According to Nova one advisor, the global Neurovascular Catheters market size was exhibited at USD 3.19 billion in 2022 and is projected to hit around USD 8.5 billion by 2032, growing at a CAGR of 8.60% during the forecast period 2023 to 2032.
How shift towards minimally invasive surgeries due to the rise in neurological diseases is driving the market for neurovascular catheters?
The prevalence of neurovascular conditions, such as brain aneurysm and embolic stroke, is increasing which is predicted to lead to neurovascular catheter market expansion. As neurological illnesses are becoming more prevalent, there is an increased need for minimally invasive procedures and neurovascular surgical technology. The need for endoscopic brain surgery, which has increased as a result of the ongoing development of single-incision laparoscopic and endoscopic surgical procedures, is a prominent market driver. Due to these advancements, traditional brain surgical methods will no longer be used, which will increase demand for neurovascular catheters and devices used in the field of neurovascular medicine.
Report Scope of the Neurovascular Catheters Market
Report Coverage |
Details |
Market Size in 2023 |
USD 4.9 Billion |
Market Size by 2032 |
USD 8.5 Billion |
Growth Rate from 2023 to 2032 |
CAGR of 8.60% |
Base Year |
2022 |
Forecast Period |
2023 to 2032 |
Segments Covered |
Type, Application, End-use, and Geography |
Companies Mentioned |
Medtronic, BALT USA LLC, DePuy Synthes, Biomerics, Zeus Indutsrial Products, INC., Raumedic AG, Concentric Medical, Inc, Creganna Medical, Vegamedical.eu, Stryker, Phenox GmbH, Penumbra, Inc., Integer Holdings Corporation,Terumo Corporation, Integra LifeSciences Corporation, Biomerics, Acandis GmbH, Teleflex Incorporated and Microvention Inc. |
How customizable nature of neurovascular catheters is influencing the market?
One of the factors influencing the adoption of neurovascular catheters is the ability to be customized. These catheters are specifically designed to be molded into a variety of shapes depending on the requirements of the end user. The development of highly developed and customized product solutions for neurovascular catheters to carry out minimally invasive surgery is being undertaken by renowned companies.
For instance, balloon catheters can be designed in a variety of sizes and lengths to carry out minimally invasive diagnostic and therapeutic procedures, such as widening arteries, removing obstructions, and delivering stents.
Which factors are restraining the market of neurovascular catheters?
The applications of the catheters and the risk associated with them are posing a threat to the usage of neurovascular catheters. Numerous other risks, such as catheter occlusion and catheter compatibility issues are some of the key obstacles preventing the neurovascular catheter market expansion. Moreover, FDA has constantly warned companies against the potential harm to patients in removing blood clots. For instance, Penumbra’s Jet 7 Xtra Flex catheter gathered attention from FDA due to its associated risk of injuries and deaths in patients.
The market is also substantially constrained by developing nations' lower rates of neurovascular disease treatment because of the procedures' high cost and the absence of favourable reimbursement rules. This is restricting the use of these catheters in these nations and the number of patients receiving therapy.
Region-wise Insights
How is the market for neurovascular Catheters shaping in Europe?
Europe is anticipated to arise as a prominent player in the neurovascular catheters market. Growth in the market is attributable to prevalence of stroke, trauma, aneurysms, arteriovenous malformations (AVMs) and other conditions associated with brain. The market is anticipated to grow during the forecast period due to the presence of prominent players in European countries that offer innovative neurovascular catheters. European countries are expanding its prospectus in the domain of research, patient care in the area of neurovascular diseases thereby strengthening the political position and promoting awareness among neurosurgeons of the opportunities for both clinical practise and research in the field of neurovascular surgery.
Country-wise Insights
U.S. Neurovascular Catheters Market Analysis
The neurovascular catheters market in the U.S. is projected to be valued at US$ 2 Bn by 2032. Revenue through neurovascular catheters grew at a CAGR of 5.7% during 2017-2021 and is expected to account a growth rate of 8.2% over the forecast period. The prevalence of neurovascular diseases in the U.S. is boosting the demand for neurovascular catheters.
