Neurointerventional Devices Market Predicted to Reach USD 5.26 Billion, Globally, by 2032 at 7.5% CAGR: Allied Market Research
Surge in prevalence of neurological disorders, growing awareness among population regarding neurological disorders, and rise in demand for minimal invasive procedures leads to the growth of neurointerventional devices market.
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.
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The growth of the neurointerventional devices market is fueled by the increasing prevalence of neurological disorders, a growing preference for minimally invasive procedures, and the rising awareness of neurological disorders among the general population. However, high cost of neurointerventional devices is projected to impede the market growth in upcoming years. Moreover, technological advancements in neurointerventional devices presents new opportunities in the coming years.
Impact of COVID-19 on Neurointerventional Devices Market:
Positive Impacts:
- Increased Awareness of Stroke Care: The pandemic heightened public awareness of stroke symptoms and the importance of timely intervention. This potentially led to earlier diagnoses and a higher demand for minimally invasive neurointerventional procedures.
- Focus on Telemedicine and Remote Monitoring: The adoption of telemedicine for consultations and follow-up care in neurointerventional patients gained traction during the pandemic. This improved accessibility to care and potentially reduced hospital stays.
- Developments in Device Technology: Research and development efforts continued in the field of neurointerventional devices, leading to advancements in technologies like clot retrieval devices, embolic protection devices, and image-guided navigation systems. These advancements could improve procedure safety and efficacy.
Negative Impacts:
- Disruptions in the Supply Chain: Global lockdowns and travel restrictions disrupted the supply chain for raw materials and components used in neurointerventional devices. This led to shortages and price increases for certain devices, impacting healthcare providers and patients.
- Shifting Priorities and Resource Allocation: Resource allocation towards managing the pandemic initially diverted attention and funding away from other healthcare needs, including stroke care. This could have delayed treatment for some patients and increased their risk of complications.
- Staffing Shortages and Procedural Backlogs: Increased pressure on healthcare systems due to the pandemic led to staffing shortages in some hospitals. This could have affected the availability of neurointerventional specialists and contributed to backlogs for minimally invasive procedures.
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Factors that drive the growth of neurointerventional devices market size include, surge in incidence of neurological disorders, technological advancement in minimally invasive procedures, and growing awareness among the patients and general population regarding the symptoms and risk factors of neurological disorders. Neurological disorders, including stroke, brain aneurysms, and arteriovenous malformations (AVMs), are becoming more common globally.
Rise in prevalence of neurological disorders can be attributed to various factors such as aging populations and lifestyle changes. The National Library of Medicine in 2023 reported that around 256 million population were diagnosed with cerebral aneurysms, globally. The overall mortality due to aneurysmal subarachnoid hemorrhage (SAH) is considered to be 0.4% to 0.6% of all-cause deaths, with an approximate 20% mortality and an additional 30% to 40% morbidity in patients with known rupture.
Key Market Segments:
By Product
- Stents
- Embolic Coils
- Catheter
- Wires
By Indication
- Brain Aneurysm
- Stroke
By Application
- Hospitals
- Ambulatory Surgical Centers
- Others
By Region
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, UK, Italy, Spain, Rest of Europe)
- Asia-Pacific (Japan, China, Australia, India, South Korea, Rest of Asia-Pacific)
- LAMEA (Brazil, Saudi Arabia, South Africa, Rest of LAMEA)
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Regional Growth Analysis:
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.
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
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