The Global Neurointerventional Devices Market was valued at USD 4.56 Billion in 2018, and it is anticipated to grow at a CAGR of 7.6% over the predicted period. Neurological devices can help diagnose, prevent, and treat a range of neurological disorders and conditions like Alzheimer’s disease, Parkinson’s disease, major depression, epilepsy, medulla spinal injury, and traumatic brain injury.
Over the forecast period, the rising occurrence of various brain disorders such as brain aneurysms is expected to propel the growth of the global market for neuro-interventional devices. According to the Cerebral Aneurysms Fact Sheet released in 2018 by the National Institute of Neurological Disorders and Stroke (NINDS), approximately 30,000 individuals in the U.S. suffer from brain aneurysm rupture annually.
Increasing ageing population across the globe is poised to become one of the twenty-first century's most dramatic social transformations. Globally, the number of geriatric people has risen at a significant rate. According to data released by the United Nations, there were an estimated 962 million people in the world who were aged 60 or over in 2017, representing 13 percent of the global population. The geriatric population is projected to increase at a rate of 3 percent per year.
Around 15% adults aged 60 years and above suffer from some form of mental disorder. The most common neurological complications observed in the geriatric population are dementia and depression, which affect approximately 5% and 7% of the world’s older people, respectively. As a result of the rising geriatric population, the demand for neurointerventional devices is expected to experience substantial growth in the coming years.
Global Neurointerventional Devices Market, By Type
Based on form, the global neurointerventional devices market has been segmented into neurovascular stents, embolic coils, devices for neurovascular thrombectomy, intravascular devices, flow diverters, balloons, liquid embolics, stent retrievers, and devices for embolic safety. The segment of neurovascular stents is expected to dominate the market and is anticipated to lead the market during the forecast timeframe as well. On the other hand, the growth of the flow diverters segment is expected to increase over the forecast period at the highest CAGR.
Global Neurointerventional Devices Market, By End-user
The market is segmented into hospitals oncology and ambulatory surgical centers, based on end-users. In 2018, the hospital oncology segment dominated the market because of increased investment by government authorities in the hospital sector. Apart from this, there has been increasing research and development in neurointerventional devices to boost market operations. This is expected to support the growth of the hospital segment over the forecast period.
Global Neurointerventional Devices Market, By Regions
North America has accounted for the largest share of the global market in terms of volume, followed by Europe and the Asia-Pacific. Better understanding about neurovascular diseases and rising awareness about neurointerventioanl devices in Europe are expected to drive the region's demand for these devices during the forecast period.
However, in developing regions, the high cost of neuro-interventional devices has been limiting the growth of the market. Despite this limitation, the Asia Pacific market for neurointerventional devices is expected to witness remarkable growth in the near future. An increase in the prevalence of neurovascular diseases, rising awareness about neurointerventional devices, and an increase in the elderly population are the main factors that have been driving the Asia Pacific market.
Key Developments in the Global Neurointerventional Devices Market
Some Key Findings of the Global Neurointerventional Devices Market Report Include:
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