The neurointerventional devices market is a dynamic sector within the healthcare industry, focused on the development and distribution of specialized medical devices used for minimally invasive procedures in the brain and spinal cord. These devices are essential for the treatment of various neurological conditions, including aneurysms, strokes, and arteriovenous malformations. As advancements in technology continue to drive innovation, the neurointerventional devices market is experiencing substantial growth, with a heightened emphasis on safety, precision, and patient outcomes. This market’s expansion is attributed to the increasing incidence of neurovascular diseases, the aging global population, and the growing demand for less invasive treatment options that reduce patient discomfort and recovery times.
According to a recent report by Future Market Insights (FMI), the market for neurointerventional devices will expand globally at a CAGR of 4.7% through 2030. By the end of 2030, the market will generate US$3.6 billion in revenue, claims the study.
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Since the past several years, the burden of neurological disorders has increased multifold. According to the National Center for Biotechnology Information (NCBI), the frequency of cerebral aneurysm is nearly 3.2%, with the prevalence being higher amongst women than men above 50 years of age.
It is estimated that around 6.5 million people in the United States possess an unruptured brain aneurysm, while 30,000 suffer a brain aneurysm rupture every year. Based on these trends, it is unsurprising to observe the market being interspersed with the presence of several reputed manufacturers who constantly launch new products.
In addition, rising prevalence of ischemic stroke is also boosting the neurointerventional devices market. Being non-invasive in nature, these devices increase chances of survival during surgery, further fueling market growth. By 2030, a valuation of US$ 3.6 Bn is predicted for the market.
Global Neurointerventional Devices Market- Key Takeaways
- North America shall be the market hegemon, holding a 40.7% market share from 2020-2030
- Embolic coils to capture the majority share, carotid stents to surge in popularity
- High incidence of cerebral aneurysm to accelerate adoption of coiling procedures
- Presence of experienced surgeons shall accelerate hospital-grade neurointerventional device adoption
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COVID-19’s Impact on the Market
With respect to neurological disorders, several hospitals and clinics have reported complications in severely or critically ill patients with co-morbidities. COVID-19 has the potential to affect the central and peripheral nervous systems. The virus invades the brain either through the olfactory system or a hematogenous route. Once inside, the virus may cause hypoxic and metabolic abnormalities.
In this light, the neurointerventional devices market is poised to remain afloat in the near-term forecast period. Significant increases in mechanical thrombectomies were reported since April 2020, with majority of the patients seeking treatment for acute strokes from large vessel occlusions (LVOs).
A series of case studies on over 200 COVID-19 positive patients in Wuhan, China, 36.4% of patients exhibited neurologic symptoms such as acute cerebrovascular events, muscle injury and impaired consciousness. In this context, the market is poised to experience an adrenaline rush in the short-run.
Competitive Intelligence
Some influential vendors within the landscape include: Stryker Corporation, Covidien Public Ltd., Penumbra Inc., Terumo Corporation, Johnson & Johnson Private Limited, Medtronic PLC, Boston Scientific Corporation and Abbott.
Players are emphasizing on expanding their businesses through partnerships, collaborations and mergers & acquisitions and participation in trade fairs. Many of them are also aligning with research institutes to augment their research capacities.
In August 2020, Stryker Corporation successfully launched its Surpass Evolve flow diverter after receiving FDA clearance in the U.S market. The device has already been in use in Europe since 2019.
In September 2020, Penumbra Inc. shall participate in the virtual Global Embolization Symposium & Technologies 2020 Conference. The company hopes to broaden its outreach and collaborate with other leading players to develop and launch new neurointerventional devices, thus expanding its existing product portfolio.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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