Increasing Prevalence of Neurological Disorders and Development of Novel Imaging Software for Neurological Disorders to Augment Growth of Neurovascular Devices Market

 

Increasing prevalence of neurological disorders is expected to propel growth of the global neurovascular devices market. For instance, according to Alzheimer’s Association, around 5.8 million people in the U.S. aged 65 and older are living with Alzheimer's dementia in 2020. Moreover, launch of new products is also expected to aid in growth of the market. For instance, in May 2020, HeadsafeIP Pty Ltd., a privately held brain health technology company, received 510(k) clearance from the U.S. Food and Drug Administration (FDA) for its NUROCHEK system for brain assessment

Development of novel imaging software for neurological disorders is expected to offer lucrative growth opportunities for players in the global neurovascular devices market. For instance, in February 2020, Qynapse, a France-based medical technology company, received 510(k) clearance from the U.S. Food and Drug Administration for its QyScore neurodegenerative disease imaging software. Moreover, increasing geriatric population is also expected to aid in growth of the market. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.         

No significant evidence regarding the efficacy of wearable brain devices and high cost of clinical trials to assess the efficacy of neurology devices is expected to limit growth of the neurovascular devices market.

Emergence of Covid-19 has prompted global neurovascular devices market players to donate neurology devices to aid healthcare systems. For instance, in May 2020, BIONIK Laboratories Corp. donated an InMotion robotic system, used to help stroke survivors and those with other neurological conditions regain arm movement, to Einstein Healthcare Network's MossRehab, an independent medical center in Philadelphia, U.S.

Competitive Analysis

Major players operating in the global neurovascular devices market include, Medtronic Plc., Abbott Laboratories, Johnson & Johnson, Merit Medical Systems, Inc., Stryker Corporation, Penumbra, Inc., Acandis GmbH & Co. KG, Avanos Medical, Inc., Cerus Endovascular Ltd., MicroPort Scientific Corporation, Terumo Corporation, and Cerus Endovascular Limited.

Major players operating in the global neurovascular devices market are focused on approval and launch of new products to expand their product portfolio. For instance, in April 2020, Cerus Endovascular Ltd. received CE Mark approval for its 021 Contour Neurovascular System, compatible with smaller commercially available 021 microcatheters for the treatment of saccular intracranial aneurysms. Similarly, in February 2020, Avanos Medical, Inc. received the U.S. Food and Drug Administration (FDA) approval for its 80-Watt COOLIEF Radiofrequency (RF) system for neurological lesion procedures.