According to a research report, cerebrovascular diseases, which are neurological dysfunctions caused by cerebrovascular lesions, are often acute in onset. The clinical role of neurovascular intervention in treating cerebrovascular diseases continues to rise, with procedure volumes growing rapidly. The global and Chinese markets for neurovascular interventional devices are expected to expand swiftly. Domestic companies are breaking through technological barriers via product iteration and leveraging centralized procurement opportunities to reshape the market landscape. Leading firms are poised to achieve a critical leap from local substitution to global expansion. The main points of the report are as follows:

Significant Patient Base with High Mortality and Disability Rates

Cerebrovascular diseases, characterized by neurological dysfunction due to cerebrovascular lesions, frequently present as acute incidents. The incidence of these diseases is climbing, accompanied by extremely high rates of mortality and disability. According to the "China Cerebrovascular Disease Classification 2015," cerebrovascular diseases are categorized by etiology into hemorrhagic and ischemic types, and by severity and onset characteristics into acute and chronic types. Based on CIC data, the projected number of ischemic stroke cases in China for 2025 is 2.9 million, with hemorrhagic stroke cases at 1.2 million.

Growing Clinical Preference for Minimally Invasive Neurointervention

Neurointerventional devices can be classified into three main categories based on clinical application: hemorrhagic, ischemic, and access devices. Compared to traditional treatment methods, neurointervention offers advantages such as minimal trauma, faster recovery, and broader potential for expanded indications, leading to its increasing clinical importance in cerebrovascular disease management. With an aging population and a growing patient base, the volume of neurovascular interventional procedures is surging rapidly. Consequently, the global and Chinese markets for neurovascular interventional devices are anticipated to experience significant growth. According to Sinomed's prospectus, measured by procedure volumes for three major neurovascular diseases (ICAS, hemorrhagic stroke, and AIS), the global market size is projected to increase from $2.9 billion in 2020 to $4.4 billion in 2025, reaching $10.8 billion by 2035, with CAGRs of 8.8% and 9.3% respectively. The Chinese market is expected to grow from RMB 5.6 billion to RMB 7.3 billion over the same period, reaching RMB 23.3 billion by 2035, with CAGRs of 5.2% and 12.4%.

Domestic Firms' Product Advancements and Centralized Procurement Reshape Market Dynamics

1) Overcoming Technological Constraints. Although foreign giants like Medtronic and Stryker still dominate in core technology and brand barriers, continuous breakthroughs in R&D by domestic enterprises have enabled them to gradually achieve advancements in high-barrier product categories, ranging from coils and access catheters to thrombectomy stents, flow diverters, and drug-eluting stents.

2) Centralized Procurement Reshapes Market Access and Share. Starting with regional pilot programs like the Hebei coil procurement in 2021, centralized procurement has gradually expanded to include categories such as balloons, catheters, and thrombectomy devices, evolving into multi-provincial alliance purchasing. It is anticipated that leading companies possessing "platform-based product portfolios," "strong R&D and iteration capabilities," and "advantages in penetrating lower-tier market channels" will stand out during industry consolidation. These firms are expected to make the crucial transition from local substitution to internationalization.

Relevant listed companies: A-shares: Sinomed; H-shares: Vigor Medical-B, Grit Medical, MicroPort NeuroTech, Peijia Medical.

Risk warnings include potential failure or delay in new product development and registration, intensifying market competition, changes in industry policies, and risks from international trade friction and geopolitics.