Neurointerventional Devices Market
Neurointerventional Devices Market Analysis by Product Type (Embolic Coils, Neurovascular Thrombectomy Devices, Carotid Stents, Embolic Protection Devices), By Application (Coiling Procedures, Stenting, Cerebral Angiography), by End User & Region - Global Forecast 2021-2031
Neurointerventional Devices Market outlook
The neurointerventional devices market was worth US$ 2.3 Bn in 2020, and is predicted to expand 2.1X by the end of the decade.
|Global Market Value in 2020||US$ 2.3 Bn|
|Projected Market Value for 2031||US$ 5 Bn|
|Dominant Market||North America|
|Key Companies Profiled||
While North America dominates the global market, global demand for neurointerventional treatment devices is predicted to increase at a robust CAGR of 8% through 2031.
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Demand Analysis of Neurointerventional Devices (2016 to 2020) Vs Future Estimates (2021 to 2031)
Neurological disorders are more prevalent than ever, and the need to treat them in the most effective and efficient way possible has also increased in parallel. Proliferation of technology in surgical procedures has completely changed the way diseases are dealt with and treated. Prevalence of brain tumours, aneurysms, and strokes majorly influences the neurointerventional treatment market.
Rising geriatric population is also expected to fuel demand for neurointerventional devices. Increasing scope of application in the healthcare industry will be favorable for neurointerventional device manufacturers over the coming years.
Demand is expected to rise at a healthy CAGR of 8% over the decade. Adoption of neurointerventional devices for brain aneurysm treatment is expected to be significantly influential on the global market potential.
What is the Outlook for Minimally Invasive Technology for Neurointerventional Treatment?
Adoption of neurointerventional devices has seen a major hike over the past years, as more neurological disorders are being treated. Minimally invasive devices and procedures have gained massive popularity and acceptance among neurosurgeons and patients as well. This can be attributed to faster healing and less discomfort associated with minimally invasive procedures.
Technologically advanced neurointerventional devices are being researched and developed by manufacturers to deliver effective solutions and maximize their revenue potential. Rising demand for neurointerventional devices among neurosurgeons is expected to play a crucial role in the development of more precise and effective devices.
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Which Regions are Expected to Be Lucrative Markets for Prime Players?
This research details the global neurointerventional devices landscape across regions such as North America, Latin America, Europe, APAC, and MEA.
North America holds the largest share of the global market. Presence of key players, high technological proliferation, and rising healthcare spending are some of the factors driving demand across the region. Europe holds the second-largest share, with rising awareness about neurovascular diseases expected to drive demand in the region.
APAC and Latin America are expected to witness substantial growth over the decade. Factors such as rising awareness, increasing geriatric population, and growing prevalence of neurological disorders are expected to favor the sales of neurointerventional treatment devices across these regions.
Neurointerventional devices for the treatment of aneurysms and ischemic strokes are expected to see prominent demand, since these cases are predicted to increase across the APAC region.
What Potential Does the U.S. Neurointerventional Devices Market Have?
The U.S. is anticipated to hold major revenue share in the North America market. Rising demand in the country can be linked to factors such as increased healthcare expenditure, high spending potential of the population, rising prevalence of neurological disorders, and presence of key market players in the country.
The neurointerventional treatment devices market in the nation is expected to be highly lucrative for manufacturers and suppliers, as demand for neurointerventional devices for neurological treatment increases over time.
What is the Scope for Neurointerventional Devices in India?
Neurological disorders have seen an increase over the past decade in India and other Asian countries as well. Being a developing economy, the nation’s healthcare infrastructure is still improving, and the massive population of the country makes it one of the most prominent healthcare industries in the world. India is expected to see a rise in the use of neurointerventional devices for the treatment of prevailing neurological disorders.
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Will Demand for Embolic Coils Neurointerventional Devices Increase?
Embolic coils are anticipated to witness significant demand in the healthcare industry. This high demand can be linked to their minimally invasive nature and increasing popularity of minimally invasive procedures.
Demand for neurovascular thrombectomy neurointerventional devices is also expected to be strong and account for the second-largest revenue share in the market. Demand for balloon neurointerventional devices is expected to rise at the highest CAGR over the next ten years.
COVID-19 Pandemic Impact
The healthcare and medical industry is expected to undergo massive transformation after the COVID-19 pandemic of 2020. Coronavirus showed its potential to compromise the central nervous system as well as the peripheral nervous system, and this affected many individuals.
During the pandemic sales of neurointerventional devices saw a dip due to reduction in the research & development of these devices. Now, as the world returns to some sort of normalcy in the post-pandemic era, we are expecting to see the real potential that the market has to offer.
Applications of neurointerventional devices are being researched all across the globe, and manufacturers are striving to elude the high costs in order to generate more sales revenue.
Manufacturers are investing in the research & development of technologically enhanced neurointerventional devices in order to deliver more precise and effective devices to consumers. They are also trying to reduce the high costs of these devices, which is restricting adoption across many regions.
- In January 2021, MIVI Neuroscience, a medical device company, announced the closing of its series B funding round. The investment was announced to be utilized for the commercialization of MIVI’s new flagship products. The DAISe™ Thrombectomy System and Q™ Aspiration System are the new products that would be commercialized and the investment will also be utilized in developing other new and innovative devices.
- In June 2021, Peija Medical’s subsidiary Achieva Medical got approval for its new product - Jasper® SS, a detachable coil that was approved by the National Medical Products Administration (NMPA). This has cleared the path for the commercialization of this product. The product is expected to be received well in the field of neurointervention as it is claimed to be more refined than ever.
Key Segments of Neurointerventional Devices Industry Survey
By Product Type:
- Embolic Coils Neurointerventional Devices
- Neurovascular Thrombectomy Neurointerventional Devices
- Carotid Stents Neurointerventional Devices
- Flow Diverters Neurointerventional Devices
- Embolic Protection Neurointerventional Devices
- Stent Retrievers Neurointerventional Devices
- Intracranial Stents Neurointerventional Devices
- Liquid Embolic Neurointerventional Devices
- Intrasaccular Neurointerventional Devices
- Balloon Neurointerventional Devices
By End User:
- Ambulatory Surgical Centers
- Neurointerventional Devices for Coiling Procedures
- Neurointerventional Devices for Stenting
- Neurointerventional Devices for Cerebral Angiography
- Neurointerventional Devices for Neurothrombectomy Procedure
- Neurointerventional Devices for Flow Disruption
By Regions :
- North America
- Latin America
- FAQs -
Sales of neurointerventional devices brought in revenue worth US$ 2.3 Bn in 2020.
Sales of balloon neurointerventional devices are predicted to rise at the fastest CAGR among all the product segments over the next ten years.
Rising instances of neurological disorders, increasing geriatric population, rise in popularity and acceptance of minimally invasive procedures, and increasing focus on healthcare are some of the major factors driving market growth.
North America is the dominant market and the trend is expected to continue throughout the decade.
By 2031, sales of neurointerventional devices are anticipated to rake in a net worth of nearly US$ 5 Bn.
Over the next ten years, the global market for neurointerventional devices is anticipated to rise at a robust CAGR of 8%.
Prime manufacturers of neurointerventional devices are Boston Scientific Corporation, Medtronic plc, St. Jude Medical Inc., Nevro Corp., Nuvectra Corporation, Stimwave Technologies Inc., and Saluda Medical Pty Ltd.
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