PUBLISHER: Allied Market Research | PRODUCT CODE: 1344333
PUBLISHER: Allied Market Research | PRODUCT CODE: 1344333
According to a new report published by Allied Market Research, titled, "Neurointerventional Devices Market," The neurointerventional devices market was valued at $2.6 billion in 2022, and is estimated to reach $5.3 billion by 2032, growing at a CAGR of 7.5% from 2023 to 2032. Neurointerventional devices are a specialized category of medical devices used in the field of neurointerventional radiology. These devices are designed to diagnose and treat various neurological conditions, particularly those affecting the blood vessels of the brain and spinal cord. Neurointerventional procedures involve minimally invasive techniques that utilize catheters, wires, stents, and other devices to access and treat the affected area. Neurointerventional devices play a crucial role in the management of conditions such as ischemic stroke, hemorrhagic stroke, brain aneurysms, AVMs, and other vascular abnormalities of the central nervous system. These devices have revolutionized the field of neurointerventional radiology by enabling minimally invasive treatments with reduced risks and faster recovery times compared to traditional open surgeries
Neurointerventional devices play a crucial role in the diagnosis and treatment of neurovascular conditions. For example, catheters and imaging systems are used during cerebral angiography to visualize blood vessels and detect abnormalities. Embolic coils and flow diverters help to treat aneurysms by promoting clotting or redirecting blood flow. Thus, rise in incidence of neurological disorders surge the demand for neurointerventional procedures and devices and propel the growth of the market. Furthermore, increase in preference towards minimally invasive procedures is shaping the growth of the neurointerventional devices market. Minimally invasive procedures have revolutionized the field of neurointerventional by offering several advantages over traditional open surgeries such as reduced invasiveness, shorter hospital stays, faster recovery, improved precision and outcomes, and lower risk of complications. Due to the advantage such as lower risk and faster recovery, there has been a spike in patient preference towards the minimally invasive procedures.
A study performed by the National Library of Medicine, in 2020, reported that the preference of patients toward minimally invasive treatments raised by 36% over the last 16 years. Minimally invasive procedures involve accessing the affected area through small incisions, often guided by imaging techniques such as fluoroscopy or angiography. Neurointerventional devices enable physicians to navigate complex blood vessels and deliver treatments precisely. Catheters, guidewires, and balloons are used in thrombectomy procedure in patient diagnosed with stroke, which helps to remove the blood clots in brain.
In addition, stents and flow diverters are also used to help restore blood flow in blocked or weakened vessels. Thus, the minimally invasive procedures have emerged as more efficient in terms of faster recovery of patient, lower risk management, and improved precision and outcomes, as compared to the traditional surgical methods, leading to high adoption of minimally invasive procedures by patients and healthcare professionals, resulting in the growth of the neurointerventional devices market.
In addition, rise in awareness of neurological disorders has emerged as a significant driver for the neurointerventional devices market. Neurological disorders encompass a range of conditions affecting the brain, spinal cord, and peripheral nervous system. Over recent years, rise in incidence of neurological disorders, advancements in diagnostic techniques, media coverage and advocacy efforts to spread awareness about the neurological disorders, and government initiatives towards treatment support of neurological disorders have led to increase in public awareness of these disorders.
For instance, The National Policy for Rare Diseases scheme, by government of India, has provision for financial support of up to Rs. 50 lakhs to the patients suffering from any category of the rare diseases and for treatment in the Centre of Excellence (CoE) mentioned in NPRD-2021. Moreover, rise in sedentary lifestyles, unhealthy diets, environmental factors, and aging population, further lead to various neurological disorder and boost the growth of the market. Conditions such as stroke, cerebral aneurysms, and arteriovenous malformations can have severe consequences if not diagnosed and treated promptly. Thus, the need for neurointerventional procedure increase the demand for neurointerventional device and propel the growth of the market. However, the high cost of neurointerventional devices is expected to restrain the growth of the market. Technological advancements such as robotics and integration of artificial intelligence (AI) in neurointerventional devices offer lucrative growth opportunity for the neurointerventional devices market.
The neurointerventional devices market is segmented on the basis of product, indication, end user, and region. By product type, the market is categorized into catheter, wires, stents, embolic coils, and others. The others include embolic protection device, and long sheath. By indication, the market is categorized into brain aneurysm, stroke, vascular malformations, and others. The others include vascular malformations, arteriovenous fistula, and arteriovenous malformation (AVM).
By end user, the market is categorized into hospitals and ambulatory surgical center. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA). Major key players that operate in the global neurointerventional devices market are Stryker Corporation, Johnson & Johnson, Medtronic plc, Terumo Corporation, Lepu Medical Technology (Beijing) Co., Ltd, Merit Medical Systems Inc, Balt Group, Integer Holdings Corporation, Penumbra, Inc., and Cook Group Inc.