascular devices market during the studied years. The Brain Aneurysm Foundation estimates that 6.5 million Americans have an unruptured brain aneurysm, and that 30,000 of them experience a rupture every year. Additionally, the launch of technologically advanced items and the growing number of clinical trials will support category expansion in the near future. 

For example, VESALIO announced in February 2024 that its NeVa VS device has been successfully used for the first time in the United States to treat cerebral vasospasm following aneurysmal subarachnoid hemorrhage (aSH). The most frequent result of aSAH and the main cause of death and morbidity is vasospasm. Additionally, EndoStream Medical, a company that creates treatments for brain aneurysms, said in February 2024 that the first patient in the United States had been enrolled in the TORNADO-US clinical study. The trial will assess the company's Nautilus intrasaccular system's efficacy in treating cerebral aneurysms. Additionally, the FDA approved Medtronic's clot-resistant implant in April 2021 for the treatment of brain aneurysms, which is anticipated to propel segment expansion in the near future.

Size Insights

The 0.021” segment registered its dominance over the global market in 2024. The 0.021" diameter provides a good balance between flexibility and support, making the devices suitable for navigating the complex and narrow vasculature of the brain. This size allows for better maneuverability through tortuous blood vessels while maintaining the necessary rigidity to deliver therapeutic agents or implants. This size allows the catheter or device to be used effectively in small, delicate blood vessels, especially in the neurovascular system, where precision is critical. 

Expansion of Hospital Services to Support Dominance in 2024

Hospitals segment dominated the neurovascular devices market globally. The primary cause of this segment's rise is the growing number of patients with neurovascular conditions, including arteriovenous malformation (AVM), brain aneurysms, ischemic and hemorrhagic stroke, and traumatic brain injury (TB1). For instance, in August 2024, the World Stroke Organization estimates that 1 in 4 adults over 25 will have a stroke at some point in their lives. It is estimated that 13.7 million people will have their first stroke each year, with 5.5 million of those individuals potentially losing their lives. It seems likely that the annual death toll will rise to 6.7 million if appropriate action is not taken. Furthermore, it is anticipated that the growing number of patients being admitted to hospitals as a result of operations, treatments, and therapies will boost market expansion. Therefore, the introduction of technologically sophisticated goods, the ensuing rise in the number of patients worldwide, and advantageous reimbursement policies are all significant aspects anticipated to support segment expansion.

Key Companies & Market Share Insights

The market is moderately fragmented with the presence of several local companies. These market players are striving to gain higher market share by adopting strategies, such as investments, partnerships, and acquisitions & mergers. Companies are also spending on the development of improved products. Moreover, they are also focusing on maintaining competitive pricing.

In August 2020, Stryker Corporation a flow diverter named Surpass Evolve Flow Diverter, in the US after acquiring FDA approval.

The various developmental strategies like new product launches, acquisition, partnerships, mergers, and government policies foster market growth and offers lucrative growth opportunities to the market players.

Recent Developments:

• In 2024, CERENOVUS, Inc., a division of Johnson & Johnson MedTech*, announced the introduction of EMBOGUARDTMM, a next-generation balloon guide catheter intended for use in endovascular operations, including those involving patients who have had an acute ischemic stroke. 
• In June 2024, MicroVention, Inc., a multinational neurovascular business and a fully owned subsidiary of Terumo Corporation, declared that the LVISTM EVO™ Intraluminal Support Device, which is intended to treat wide neck intracranial aneurysms, is now commercially available in the US. Since its release in 2019, LVIS EVO has sold more than 12,000 units in Europe. 

Neurovascular Devices Market Companies

• Medtronic
• MicroPort Scientific Corporation
• Penumbra, Inc.
• Stryker Corporation
• Johnson & Johnson Services, Inc.
• MicroVention, Inc.
• Codman Neuro

Segments Covered in the Report

By Device

• Cerebral Embolization and Aneurysm Coiling Devices
  • Embolic coils
  • Flow diversion devices
  • Liquid embolic agents
• Cerebral Angioplasty and Stenting Systems
  • Carotid artery stents
  • Embolic protection systems
• Neurothrombectomy Devices
  • Clot retrieval devices
  • Suction devices/aspiration catheters
  • Vascular snares
• Support Devices
  • Micro catheters
  • Micro guidewires
• Trans Radial Access Devices

By Therapeutic Application

• Stroke
• Cerebral Artery
• Cerebral Aneurysm
  • Aneurysmal Subarachnoid Hemorrhage
  • Others
• Others

By Size (in Inches)

• 0.027"
• 0.021"
• 0.071"
• 0.017"
• 0.019"
• 0.013"
• 0.058"
• 0.068"
• Others

By End-use

• Hospitals
• Specialty Clinics
• Others

By Region

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Sweden
  • Denmark
  • Norway
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Thailand
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East and Africa (MEA)
  • South Africa
  • UAE
  • Saudi Arabia
  • Kuwait