These devices have demonstrated high success rates in various clinical research resulting in a paradigm shift towards the application of a targeted and a minimally invasive approach for treating a range of neurovascular disorders.
The global neurovascular devices market size is projected to grow from $3,325 million in 2024 to $7,011 million by 2035, representing a CAGR of 7.02%, during the forecast period, till 2035.
The forecasted opportunity was analyzed across several relevant parameters, such as type of device (Neurothrombectomy Devices, Embolization Devices and Angioplasty Devices), therapeutic application (Ischemic Stroke, Aneurysm, Stenosis and Arteriovenous Malformations (AVMs)), End users (Hospitals and Specialty Clinics, Ambulatory Care Centres and Other End users), key geographical regions (North America, Europe, Asia-Pacific, Middle East and North Africa, and Latin America) and key leading players.
Our estimates suggest that, currently, the neurovascular devices market is likely to grow at an annualized rate (CAGR) of 7.02%, in the given time period. Further, the highest share of global neurovascular devices market based on type of device will be captured by device 1. However, in the coming years, device 2 is anticipated to grow at a relatively faster pace owing to the ability of such devices to easily pass through the torturous anatomical regions of brain, enabling selective targeting of disrupted blood vessels and offering better patient care outcomes. Furthermore, therapeutic application 1 captures the majority share of the overall global neurovascular devices market. However, in the coming years, therapeutic application 2 is anticipated to grow at a relatively faster pace. This can be attributed to the increasing prevalence of neurovascular disorders.
Funding and investment analysis – Evaluating the overall potential of global neurovascular devices market.
During our research, we came across several funding and investment instances that have been inked between different stakeholders engaged in the global neurovascular devices market. It is worth mentioning that the number of funding instances in this domain has increased over time investing around USD14.5 billion, since 2019.
The maximum number (36%) of funding instances focused on neurovascular devices were reported in 2021, attributing to the adverse effects of COVID-19 virus on various neurovascular diseases. Foreseeing the future potential of neurovascular devices, several investors have actively participated in various funding rounds, which is likely to help propel the growth of this industry. Examples of the companies that have raised funding in the year 2023 include (in reverse chronological order) BCV (December 2023), Route 92 Medical (November 2023), Inspire MD (May 2023) and Skynor Medical (January 2023).
The companies engaged in the domain of neurovascular devices have raised a significant capital through venture capital rounds (55%). Example of firms that raised funding through venture (series A) include (in reverse chronological order, post-2021) Artiria Medical (February 2024), BCV (December 2023), Artio Medical (June 2022) and Perfuze (February 2022). Further, a significant amount, worth more than USD 300 million has been secured through other equities round.
THE FUTURE OF NEUROVASCULAR DEVICES
The concept of neurovascular devices holds immense potential to transform the treatment approaches for neurovascular disorders. The integration of various advanced technologies have facilitated the smooth transition of neurovascular devices from research to clinical application. However, owing to the complex pathophysiology of various neurovascular disorders, researchers are still in the early phases of developing neurovascular disease specific devices and translating it with a technology to reach the most torturous cerebral regions. As a result, there is a need to create advanced technologies that modify the device necessary to make accurate therapeutic inferences and positive patient outcomes. Additionally, to gain insights into the operational techniques of neurovascular devices, it is essential to gain a more comprehensive understanding of the pathological mechanisms associated with the various neurovascular disorders. Several advancements, such as drug-coated devices, personalized devices and conjunctive devices are necessary to revolutionize the next-generation neurovascular devices, which helps healthcare professionals in ensuring positive outcomes based on the higher success rates and faster recovery. A collaborative effort among all stakeholders in the healthcare industry is likely to expedite the accomplishment of these future goals marking a pivotal milestone in the neurovascular devices domain.
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