Neurovascular Stent Market Size Forecast to Reach $4.3 Billion by 2026
Neurovascular Stent Market size is forecast to reach $4.3 billion by 2026, growing at a CAGR of 6.2% during the forecast period 2021-2026. A neurovascular stents is made of metal or polymer and is utilized to treat stenosis formation and ischemic stroke in the blood vessels. It is used for thrombectomy owing to their ability to rapidly restore the blood flow in the embolic stroke. Ischemic stroke, atherosclerosis, and aneurysms are some of the major cause that leads to disability and death.
High incidence rates of cerebral disorders & brain aneurysm, technological advancement in healthcare industry, and growth in unhealthy diet are the major factors driving the growth of the market. Excessive consumption, smoking, less physical activity, stress, and increasing demand for minimally invasive procedures is set to further enhance the overall market development of the Neurovascular Stent Market for the period 2021-2026.
Neurovascular Stent Market Segment Analysis – By Product Type
Carotid Artery Stent held the largest share in the Neurovascular Stent Market in 2020 and is estimated to grow at a CAGR 5.8% during the forecast period 2021-2026. This is attributed to the rise in incidence and prevalence of brain and cerebral aneurysm. A carotid artery stent is a hollow, long tube that is passed through the arteries to the narrowed carotid artery in the neck. A stent is inserted into the carotid artery after angioplasty that uses a balloon inflated in the narrowed part of the artery. Carotid artery stents remains permanently in the artery and usually takes about 1 to 2 hours. Intracranial stents require adequate dual antiplatelet therapy and are also thrombogenic. Additionally, increase in technologically advanced neurovascular stents is increasing the demand of intracranial stents. Intracranial stents are estimated to register the highest CAGR over the period 2021-2026.
Neurovascular Stent Market Segment Analysis – By End Users
Hospital held the largest share in the Neurovascular Stent Market in 2020 and is estimated to grow at a CAGR 5.7% during the forecast period 2021-2026. This is attributed to the fact that it offers minimally invasive procedures for various diseases along with the high end technological products. Favorable reimbursement policies for hospital procedures and improvements in healthcare facilities are increasing the demand of neurovascular stents in hospitals. Ambulatory surgical units offer cost effective and quality treatments that drive the patient’s preference for surgical procedures being performed in the ambulatory surgical centers. Ambulatory Surgical Units are estimated to register the highest CAGR over the period 2021-2026.
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Neurovascular Stent Market Segment Analysis – By Geography
North America dominated the Neurovascular Stent Market with a major share of 38.1% in 2020. This is attributed to the high prevalence of cerebral disorders such as malformation & Stenosis and increase in acceptance of minimally invasive procedure to treat neurovascular diseases. Increasing government initiative to modernize healthcare infrastructure and accessibility to technologically advanced medical treatments and products is also increasing the growth of the market in this region.
However, Asia Pacific is estimated to grow at a higher CAGR during the forecast period 2021-2026 owing to the rising awareness regarding advanced and innovative neurovascular devices. Large patient pool and rising healthcare expenditure is also increasing the growth of the market in this region.
Neurovascular Stent Market Drivers
Increasing Number of Ischemic Strokes and Aneurysm patients
Increasing number of brain aneurysm and ischemic strokes and brain aneurysm patients is increasing the growth of the Neurovascular Stent Market. Ischemic stroke occurs when the ruptured blood vessel in the brain has been blocked and weakened artery wall causes aneurysm that can ruptures and subsequently bleed while affecting the brain and the heart. Increasing investment in research activities to develop technologically advanced devices for treating acute ischemic stroke along with increasing healthcare expenditure is increasing the growth of the market. In U.S., about 35,000 people suffer a brain aneurysm each year. Thus, increasing the growth of the Neurovascular Stent Market during the forecast period 2021-2026.
Rising Demand for Minimally Invasive Surgical Procedures
Rising demand for minimally invasive surgical procedures is increasing the growth of the Neurovascular Stent Market. Minimally invasive surgical procedure is used to treat problems that affects the blood vessels such as an aneurysm. It requires a small incision that is performed within the artery through a catheter. The catheter is inserted into the blood stream and guided to the brain. It results in less pain, less risk of complication than open surgery, and also shorter hospital stays. Minimally invasive surgical procedures includes angioplasty, embolization, stenting, and coiling which are much better than the traditional open surgery method. Thus, increasing the growth of the Neurovascular Stent Market during the forecast period 2021-2026.
Neurovascular Stent Market Challenges
High Product Cost and Complications Associated With Neurovascular Stents
Some of the factors that are set to impede the growth of the Neurovascular Stent Market are high product cost and complications associated with neurovascular stents. Challenges involved in commercialization of neurovascular devices is also set to hamper the growth of the market.
Neurovascular Stent Market Landscape
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Neurovascular Stent Market. In 2020, the Neurovascular Stent Market share is consolidated by the top ten players present in the market. The Neurovascular Stent Market, top 10 companies are Boston Scientific, Integer, Micro Point Scientific, Medtronic, Stryker, Tarumom, Cordis, Acandis, Johnson & Johnson, and Gore Medical among others.
Key Takeaways
North America dominated the Neurovascular Stent Market in 2020 owing to the high prevalence of cerebral disorders such as malformation, brain aneurysm, & stenosis, and increase in adoption of minimally invasive procedure to treat neurovascular diseases. The Neurovascular Stent Market scope for different regions will be provided in the final report.
Rising emergence of neurovascular stent with advanced technology and awareness programs are likely to aid the market growth of the Neurovascular Stent Market report.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Neurovascular Stent Market report.
High product cost and complications associated with neurovascular stents procedure is poised to create the hurdles for the Neurovascular Stent Market.
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