According to the latest report by Reports and Data, the Neurovascular Catheters Market is expected to witness a revenue CAGR of 7% over the forecast period, with a market size of USD 3.43 Billion in 2022. The market is predicted to grow due to rising rates of hypertension, obesity, and diabetes, which are primary risk factors for stroke and aneurysm. Neurovascular catheters are utilized to treat various neurovascular diseases, including brain aneurysms, ischemic strokes, and hemorrhagic strokes. The aging population and incidence of these diseases are expected to increase globally. Market revenue growth is expected to be driven by technologically advanced neurovascular catheters and a growing preference for less invasive treatments. These catheters are more precise and offer better outcomes than traditional surgical methods, and hospitals and clinics are increasingly adopting them.
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Research and development activity in the field of neurovascular catheters is on the rise, leading to the introduction of new and improved catheters such as stent retrievers that have significantly improved the prognosis of patients with acute ischemic stroke. The market is also witnessing advancements in materials, such as the very flexible and robust nitinol, leading to better catheter systems. The increasing prevalence of neurological diseases has led to a surge in the number of neurosurgical procedures performed, propelling market revenue growth. The Asia Pacific region, with its growing incidence of neurological diseases and rising healthcare expenditure, is expected to further boost market revenue growth.
Major companies in Neurovascular Catheters Market:
- Stryker Corporation
- Medtronic plc
- Boston Scientific Corporation
- Johnson & Johnson
- Terumo Corporation
- Penumbra, Inc.
- MicroPort Scientific Corporation
- Integra LifeSciences Holdings Corporation
- Acandis GmbH
- ASAHI INTECC Co., Ltd.
Driving Factors in Neurovascular Catheters Market:
- Rising incidence of neurovascular diseases such as brain aneurysms, ischemic strokes, and hemorrhagic strokes
- Increase in the aging population worldwide
- Availability of technologically advanced neurovascular catheters
- Growing preference for less invasive treatments
- Increase in the number of neurosurgical procedures performed
- Rise in research and development activity in the field of neurovascular catheters
- Development of new and improved catheters
- Creation of targeted medications
- Increased desire for personalized tailored medications
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Restraints in Neurovascular Catheters Market:
- High cost of neurovascular catheterization procedures.
- Stringent regulatory requirements for approval of neurovascular catheters.
- Limited availability of skilled professionals to handle the advanced catheterization techniques.
- Risks associated with neurovascular catheterization procedures such as bleeding, infections, and thrombosis.
- Limited reimbursement policies and coverage for neurovascular catheterization procedures in certain regions.
- Lack of awareness and understanding of the benefits of neurovascular catheterization procedures among patients and healthcare professionals.
- The impact of the COVID-19 pandemic on the healthcare industry, including disruptions in the supply chain and delays in elective procedures.
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Notable Innovations in Neurovascular Catheters Market:
- Stent retrievers: These devices have significantly improved the prognosis of patients with acute ischemic stroke.
- New materials: The development of new materials, including very flexible and robust nitinol, has led to the creation of better catheter systems.
- Advanced imaging techniques: The use of advanced imaging techniques such as Magnetic Resonance Imaging (MRI) and Computed Tomography (CT) has led to the development of more personalized treatment regimens.
- Targeted medications: The creation of targeted medications designed specifically for treating certain illnesses has contributed to the development of more personalized treatment options.
- Technologically advanced neurovascular catheters: The availability of technologically advanced neurovascular catheters has led to the adoption of less invasive treatments and better patient outcomes.
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