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 Overview:
Neuro-interventional devices are medical devices used in minimally invasive procedures within the brain and spinal cord. These devices include embolic coils, neurovascular stents, liquid embolic agents, neurothrombectomy devices, stent retrievers, flow diverter stents, microcatheters, and guidewires. Neuro-interventional procedures include aneurysm coiling, arteriovenous malformation embolization, carotid artery angioplasty and stenting, posterior circulation stenosis treatment, and deep brain stimulation. Rising prevalence of neurological disorders like intracranial aneurysms and arteriovenous malformations is driving the demand for neuro-interventional procedures and devices globally.
Market key trends:
Emerging technologies in the neuro-interventional devices space are expected to drive the market growth over the forecast period. Companies are focusing on development of advanced stent retrievers, microcatheters and embolization coils with better efficacy and safety profiles. For instance, technological advancements in liquid embolics such as Onyx allow precise delivery and controlled polymerization for treating vascular abnormalities. Similarly, augmented reality and robotics assisted technology enable high precision interventions reducing procedural time and risks. Growing adoption of these advanced devices is expected to support the neuro-interventional devices market growth during the forecast period.
Porter’s Analysis
Threat of new entrants: The Neuro-Interventional Devices Market Growth requires high initial investments and regulations which make the entry of new players difficult.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of substitute treatment options.
Bargaining power of suppliers: A few big multinational companies dominate the supply market, giving them higher bargaining power.
Threat of new substitutes: Alternatives like neurosurgery, drug therapy, rehabilitation pose a medium level threat to neuro-interventional devices.
Competitive rivalry: The market has the presence of few big established players increasing competitive rivalry.
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 aging population and rising prevalence of cerebrovascular and neurological diseases.
Regionally, North America is expected to continue dominating the neuro-interventional devices market owing to advanced healthcare infrastructure and high per capita healthcare expenditure. Asia Pacific is poised to exhibit the fastest growth during the forecast period due to growing awareness and increasing healthcare spending.
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. Penumbra, Inc. and Stryker Corporation are recognized as the market leaders due to their diverse product portfolio and global sales network.
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The global interventional cardiology devices market size was valued at USD 15.14 billion in 2013 and is anticipated to reach USD 25.16 billion by 2020.
Global interventional cardiology devices market is expected to experience brisk growth due to rise in heart related problems across the world over the forecast period.
Interventional cardiology is numerous non-surgical processes for treating cardiovascular related problems.
Several devices used in these procedures include stent, PTCA balloon and catheters among several others.
The diseases that are treated using interventional cardiology comprise coronary artery diseases, peripheral vascular disease and heart valve disease mainly.
Research and development across the world for technological advancement in order to achieve competitive advantage is estimated to further fuel the market demand over the forecast period.
