With growing geriatric population and growing pool of patient suffering from neurovascular devices, neurovascular devices market is likely to witness trend growth opportunities in coming years.
As per a report published by the WHO, the global geriatric population (belonging to age group of 65 and above) is estimated to rise exponentially in coming years. In 2000, geriatric population constituted of 7% of global population; in 2050, 16% of the population will be aged 65 years and above. People belonging to age group of 65 and above are more susceptible to neurological disorders and cardiovascular diseases when compared to other age group people.
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Further, advancing healthcare infrastructure and favorable reimbursement policies are likely to accelerate the market growth. As a result, people are being involved in preventive health measures. Early diagnosis of symptoms enables people to undergo right treatment at right time. As a result, the mortality risk is reduced.
Trend of Minimally Invasive Surgery Influence Application of Microsurgical and endovascular devices
Microsurgical and endovascular devices are gaining popularity among medical professionals and patients. These devices aids to perform minimally invasive surgeries. Furthermore, these techniques help in management of acute ischemic strokes and brain aneurysms. Meanwhile, development of stent- and balloon-assisted coiling in endovascular therapies have widened the option range for both patients and surgeons in treatment of aneurysms.
In addition, morbidity related to strokes and associated mortality rate is rising worldwide. This, in turn, is propelling demand for endovascular mechanical treatment devices.
Ongoing advances in neurovascular devices and techniques are, further, anticipated to accelerate the market growth in forthcoming years.
In recent years, neurovascular devices market has been witnessing tremendous advancements in devices and techniques. These devices and techniques allow easy diagnosis and proper management of the medical conditions.
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Presence of Hi-tech healthcare Accentuate Expansion of North America Market
As per research analysts, the North America market is likely to witness substantial growth in coming years, and maintain its prominence in the global neurological devices market. The growth rate in the region is attributed to technological advancements, hi-tech healthcare infrastructure, and favorable reimbursement policies.
The U.S. is likely to account for major share in North America market. This is due to the rising prevalence of brain aneurysms in the region.
Meanwhile, Asia Pacific and Latin America market is likely to chart progressive growth rate in coming years. This is due to growing geriatric population and rising prevalence of neurological disorders in the region.
However, lack of awareness among patients regarding the availability of neurovascular devices is likely to interfere with the growth of regional market. Nonetheless, introduction of new technologies and efforts by players to enhance visibility of the device is likely to accentuate market growth in the regions.
With presence of only few companies in the neurovascular devices market, it is highly consolidated in nature. To expand their presence across the globe, these players are undertaking both organic and inorganic strategies.
Consistent development in the devices and diversification of the product range are few organic growth strategies. On the other hand, merger and acquisitions, collaborations, and partnership are some of the inorganic growth strategies. In addition, players are trying and spreading awareness regarding uses and benefits of the devices among end-users.
These growth strategies are anticipated to push horizon of the market in coming years. Also, growing competition among these players are likely to positively impact the market.
Some of the prominent players operating in the global neurovascular devices market are MicroPort Scientific Corporation, Abbott Laboratories, Terumo Medical Corporation, Johnson & Johnson, Medtronic PLC, Penumbra Inc., W. L. Gore & Associates, Stryker Corp., and Merit Medical Systems Inc.
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