Global Neurovascular Devices Market to Surpass $3.18 Billion by 2027

According to Coherent Market Insights, the global neurovascular devices market is estimated to be valued at $2.34 billion in 2020 and is expected to exhibit a compound annual growth rate (CAGR) of 4.1 percent during the forecast period (2020-2027).
 
The global neurovascular devices market is expected to witness significant growth, owing to increasing regulatory approvals of device. For instance, on Aug. 3, Stryker Corporation announced that it received the U.S. Food and Drug Administration approval for an expanded indication of its Neuroform Atlas Stent System, becoming the first and only adjunctive stent approved for use in posterior (back of the brain) circulation.
 
Moreover, in February 2020, Cerus Endovascular Ltd. received European CE Mark approval for its lead product, the Contour Neurovascular System, for the treatment of intracranial aneurysms.
 
Launches of neurovascular devices is also expected to drive growth of the global neurovascular devices market. For instance, in August 2020, Stryker Corporation announced the launch of the Surpass Evolve Flow Diverter following approval from the U.S. Food and Drug Administration. It is the first 64-wire cobalt chromium flow diverter in the U.S. designed to re-direct blood flow and promote aneurysm healing.
 
Furthermore, in July 2016, Penumbra Inc. launched ACE 68 Reperfusion Catheter for the treatment of acute ischemic stroke.
 
The global neurovascular devices market is expected to exhibit a CAGR of 4.1 percent during the forecast period (2020-2027), owing to the increasing technological advancements in microgudewires. In September 2019, the engineers at Massachusetts Institute of Technology developed a robotic thread (in black color) that can be steered magnetically and is small enough to work through narrow spaces such as the vasculature of the human brain for treatment of blood vessel blockage in the brain.
 
North America is expected to be the most lucrative region in the neurovascular devices market due to the increasing prevalence of stroke in the region. According to the Centers for Disease Control and Prevention (CDC), stroke resulted in death of about 140,000 Americans, which was one out of every 20 deaths, in 2018.
 
Key players operating in the global neurovascular devices market include Medtronic plc, Abbott Laboratories, Johnson & Johnson, Merit Medical Systems Inc., Stryker Corporation, Penumbra Inc., Acandis GmbH & Co. KG, MicroPort Scientific Corporation, Terumo Corporation, and Cerus Endovascular Limited.