Neurovascular Catheters Market Report
Neurovascular Catheters Market by Type (Microcatheters, Balloon Catheters, Access Catheters, Embolization Catheters, and Others), Application (Embolic Stroke, Brain Aneurysms, Arteriovenous Malformations, and Others), End Use (Hospitals, Clinics, Ambulatory Surgical Centers, and Diagnostic Centers), and Region (North America, Europe, Asia-Pacific, and LAMEA): Opportunity Analysis and Industry Forecast, 2023-2032
Global Neurovascular Catheters Market Overview
Neurovascular catheters are specialized clinical devices designed for the prognosis and cure of various neurological conditions affecting the blood vessels in the brain. These catheters are used by healthcare professionals, mainly neurosurgeons for interventions in the brain and intracranial spaces to perform neurovascular surgeries. Neurovascular catheters generally consist of a long, thin tube made of biocompatible materials, such as polymers or metal alloys. They are designed specifically as neurovascular organs are sensitive and catheter failure or fault can result in vessel damage and perforation. These catheters frequently have a lumen or hollow core that allows the injection of contrast agents, therapeutic drugs, or the use of imaging methods to visualize the blood vessels and diagnose any abnormalities or blockages. One of the principal applications of neurovascular catheters is in the therapy of stipulations, such as ischemic stroke and cerebral aneurysms.
Global Neurovascular Catheters Market Analysis
The global neurovascular catheters market size was $3.06 million in 2022 and is predicted to grow with a CAGR of 7.6%, by generating a revenue of $6.15 million by 2032.
COVID-19 Impact on Global Neurovascular Catheters Market
The global neurovascular catheters market, like many other sectors, has experienced tremendous impacts from the COVID-19 pandemic. The outbreak of the virus led to considerable disruptions in healthcare structures worldwide, with a shift in priorities toward managing the pandemic and treating COVID-19 patients. As a result, non-urgent procedures, along with elective neurovascular interventions, had been postponed or canceled, leading to a decline in the demand for neurovascular catheters. Additionally, the restrictions imposed to curb the spread of the virus, such as lockdowns and travel restrictions, disrupted the global supply chain and logistics. This created challenges in the manufacturing and distribution of neurovascular catheters. The limited availability of these imperative medical devices in addition hindered their utilization in neurovascular procedures. Moreover, many healthcare facilities faced price range constraints and redirected their assets toward managing COVID-19-related expenses. This decreased their ability to invest in new medical technologies, consisting of neurovascular catheters, thereby affecting the market growth.
The Rising Prevalence of Neurological Disorders to Drive the Market Growth
The rising prevalence of neurological disorders is predicted to be a key driver for the growth of the global neurovascular catheters market. Neurological disorders, such as ischemic stroke, cerebral aneurysms, arteriovenous malformations, and others, pose a huge burden on men and women and healthcare systems worldwide. These prerequisites can lead to extreme disabilities, morbidity, and even mortality if no longer properly diagnosed and treated. Neurovascular catheters play a vital role in the diagnosis and cure of these neurological disorders. The increasing prevalence of neurological disorders necessitates the use of neurovascular catheters due to the rising number of patients across the globe. Moreover, elements such as sedentary lifestyles, unhealthy diets, high blood pressure, and rising older population are making contributions to the rising incidence of neurological disorders.
High Cost Associated with Neurovascular Catheters to Restrain Market Growth
The high cost associated with neurovascular catheters is expected to be a major factor restraining the growth of the global market. Neurovascular catheters are technologically advanced devices that require specific engineering and specialized materials, leading to higher manufacturing costs. Additionally, the research and development investments, regulatory compliance expenses, and ongoing product enhancements further make contributions to the higher cost. The high price of neurovascular catheters poses challenges for many healthcare facilities and patients. Hospitals and clinics, especially in resource-constrained settings, may additionally find it hard to allocate massive budgets for acquiring these high-priced devices. Moreover, insurance coverage barriers and excessive deductibles can make neurovascular catheters unaffordable for many individuals.
