Neurovascular Catheters Market Size, Share & Industry Analysis, By Type (Microcatheters, Balloon Catheters, Thrombectomy Catheters, and Others), By Application (Hemorrhagic Stroke, and Ischemic Stroke), By End User (Hospitals, and Specialty Clinics), and Regional Forecast, 2019-2032

The global neurovascular catheters market size stood at USD 625.6 million in 2018 and is projected to reach USD 1,587.4 million by 2032, exhibiting a CAGR of 3.4% during the forecast period. North America dominated the neurovascular catheters market with a market share of 43.41% in 2018.

Neurovascular catheters are used for interventions in the brain and intracranial spaces to perform neurovascular surgeries. Catheters used for these interventions are designed specifically, as neurovascular organs are sensitive and catheter failure or fault can result in vessel damage and perforation. These catheters offer several applications such as access to the neurovascular organs, and delivery of embolic coils and thrombectomy devices, among others. The significant increase in the number of neurovascular surgeries and use of catheters during surgical procedures is expected to surge the demand of neurovascular catheters during the forecast period.

MARKET TRENDS

Shift towards Minimally Invasive Techniques for Treatment of Neurological Disorders to Fuel the Market

The shift from traditional surgical procedures to minimally invasive surgeries has been pivotal in development of advanced neurovascular catheters for different applications. Certain advantages offered by these catheters such as minimal invasion, easy access to intracranial spaces, and simplification of complex processes owing to advances in design of catheters are expected to boost the adoption and subsequently drive the neurovascular catheters market trends during the forecast period.

Increasing incidence of stroke and growing prevalence of neurological disorders combined with the shift of preference of healthcare providers towards minimally invasive surgeries is boosting the demand for these catheters in developed and developing countries. This is projected to further augment the neurovascular catheters market growth during 2019-2026.

MARKET DRIVERS

Rising Prevalence of Neurovascular Disorders and Incidence of Strokes to Fuel the Market

Neurovascular catheters are used along with other neurovascular devices in the treatment of strokes.  Stroke is estimated to be the second leading cause of death globally, and fifth leading cause of death in the U.S. Major factors, including rapid urbanization, sedentary lifestyle, and stress, have been responsible for the increasing number of strokes worldwide. For instance, according to the Brain Aneurysm Foundation, an estimated 6 million Americans each year suffer from cerebral aneurysms. These trends are presenting a large patient pool requiring treatment for neurovascular diseases. This, along with growing awareness among the patient population towards availability of treatment, devices, and realigning reimbursement policies, especially in emerging countries, are factors anticipated to further augment the market demand. Also, introduction of advanced catheters with ergonomic designs and improved clinical efficiency is fueling the adoption of these devices in neurovascular interventions globally.

MARKET RESTRAINT

High Cost of Neurovascular Procedures and Increasing Risk of Catheter Failures to Hamper the Market

Despite an increasing incidence of strokes and hemorrhage globally and presence of a large patient pool with neurovascular diseases, there are certain factors that are limiting the adoption of neurovascular catheters. One of the major factors restraining the growth of the market is the lower treatment rate for neurovascular disorders in emerging countries. This is due to the high cost associated with the procedures and lack of favorable reimbursement policies. This is limiting the number of patients undergoing treatment and the adoption of these catheters in these countries. Also, the market faces certain challenges in the form of procedural risks associated with the use of these catheters. Risk of catheter blockage, coating detachment from the catheter, and its biocompatibility with neurovascular organs are some of the major factors limiting the demand for neurovascular catheters in the global market.

SEGMENTATION

By Type Analysis

Thrombectomy Catheters Dominated the Global Market

Based on type, the market is segmented into microcatheters, balloon catheters, thrombectomy catheters, and others. Thrombectomy catheters include aspiration catheters which are used to remove thrombus and debris from blood vessels in the brain. Thrombectomy catheters segment led the neurovascular catheters market share in 2018. Technological advances in these catheters have enabled surgeons to improve the clinical outcomes of the procedures including removal of blockage. This, along with other clinical and operational benefits of thrombectomy catheters, has been instrumental in the dominance of this segment in the global market.

