by The Neuro-interventional Devices market is estimated to be valued at US$ 2.44 Bn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Neuro-interventional devices include embolic coils, flow diverters, carotid stents, liquid embolic agents, microcatheters, and many other supportive devices. These devices are used to treat neurovascular and neurological disorders such as aneurysms, strokes, carotid artery stenosis, and arteriovenous malformations. The devices help block or filter blood flow to allow blood clots to be removed from the brain.
Market Dynamics:
The neuro-interventional devices market is primarily driven by the rising prevalence of neurological disorders and neurovascular diseases. According to the World Health Organization, stroke was the second leading cause of death globally in 2019, accounting for approximately 11% of total deaths. Furthermore, around 1.5 million people in the US suffer from aneurysms annually. Growing geriatric population prone to such disorders further propels the market growth. Additionally, ongoing technological advancements in neuro-interventional devices, such as flow diversion technology for complex aneurysms, also supports the market expansion over the forecast period.
SWOT Analysis
Strength: Neuro-interventional devices offer minimally invasive treatment options to patients suffering from neurological disorders. They help to improve clinical outcomes and reduce risks associated with open surgeries. The adoption of robotics and AI is improving the precision and efficiency of neuro-interventional procedures.
Weakness: High costs associated with neuro-interventional devices limit their widespread adoption. Stringent regulatory processes also increase the time taken for new products to enter the market. Lack of proper medical reimbursement policies in developing nations further discourages market growth.
Opportunity: Rising geriatric population and increasing incidence of neurological disorders present an opportunity for market expansion. Growing application areas such as neurovascular diseases, sinusitis, and pituitary tumors are also creating demand.
Threats: Alternative treatment procedures like drug therapies pose a threat to neuro-interventional devices. Lack of proper medical infrastructure and skilled surgeons in developing regions act as a challenge.
Key Takeaways:
The global Neuro-Interventional Devices Market Growth is expected to witness high growth, exhibiting CAGR of 5.0% over the forecast period, due to increasing prevalence of neurological disorders and rising geriatric population. As per estimates, the market size was valued at US$ 2.44 Bn in 2023.
Regional analysis
North America currently dominates the neuro-interventional devices market and is estimated to continue its dominance over the forecast period. This can be attributed to the growing adoption of minimally invasive surgical procedures, availability of advanced healthcare infrastructure, and presence of major market players. Asia Pacific exhibits the fastest growth due to large patient pool, increasing medical tourism, and rising healthcare expenditure.
Key players
Key players operating in the neuro-interventional devices market are Penumbra, Inc., Stryker Corporation, Medtronic PLC., Johnson & Johnson Services, Inc., Terumo Corporation, Insera Therapeutics Inc., Anaconda Biomed S.L., NeuroVasc Technologies and Perflow Medical Ltd. They are focusing on new product launches, mergers, collaborations and geographical expansion to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