Advancements in Technology to Drive Excellent Opportunities
Technological advancements in neurovascular catheters are predicted to create massive growth opportunities for the global neurovascular catheters market. In addition, ongoing research and development activities to enhance the design, functionality, and overall performance of neurovascular catheters are driving the market growth. Technological advancements have led to the development of high-quality catheter designs that provide greater flexibility, trackability, and navigation capabilities inside the brain. These advancements allow healthcare experts to access difficult anatomical locations with increased precision and accuracy, resulting in high procedural success rates. Furthermore, the integration of advanced imaging techniques, such as intravascular ultrasound (IVUS) and optical coherence tomography (OCT), into neurovascular catheters allows real-time visualization of blood vessels and plaque formations.
Global Neurovascular Catheters Market Share, by Type, 2022
The embolization catheters sub-segment accounted for the highest market share in 2022. During a catheter embolization procedure, drugs or synthetic substances referred to as embolic agents are injected through a catheter into the selected blood vessel to block blood flow feeding the tumor or malformation. Neurovascular embolization catheters used to stop or control abnormal bleeding can close off vessels supplying blood to a tumor or to treat aneurysms. They are a minimally invasive treatment and offer better control over bleeding than open surgeries. Thus, increasing demand for embolization catheters in the treatment of aneurysms is expected to boost the market.
Global Neurovascular Catheters Market Share, by Application, 2022
The brain aneurysms sub-segment held the largest market share in 2022. Also called intracranial aneurysms, blood aneurysms are leaks or torn blood vessels, causing bleeding in the brain. Factors that contribute to the formation of brain aneurysms are smoking, hypertension, trauma or injury to blood vessels, genetic predisposition, and complications from a few types of blood infections. Thus, the growing prevalence of brain aneurysms across the globe is anticipated to boost the sub-segment's growth during the forecast period.
Global Neurovascular Catheters Market Share, by End Use, 2022
The hospitals sub-segment accounted for the highest market share in 2022. The growth of this sub-segment can be attributed to the rising patient pool suffering from neurovascular disorders, such as brain aneurysm, ischemic & hemorrhagic stroke, arteriovenous malformation (AVM), and traumatic brain injury (TBI). For example, according to the World Stroke Organization, 1 in 4 people over the age of 25 years is expected to experience a stroke throughout their lifetime.
Global Neurovascular Catheters Market Share, by Region, 2022
The North America region generated highest revenue in 2022. The dominant growth of the region is mainly owing to the presence of key manufacturers, such as Penumbra, Inc., Stryker Corporation, Merit clinical systems, Inc., and Johnson & Johnson in the region. For instance, in July 2021, Rist Selective Radial Access Catheter and the Rist 079 Radial Access Guide Catheter, a first-of-its-kind radial access catheter system, have been licensed by Health Canada for use by Medtronic Canada ULC, a division of Medtronic plc. Besides, in February 2022, J&J's Cerenovus dedicated USD54.19 million to the development of stroke devices at an Irish research facility.
Competitive Scenario in the Global Neurovascular Catheters Market
The neurovascular catheters market is noticeably competitive and involves many key players operating in the global market. Product innovation, strategic collaborations and partnerships are common strategies adopted by these players in the neurovascular catheters market.
Some prominent players in the neurovascular catheters market include Medtronic plc, Stryker Corporation, Terumo Corporation, Johnson & Johnson, MicroPort Scientific Corporation, Penumbra, Inc., Merit Medical Systems, Inc., Boston Scientific Corporation, and Cook Medical.
Historical Market Estimations
Base Year for Market Estimation
Forecast Timeline for Market Projection
North America, Europe, Asia-Pacific, and LAMEA
Segmentation by Type
Segmentation by Application
Segmentation by End-use
Key Companies Profiled
Q1. What is the size of the global neurovascular catheters market?
A. The size of the global neurovascular catheters market was over $3.06 million in 2022 and is expected to reach up to $6.15 million by 2032.
Q2. Which are the major companies in the global neurovascular catheters market?
A. Medtronic, Stryker, and Terumo Corporation are some of the key players in the global neurovascular catheters market.
Q3. Which region, among others, possesses greater investment opportunities in the near future?
A. The North America region possesses great investment opportunities for investors to witness the most promising growth in the future.
Q4. What are the strategies opted by the leading players in this market?
A. Strategic acquisitions and partnerships are the two key strategies opted by the operating companies in this market.