Neurovascular Stent Retrievers Market size is estimated at $562 million in 2020, projected to grow at a CAGR of 6.3% during the forecast period 2021-2026. During a stroke, neurovascular stent retrievers are used to restore blood flow. Ischemic stroke is the leading cause of disability and death around the world. Patients who have suffered severe nervous system injuries or strokes also need lifelong support, putting a strain on the patients, their families, and society. To develop therapies for neurological injury- Intracranial hemorrhage, new and paradigm-shifting techniques are needed. Mechanical thrombectomy includes aspiration, fragmentation and rheolytic. One of the most effective therapies for systemic thrombolysis is the use of tissue plasminogen activators, which is boosting the Neurovascular Stent Retrievers Industry’s development. Complications and long-term injuries can be avoided with early diagnosis and care. Increase in the geriatric population, an increase in the occurrence of neurological and epidemic disorders, and the introduction of novel products for neurovascular stent retrievers is driving the Neurovascular Stent Retrievers industry. Systemic thrombolysis with tissue plasminogen activator was used to treat stroke effectively, but the efficacy of other therapies was limited in extreme stroke with thromboembolic occlusion. For mechanical thrombectomy in patients with acute embolic stroke, stent retrievers have recently been added. In the case of an acute embolic stroke, neurovascular stent retrievers are used for mechanical thrombectomy and blood flow restoration. The ability of neurovascular stent retrievers to quickly restore blood flow and efficiently remove clots or thrombus from deep intracranial arteries has made them well-known driving demand for Neurovascular Stent Retrievers Market. Furthermore, the market is expected to expand as disposable income rises and people become more conscious of diseases and preventive healthcare, thereby, driving the demand for Neurovascular Stent Retrievers Industry.
Neurovascular Stent Retrievers Market Segment Analysis – By Type
Based on Type, Neurovascular Stent Retrievers Market is segmented into Balloon Expanding Stents and Self-Expanding Stents. Balloon Expanding Stents accounted for the largest revenue market share in 2020. Balloon expandable stent is a flexible stent with a modular nature made of an advanced cobalt chromium alloy. Fusion patterns are created with the aim of achieving the best possible combination of strength and conformability. The use of cobalt chromium allows for immediate and secure MR imaging and Acute ischemic stroke. It is a smaller, more consistent cell size that conforms to the vessel wall. The balloon expandable stent device allows the stent to be safely advanced to the desired position via the peripheral vessels. Industry players are concentrating on R&D activities in order to introduce new products and novel technologies that can effectively treat diseases. Terumo, for instance, received FDA approval for the SOFIA catheter in June 2018, which is intended for distal navigation and efficient patient revascularization aids to Neurovascular Stent Retrievers Industry expansion. Automated Self-Expanding Stents segment is anticipated to grow with the fastest CAGR of 6.9% in the forecast period 2021-2026. For ease of delivery, self-expanding stents have become common, as has the invention of drug-eluting stents to minimize in-stent stenosis. Furthermore, advances in imaging technology have paved the way for the creation of patient-specific neurovascular care plans. In addition, the integration of imaging technology during neurovascular procedures has enabled improved treatments with the use of stents, which is expected to drive segment growth over the forecast period, which drives the Neurovascular Stent Retrievers Industry.
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Neurovascular Stent Retrievers Market Segment Analysis – By End User
Based on End User, Neurovascular Stent Retrievers Market is segmented into Hospitals/Clinics, Ambulatory Surgical Centres and Others. Hospitals/Clinics accounted for the largest revenue market share in 2020. Hospitals have cutting-edge medical technology as well as minimally invasive treatments for a variety of diseases. The segment’s development is supported by improvements in healthcare facilities and favorable payment plans for hospital procedures. The number of stent retriever’s procedures performed in hospitals is growing owing to increasing adoption of stent retrievers for acute ischemic stroke treatment and rising incidence of vascular diseases. According to the World Health Organization, 15 million people worldwide suffer from stroke each year. Obesity and diabetes have become more prevalent over time, leading to a rise in the number of strokes driving the segment growth. Ambulatory Surgical Centres segment is anticipated to grow with the fastest CAGR of 6.6% during the forecast period 2021-2026. ASCs have high-quality, cost-effective care, which encourages patients to choose these centres for surgical procedures. As a result, segment growth will be improved over the forecast period, thereby, expanding the Neurovascular Stent Retrievers Market.