Microcatheters segment is anticipated to register a comparatively higher CAGR during the forecast period. Introduction of new catheters by market players and increasing patient population undergoing neurovascular surgeries, coupled with clinical benefits of microcatheters, are factors expected to fuel the demand for these catheters. The balloon catheters segment is projected to register a moderate CAGR during the forecast period.

By Application Analysis

Ischemic Stroke Segment to Register a Higher CAGR during Forecast Period

In terms of application, the market is segmented into hemorrhagic stroke and ischemic stroke. The hemorrhagic stroke segment is projected to grow during the forecast period owing to the increasing prevalence of conditions such cerebral aneurysms and arteriovenous malformations (AVM) globally. These conditions are presenting a large population suffering from hemorrhagic strokes requiring treatment, fueling the demand for neurovascular catheters.  

Additionally, the ischemic stroke segment is expected to register a higher CAGR owing to the increasing incidence of ischemic strokes globally. For instance, according to the Centers for Disease Control and Prevention, around 87.0% of strokes are caused by blockage of blood flow in the brain i.e. ischemia. Thus, increasing cases of ischemia are anticipated to fuel the demand of these catheters in the forecast period.

By End-User Analysis

Higher Adoption of Neurovascular Catheters by Hospitals to Enable Dominance of the Segment

Among end-user, the market is segmented into hospitals, and specialty clinics. The hospitals segment is expected to have a dominant share in the market during the forecast period. The dominance is due to the higher number of neurovascular procedures performed in hospitals.

Besides, specialty clinics accounted for a comparatively lower share of the global market in 2018. Lower adoption of technologically advanced systems and devices by these settings, especially in emerging countries, along with inadequate reimbursement policies for patients, are some of the major factors restricting the growth of this segment in the global market.

REGIONAL ANALYSIS

The neurovascular catheters market size in North America stood at USD 271.6 million in 2018. The dominance of this region is attributed to favorable reimbursement policies and rise in neurovascular disorders, resulting in high demand for the catheters in the region. According to the estimations of Centers for Disease Control and Prevention, around 795,000 people in the U.S. suffer from a stroke each year. Such statistics are expected to boost the growth of the market in North America by the end of 2026. The market is anticipated to expand in Europe in the forecast period owing to the rising awareness about the neurovascular disorders, the increasing focus on minimally invasive surgeries, and high adoption of advanced catheters. The market in Asia-Pacific is expected to register a comparatively higher CAGR during the forecast period. Certain factors attributable to this growth include the rising prevalence of neurovascular diseases such as ischemia, brain aneurysms, and arteriovenous malformations in this region. Similarly, Latin America and Middle East & Africa are anticipated to witness a moderate CAGR during the forecast period owing to the developing healthcare infrastructure and increasing prevalence of neurovascular disorders.

KEY INDUSTRY PLAYERS

Major Players to Strongly Focus on New Launches and Acquisitions to Fortify Their Market Position

The neurovascular catheters market structure is semi-consolidated in nature with major players like Stryker, Medtronic, and Penumbra, Inc., accounting for a dominant share in the market.  Strong and diverse portfolios, along with a wide distribution network, are primarily attributed to the dominance of these players in the global market. For instance, in 2019, Stryker received premarket approval from the US FDA for its AXS catalyst distal access catheter for use in neurovascular procedures. Additionally, the market players are also emphasizing on acquisitions to offer a diverse and advanced portfolio of neurointervention catheters in the market. Other players engaged in the neurovascular catheter market are Microvention Inc., Zeus Industrial Products, Inc., Biomerics, Teleflex Incorporated, and Integra LifeSciences Corporation.

LIST OF KEY COMPANIES PROFILED:

• Stryker


• Medtronic


• Microvention Inc.


• Zeus Industrial Products, Inc.


• Biomerics


• Penumbra, Inc.


• Integra LifeSciences Corporation


• Teleflex Incorporated


• Other Players

KEY INDUSTRY DEVELOPMENTS:

• March 2019 – Stryker received premarketing approval from the U.S Food and Drug Administration (FDA) for AXS catalyst distal access catheter for use in neurovascular procedures.


• January 2019 – Imperative Care, Inc. received premarketing approval from the U.S FDA for its family of neurovascular access catheters that are designed for interventional treatment during minimally invasive surgeries.

REPORT COVERAGE

The neurovascular catheters market report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading applications of the product. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over the recent years.

Report Scope & Segmentation