Neuro-interventional Devices Market is Estimated to Witness High Growth Owing to Rising Prevalence of Neurological Disorders
Neuro-interventional devices are used for treatment of neurological disorders such as ischemic and hemorrhagic strokes, aneurysms and other brain subarachnoid hemorrhages. The products include embolic coils, cerebral balloon occlusion devices, flow diverters, liquid embolics, microcatheters and guidewires. Neurovascular thrombectomy devices are used to restore blood flow by removing blood clots from blocked arteries in the brain. These devices have proven to be effective minimally invasive treatment options for various neurological conditions.
The global neuro-interventional devices market is estimated to be valued at US$ 2.44 Bn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising prevalence of neurological disorders is the major driver of neuro-interventional devices market. According to the World Health Organization, neurological disorders accounted for over 10% of the global disease burden in 2020. Increase in risk factors of neurological conditions such as stroke, increasing aging population and changing lifestyle patterns are expected to fuel the demand for neuro-interventional devices during the forecast period. The neuro-interventional treatment involves minimally invasive endovascular techniques resulting in shorter hospitalization and faster recovery time compared to open surgeries. This is further driving the growth of market.
SWOT Analysis
Strength: Neuro-interventional Devices provides minimally invasive procedures for the treatment of neurological disorders reducing risks and recovery time compared to open surgeries. Advances in technology have improved visualization and navigation capabilities allowing precise treatment delivery. Growing aging population suffering from neurological disorders is increasing demand for such targeted treatment options.
Weakness: Neuro-interventional procedures require highly skilled neurointerventional radiologists limiting their availability. Steep learning curve for physicians to master complex procedures. Limited clinical evidence and data on long term outcomes and risks of newer technologies due to their recent development.
Opportunity: Rising incidence of brain aneurysms, strokes and other vascular disorders worldwide presents large market potential. Expanding applications for treatment of cancer, spine and peripheral vascular diseases. Growing demand in emerging markets of Asia Pacific and Latin America with increasing healthcare access. Partnerships with hospitals and training of physicians can help address shortage of neurointerventionalists.
Threats: Reimbursement policies vary globally needing demonstrations of clinical benefits and cost-effectiveness. Competing minimally invasive and endovascular therapies offer alternatives. Consolidation among largest players may impact pricing and competitive dynamics.
Key Takeaways
The global Neuro-interventional Devices market is expected to witness high growth over the forecast period of 2023 to 2030. Rising prevalence of neurological disorders along with growth of the aging population is driving the market. Moreover, advantages of minimally invasive endovascular therapies over open surgeries have increased adoption of these technologies.
Regional analysis: North America dominates the neuro-interventional devices market currently due to technological advancements and greater access to healthcare. However, Asia Pacific region is expected to grow at fastest pace due to improving healthcare infrastructure and increasing medical tourism. China and India will be key secondary markets.
Key players: Penumbra Inc., Stryker Corporation, Medtronic PLC, Johnson & Johnson Services Inc. and Terumo Corporation are some of the leading players in the neuro-interventional market. They are focused on expanding their product portfolios through acquisitions and partnerships to strengthen positions in emerging markets.
