Neurointerventional Devices Market Anticipated To Reach $5.26 Billion By 2032 As Revealed In New Report
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 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.
Important Revelations:
- The catheter segment to maintain its leadership status throughout the forecast period
- The stroke segment maintains its leadership status throughout the forecast period
- The ambulatory surgical centers segment registered largest revenue share in 2022
- North America segment emerged as highest revenue generator.
- The Asia-Pacific region is expected to witness the fastest CAGR of 8.3% during the forecasted period.
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Market Dynamics:
The neurointerventional devices market size in expected to grow significantly, owing to surge in prevalence of neurological disorders, increase in preference towards minimally invasive procedures, and rise in awareness regarding the neurological disorders among peoples and healthcare professionals.
Factors affecting the growth of the Neurointerventional Devices Market:The growth of the neurointerventional devices market is influenced by several factors, including:
- Prevalence of Neurological Disorders: As the incidence of neurological disorders such as strokes, aneurysms, and arteriovenous malformations (AVMs) increases, the demand for neurointerventional procedures and devices rises.
- Technological Advancements: Innovations in neurointerventional devices, such as advanced imaging technologies, miniaturization of devices, and the development of biocompatible materials, drive market growth by improving treatment outcomes and reducing procedural risks.
- Increasing Aging Population: The aging population is more susceptible to neurological disorders, leading to a higher demand for neurointerventional procedures and devices.
- Rising Awareness and Education: Growing awareness about the benefits of neurointerventional procedures among patients and healthcare professionals contributes to market growth.
- Healthcare Infrastructure Development: Improvement in healthcare infrastructure, particularly in emerging economies, increases access to neurointerventional procedures, boosting market growth.
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Key Market Segments:
By Product
- Stents
- Embolic Coils
- Catheter
- Wires
- Others
By Indication
- Brain Aneurysm
- Stroke
- Others
By Application
- Hospitals
- Ambulatory Surgical Centers
- Others
By Region
- North America (U.S., Canada, Mexico)
- Europe (France, Germany, Italy, Spain, UK, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Thailand, Malaysia, Indonesia, Rest of Asia-Pacific)
- LAMEA (Brazil, South Africa, Saudi Arabia, UAE, Argentina, Rest of LAMEA)
Regional 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.
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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
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