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Neuro-interventional devices offer minimally invasive surgical procedures to treat intracranial aneurysms and arteriovenous malformations that were previously treated using highly invasive surgical procedures. Neuro-interventional devices such as aneurysm coiling devices, intrasaccular devices, flow diverters, cerebrovascular stents, and embolic coils are used to prevent rupturing of the blood vessels in the brain that cause hemorrhagic strokes. Rising preference for minimally invasive procedures over open surgeries to avoid postoperative complications is driving the demand for neuro-interventional devices. 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 key trends:
The increasing adoption of minimally invasive procedures is one of the major trends witnessed in the neuro-interventional devices market. Minimally invasive procedures require only a small incision as compared to traditional open surgeries. Neuro-interventional procedures involve insertion of microcatheters, guidewires, and sophisticated devices through tiny incisions in the groin, neck, or skull to access intracranial anatomical structures. These procedures have shorter hospital stays and recovery time as well as fewer complications such as bleeding, risks of infections, and damage to nearby tissues and blood vessels. Therefore, the rising preference for minimally invasive treatments over open surgeries is expected to augment the demand for neuro-interventional devices over the forecast period.
SWOT Analysis
Strength: Neuro-interventional devices provide minimally invasive treatment options for several neurological disorders and conditions like ischemic strokes, brain aneurysms, brain arteriovenous malformations, spine disorders. This reduces recovery time and post-surgery complications for patients.
Weakness: High costs associated with neuro-interventional devices and procedures limits their access and affordability. Lack of skilled neurointerventional radiologists also poses challenges.
Opportunity: Rising prevalence of neurological disorders due to aging population and improved diagnostic capabilities provides growth opportunities. Development of novel technologies like flow diversion devices and bioabsorbable implants further expands treatment applications.
Threats: Strict regulatory norms and timelines for new product approvals. Substitutes emerging from alternative treatment modalities like drug therapy. Reimbursement issues in some regions also impact market performance.
Key Takeaways
The global neuro-interventional devices market is expected to witness high growth over the forecast period of 2023 to 2030, riding on the rising global incidence of neurological disorders and increasing preference of minimally invasive surgeries.
Regional analysis: North America currently dominates the global market and is expected to continue its lead, supported by favorable reimbursement policies, technological advancements, and presence of key industry players. Asia Pacific is anticipated to register fastest growth owing to growing medical tourism, rising healthcare spends, and increasing prevalence of neurovascular conditions with rapid aging population in countries like China and India.
Key players: Key players operating in the neuro-interventional devices market include Penumbra, Inc., Stryker Corporation, Medtronic PLC., Johnson & Johnson Services, Inc., Terumo Corporation, Insera Therapeutics Inc., Anaconda Biomed S.L., NeuroVasc Technologies and Perflow Medical Ltd. These companies offer an array of neuro-interventional devices and hold majority share of the global market aided by continuous R&D investments and new product launches.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
