Neurointerventional Devices Market Strong Growth at a CAGR of 7.5% by 2032 | North America segment emerged as highest revenue generator.
According to the report, the global neurointerventional devices market industry generated $2.54 billion in 2022 and is estimated to reach $5.26 billion by 2032, exhibiting a CAGR of 7.5% from 2023 to 2032.
The study analyzes the important strategies, drivers, competition, market dynamics, size, and important investment regions.
Key Takeaways:
The catheter segment to maintain its leadership status throughout the forecast period
The stroke segment maintains its leadership status throughout the forecast period
North America segment emerged as highest revenue generator.
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Major Factors Driving the Growth of Market:
The following are some of the major factors driving the growth of the neurointerventional devices market:
- Increasing prevalence of neurological disorders: The prevalence of neurological disorders, such as stroke, aneurysm, and arteriovenous malformation, is on the rise globally. This is due to factors such as the aging population, increasing risk factors such as hypertension and diabetes, and improved life expectancy.
- Rising demand for minimally invasive procedures: There is a growing demand for minimally invasive procedures for the treatment of neurological disorders. Neurointerventional devices offer a number of advantages over traditional open surgery, such as reduced risks, faster recovery times, and better cosmetic outcomes.
- Technological advancements: Technological advancements are leading to the development of new and improved neurointerventional devices. For example, new neurointerventional devices are being developed that are more precise and effective, and that can be used to treat a wider range of neurological disorders.
- Growing awareness of neurointerventional procedures: There is a growing awareness of neurointerventional procedures among patients and healthcare professionals. This is due to factors such as educational campaigns and increasing media coverage.
Here are some examples of neurointerventional devices:
- Stents: Stents are used to widen narrowed blood vessels in the brain.
- Coils: Coils are used to block blood vessels that are supplying blood to aneurysms and tumors.
- Thrombectomy devices: Thrombectomy devices are used to remove blood clots from blood vessels in the brain.
- Flow diverters: Flow diverters are used to divert blood flow away from aneurysms and tumors.
- Other neurointerventional devices: Other neurointerventional devices include embolic protection devices, balloon angioplasty catheters, and guidewires.
Market Segmentation:
Type of device: The neurointerventional devices market can be segmented based on the type of device used. Some of the major types of neurointerventional devices include:
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- Stents: Stents are used to widen narrowed blood vessels in the brain.
- Coils: Coils are used to block blood vessels that are supplying blood to aneurysms and tumors.
- Thrombectomy devices: Thrombectomy devices are used to remove blood clots from blood vessels in the brain.
- Flow diverters: Flow diverters are used to divert blood flow away from aneurysms and tumors.
- Other neurointerventional devices: Other neurointerventional devices include embolic protection devices, balloon angioplasty catheters, and guidewires.
Application: The neurointerventional devices market can also be segmented based on the application. Some of the major applications of neurointerventional devices include:
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- Stroke: Neurointerventional devices are used to treat stroke by removing blood clots from blood vessels in the brain.
- Aneurysm: Neurointerventional devices are used to treat aneurysms by blocking blood vessels that are supplying blood to the aneurysm.
- Arteriovenous malformation (AVM): Neurointerventional devices are used to treat AVMs by diverting blood flow away from the AVM.
End-user: The neurointerventional devices market can also be segmented based on the end-user. Some of the major end-user segments include:
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- Hospitals: Hospitals are the largest users of neurointerventional devices. Hospitals use neurointerventional devices to treat a wide range of neurological disorders.
- Ambulatory surgical centers: Ambulatory surgical centers are also increasingly using neurointerventional devices to treat neurological disorders.
- Research institutions: Research institutions are using neurointerventional devices to develop new and improved treatments for neurological disorders.
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Leading Market Players: –
- Johnson & Johnson
- Lepu Medical Technology (Beijing) Co., Ltd
- Integer Holdings Corporation
- Medtronic plc
- Terumo Corporation
- Merit Medical Systems Inc.
- Balt Group
- Stryker Corporation.
- Penumbra, Inc
- Cook Group Inc
Regional Growth Dynamics:
North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global neurointerventional devices market market revenue, This can be attributed to technological advancements in the healthcare sector, increased adoption of minimally invasive procedures, a growing elderly population, and the strong presence of key market players in the region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 8.3% during the forecasted period owing to the rise in medical tourism and an increase in the prevalence of neurological disorders.
Recent developments:
- In 2023, Johnson & Johnson launched the CEREPAK Detachable Coils for the treatment of intracranial aneurysms. The CEREPAK coils are designed to be more effective at blocking blood flow to aneurysms and reducing the risk of rupture.
- In 2023, Siemens Healthineers launched the Artis pheno angiography system, which is the first angiography system to use artificial intelligence (AI) to improve image quality and reduce radiation exposure.
- In 2023, Brainlab launched the Elements Spine system, which is a new navigation system for minimally invasive spine surgery. The Elements Spine system uses AI to help surgeons identify and avoid critical structures in the spine.
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Key Questions Answered in the Intelligent Study
What is the market size and growth rate of the global and regional market by various segments?
What is the market size and growth rate of the market for selective countries?
Which region or sub-segment is expected to drive the market in the forecast period?
What Factors are estimated to drive and restrain the market growth?
What are the key technological and market trends shaping the market?
What are the key opportunities in the market?
What are the key companies operating in the market?
Which company accounted for the highest market share?
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