PORTLAND, Ore., Feb. 17, 2021
PORTLAND, Ore., Feb. 17, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "U.S. Neurovascular Devices Market by Product (Embolization Devices, Revascularization Devices, Thrombectomy Devices, Embolic Protection Devices, and Accessory Devices), and Disease Pathology (Aneurysm, Arteriovenous Malformation, Ischemic stroke, Stenosis, and Others): Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the U.S. neurovascular devices industry generated $946.15 million in 2019, and is expected to reach $1.07 billion by 2027, manifesting a CAGR of 3.8% from 2020 to 2027.
Drivers, restraints, and opportunities
Growth in prevalence of neurovascular diseases, rise in geriatric population across the U.S., technological developments associated with neurovascular devices, and increase in incidence of underlying disease conditions drive the U.S. Neurovascular Devices market. However, higher prices of neurovascular devices hinder the market growth. On the other hand, rise in demand for minimally invasive procedures in U.S. presents new opportunities in the coming years.
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The embolization devices segment to maintain its lead position during the forecast period
Based on form, the embolization devices segment accounted for more than two-fifths of the U.S. neurovascular devices market in 2019, and is estimated to maintain its lead position during the forecast period. This is attributed to increase in prevalence of neurovascular diseases, introduction of technologically advanced products, rise in R&D investment, surge in geriatric population, increase in adoption of embolization devices, and surge in launch of new and advanced neurovascular devices. However, the revascularization devices segment is projected to witness the highest CAGR of 5.4% from 2020 to 2027, owing to surge in prevalence of cerebral stenosis and brain aneurysm.
The aneurysm segment to maintain its leadership status by 2027
Based on disease pathology, the aneurysm segment contributed to nearly half of the U.S. Neurovascular Devices market in 2019, and is projected to maintain its leadership status in terms of revenue throughout the forecast period. This is attributed to surge in prevalence of the aneurysm, increase in demand for minimally invasive neurosurgical procedures, government initiatives to modernize healthcare infrastructure, technological advancement in neurovascular treatments, and increase in product approvals of new devices used in the treatment of aneurysm. However, the ischemic stroke segment is estimated to manifest the fastest CAGR of 5.9% from 2020 to 2027. The neurovascular device is used in revascularization among patients with acute ischemic stroke and secondary to intracranial large vessel occlusive disease. This augments the growth of the segment.
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