Neurovascular Stent Retrievers Market Segment Analysis – By Geography
Based on Geography, North America Neurovascular Stent Retrievers Market accounted for the 36% revenue share in 2020 owing towards the growing prevalence of stenosis, aneurysms, ischemic stroke, and other neurovascular diseases that are driving regional neurovascular product sales. Access to cutting-edge medical treatments like Acute ischemic stroke, mechanical thrombectomy and products drives the regional growth. According to a study from the American Heart Association Statistics Committee and Stroke Statistics Subcommittee, almost 7,95,000 people have a stroke each year, and the figure continues to rise. The use of tissue plasminogen activators in systemic thrombolysis is currently one of the most successful therapies, enhancing the Neurovascular Stent Retrievers Industry growth. The country’s aging population are the primary drivers of segment development. According to the United States Census Bureau, the population of people aged 65 and up increased by 1.6 million from 2016 to 2017 is accelerating Neurovascular Stent Retrievers Industry expansion across the region. Asia-Pacific is predicted to be the fastest growing region during the forecast period 2021- 2026 owing towards region’s burgeoning medical tourism industry, rising chronic disease prevalence, and favourable reimbursement situation. The increased awareness of advanced and revolutionary neurovascular devices is credited with the region’s development. The regional industry will expand faster owing to a large patient pool in densely populated Asian countries and growing healthcare expenditure.
Neurovascular Stent Retrievers Market Drivers
The Increasing Technological Advancements with Growing Research and Development Activities:
The market is being driven by technological advances and advancements in neurovascular stent retriever technology. Various governments, especially in developing countries, are encouraging advancements in neurovascular stent retriever technology. This is owing to the use of neurovascular stent retrievers has resulted in a substantial improvement in patients, resulting in government funding. For instance, Ceronovus, Johnson & Johnson’s latest neurovascular company for successful stroke treatment, was launched in July 2017. The plan cantered on the production of new products for patients suffering from haemorrhagic and ischemic strokes, allowing the company to increase its client base and improve its market position. Furthermore, the global neurovascular stent retriever technology market is being boosted by people’s sedentary lifestyles and unhealthy eating habits. Using advanced imaging modalities, major vendors in the market are partnering with academic and research institutes to support their on-going clinical initiatives and extend clinical applications of their current mechanical thrombectomy systems. The main factors driving demand for commercial products in research laboratories and academic institutes are growing public-private funding to support research activities in the field of Acute ischemic stroke, mechanical thrombectomy and increasing industry-academia partnerships to establish novel neurovascular stent retriever technologies, aiding growth towards the Neurovascular Stent Retrievers Market.
Neurovascular Stent Retrievers Market Challenges
Major Regulatory Concerns:
Regulatory concerns regarding usage of Ambulatory Healthcare Service Analysis and growing stringent government policy and regulation towards the quantity of service being used in application is restraining growth of the market. Also, operational uncertainties and data security concern are expected to hinder Neurovascular Stent Retrievers industry growth. Also, insufficient patient recognition resulting in delayed care for peripheral vascular diseases, and a scarcity of qualified and well-trained surgeons to conduct procedures restrains the market development.
Neurovascular Stent Retrievers Market Landscape:
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Neurovascular Stent Retrievers Market. Neurovascular Stent Retrievers Market top 10 companies are Johnson & Johnson, LivaNova, Penumbra, Medtronic, Terumo, Boston Scientific Corporation, Integer, ASAHI INTECC, MicroPort Scientific and KANEKA MEDIX.
In August, 2019, Boston Scientific Corporation acquired BTG plc., a corporation that develops and commercializes products used in minimally-invasive procedures targeting cancer and vascular diseases, as well as specialty pharmaceuticals will drive the company’s growth.
The growing need for early and reliable diagnosis, as well as the increasing demand for better medical solutions around the globe, is expected to drive demand for Neurovascular Stent Retrievers.
Geographically, North America Neurovascular Stent Retrievers Market held the largest revenue share of 36% in 2020 owing to the involvement of potential players who are developing innovative products, high investments in R&D and support of government towards the use of medical equipment’s and investments in healthcare.
The Neurovascular Stent Retrievers Industry is being driven by the growing demand of surgical procedures, minimally invasive procedures, the aging population, and favourable reimbursement policies for technological advancements.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market is provided in the Neurovascular Stent Retrievers Market.
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