Neurointerventional Devices Market to Grow at a CAGR of 7.6% over the Forecast Period

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

  • In March 2019 - Insera Therapeutics, Inc. obtained the approval of the Conformité Européenne (CE) Mark for its flagship product, the CLEAR Aspiration Device, for the treatment of acute pulmonary embolism.
  • In November 2019, Anaconda BioMed S.L, a medical technology company, announced the completion of the initial patient cases in a first-in-human study that assess system safety and reperfusion measured using the improved treatment in cerebral infarction (mTICI) score.
  • In 2019, Imperative Care, Inc. announced the initial closing of US$ 85 million in Series C funding to support the commercial launch of the company's medical products, including the new technical developments in neurovascular devices used to treat strokes.
  • Stryker received pre-market FDA approval for the Neuroform Atlas Stent Device in May 2019. The Neuroform Atlas are only the second adjunctive stent to be given PMA clearance for the treatment of wide-neck, intracranial aneurysms, in conjunction with embolic detachable coils.

Some Key Findings of the Global Neurointerventional Devices Market Report Include:

  • The analysis includes a global neurointerventional devices market study, expansions, and forecasts, along with a country-specific analysis.
  • An in-depth analysis of the global neurointerventional devices market comprises segment by type, by end-user, and by regions with an analysis of trend-based insights and factors.
  • Product offering details on competitive benchmarking and evolution approach adopted by the industry players, along with their investments in the last five years in the global market have been provided in the report.
  • The market research includes a study of the provinces, boundaries, drivers, prospects, guidelines, challenges, and procedures that are propelling the global neurointerventional devices market.
  • The study also offers complex measures of potential market effect during the forecast period and provides an in-depth overview of the leading companies operating in the global market.
  • External as well as internal variables that are expected to have a positive or negative effect on companies have been evaluated, which will offer the decision-makers a strong futuristic view of the industry.
  • The research also helps understand the dynamics of the neurointerventional devices market structure by analyzing market segments and by projecting the size of the market.
  • Some major industry players functional in the global neurointerventional devices market are Johnson & Johnson, Stryker Corporation, Boston Scientific, Terumo Corporation, Karl Storz, Medtronic, Penumbra Inc., BrainLab, Elekta, and Micromar.

Market Segmentation

By Type

  • Neurovascular Stents
  • Embolic Coils
  • Neurovascular Thrombectomy Devices
  • Intrasaccular Devices
  • Flow Diverters
  • Balloons, Liquid Embolics
  • Stent Retrievers
  • Embolic Protection Devices

By End User

  • Hospitals Oncology
  • Ambulatory Surgical Centers

By Region:

  • North America
  • Western Europe
  • Eastern Europe
  • Asia Pacific
  • Middle East
  • Rest of the world
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