According to data from the Centers for Disease Control and Prevention, cerebrovascular injuries contributed to 160,000 deaths in the U.S. Moreover, stroke is accounted for as the primary cause of disabilities in the older population of the U.S., signifying a rise in neurovascular conditions. This is projected to drive the demand for neurovascular catheters in the region. Furthermore, key companies of neurovascular catheters are continuously engaging in receiving FDA approvals and making technological advancements for manufacturing neurovascular catheters. This is anticipated to drive the market of neurovascular catheters during the forecast period. The absolute dollar opportunity growth in the neurovascular catheters market in U.S. is projected to account US$ 1.1 Bn by 2032.
U.K. Neurovascular Catheters Market Analysis
According to The Neurological Alliance, one in six people in the U.K. has a neurological condition. The NHS spends over GBP 4.4 Bn every year on people with neurological conditions. In 2016 – 2017, around 1.6 Mn people in the U.K. were admitted with a neurological mention. There has been around 24% increase in these admissions in the past five years. With these alarming statistics, the market for neurovascular catheters in the U.K. is projected to reach a valuation of US$ 330 Mn.
Japan Neurovascular Catheters Market Analysis
The prevalence of neurological disorders in Japan is 91.1% per 1,000 people. In Japan, the neurovascular catheters market is expected to garner an absolute dollar opportunity of US$ 263.9 Mn between 2022 and 2032. The market is projected to grow at a CAGR of 10.2% during the forecast period.
South Korea Neurovascular Catheters Market Analysis
The neurovascular catheters market in South Korea is projected to reach US$ 148.8 Mn valuation, growing at a CAGR of 8.1% during the forecast period. The market in South Korea is expected to garner an absolute dollar opportunity of US$ 80.2 Mn during 2022 – 2032.
Category-wise Insights
Which product type dominated the market for neurovascular catheters?
Embolization catheters dominated the neurovascular catheters market and achieved a CAGR of 5.2% during 2017-2021. Projected revenue through neurovascular catheters is expected to grow at 6.5% during the forecast period. Embolization catheters have the advantage of controlling abnormal bleeding in any part of the body. Moreover, it is frequently used for minimally invasive surgeries. It blocks the blood vessels or abnormal vascular channels by placing embolic agents through the catheter and prevents blood flow.
Why neurovascular catheters demand through aneurysm is expected to have a significant opportunity in the forthcoming years?
Neurovascular catheters are increasingly used in treating brain aneurysm. The market through brain aneurysms achieved a growth rate of 6.7% during 2017-2021. Revenue through brain aneurysm segment is expected to grow at 8.4% CAGR over the forecast period. Rising cases associated with a brain aneurysm is increasing the demand for neurovascular catheters. Based on brain aneurysm foundation, 500,000 deaths are reported worldwide due to brain aneurysms. Old age, high blood pressure, and people addicted to smoking are more prone to developing brain aneurysms. Almost 30,000 Americans suffer from brain aneurysm rupture. A ruptured aneurysm is life-threatening and calls for serious medical treatment. This necessitates the requirement of neurovascular catheters for treating patients with neurovascular issues.
Some of the recent developments by key providers of Neurovascular Catheters are as follows:
Some of the prominent players in the Neurovascular Catheters Market include:
Medtronic, BALT USA LLC, DePuy Synthes, Biomerics, Zeus Indutsrial Products, INC., Raumedic AG, Concentric Medical, Inc, Creganna Medical, Vegamedical.eu, Stryker, Phenox GmbH, Penumbra, Inc., Integer Holdings Corporation,Terumo Corporation, Integra LifeSciences Corporation, Biomerics, Acandis GmbH, Teleflex Incorporated and Microvention Inc.
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Neurovascular Catheters market.
Neurovascular Catheters Market by Type:
Neurovascular Catheters Market by Application:
Neurovascular Catheters Market by End-use:
By Geography
Key Benefits for Stakeholders