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| Neuro-Interventional Devices Market Growth |
The 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 Overview:
Neuro-interventional devices are minimally invasive medical devices used to
diagnose and treat various neurovascular diseases and disorders. Key products
in this market include embolic coils, neurovascular stents, intravascular
devices like thrombus retrieval devices and balloon occlusion devices. These
devices are used to treat cerebral aneurysms, arteriovenous malformations and
fistulas, stroke and other vascular disorders of the brain. The neuro-interventional
procedure allows reduced recovery time along with fewer complications compared
to traditional open surgeries.
Market Dynamics:
The neuro-interventional devices market is witnessing significant growth due to
increasing prevalence of neurovascular diseases and rising focus on minimally
invasive procedures. It is estimated that over 6 million people in the U.S.
suffer from brain aneurysms. Moreover, around 800,000 strokes occur in the U.S.
annually. Growing geriatric population prone to various neurovascular diseases
is another key factor favoring the market growth. Additionally, technological
advancements introducing new-generation embolic coils, stents and catheters
have improved treatment efficacy and outcome, thereby propelling their
adoption. However, high costs associated with neuro-interventional procedures
could hinder market growth.
Segment Analysis
The neuro-interventional devices market can be segmented on the basis of
product type and end user. Based on product type, the market is segmented into
aneurysm coiling & embolization devices, cerebral balloon angioplasty &
stenting systems, support devices and neuro thrombectomy devices. Among these,
the aneurysm coiling & embolization devices segment accounts for the
largest market share owing to increasing prevalence of intracranial aneurysm
and rising demand for minimally invasive procedures.
PEST Analysis
Political: Neuro-Interventional
Devices Market Growth is positively influenced by favorable government
policies and regulatory framework towards adoption of minimally invasive
neurosurgical procedures.
Economic: Rising healthcare expenditure in developing countries propels growth.
High cost of neuro-interventional procedures remains a challenge.
Social: Increasing public awareness about stroke, aneurysm and other
neurovascular diseases drives the demand for treatment devices.
Technological: Advancements in devices such as flow diversion stents, sonolysis
technique and demand for robot-assisted surgeries boost the market growth.
Key Takeaways
The global Neuro-interventional Devices Market is expected to witness high
growth, exhibiting CAGR of 5.0% over
the forecast period, due to increasing prevalence of neurovascular and
neurosurgical diseases.
The market size for 2023 is estimated to be US$ 2.44 Bn. North America is expected to dominate the
neuro-interventional devices market during the forecast period owing to
supportive reimbursement policies, advanced healthcare infrastructure and
presence of major players.
Key players operating in the neuro-interventional devices market are Penumbra,
Inc., Stryker Corporation, Medtronic PLC., Johnson & Johnson Services,
Inc., Terumo Corporation, Insera Therapeutics Inc., Anaconda Biomed S.L., Â
NeuroVasc Technologies and Perflow Medical Ltd. Stryker Corporation aims to
increase its market share by expanding neurovascular product portfolio through
acquisitions and new product launches.
Regional analysis
North America is projected to hold largest share in the global
neuro-interventional devices market during the forecast period. This is attributed
to growing geriatric population, increasing prevalence of neurovascular
diseases, developed healthcare infrastructure, favorable reimbursement policies
and presence of major players. Asia Pacific region is anticipated to witness
fastest growth over the next few years owing to rising awareness, improving
healthcare facilities, lifestyle changes and expanding base of patient
population.
Read More: https://www.rapidwebwire.com/neuro-interventional-devices-market-size/