The global neurointerventional devices market is anticipated to reach a valuation of US$ 2.6 billion in 2023, driven by an increase in healthcare expenditure. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 4.7% between 2023 and 2033, and reaching a total valuation of approximately US$ 4.1 billion by 2033.
One of the major factors contributing to the growth of the neurointerventional devices market is the improved reimbursement policies for neurointerventional procedures, which can encourage healthcare providers to invest in these devices and offer them to patients, thus driving market growth.
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Patients increasingly prefer minimally invasive procedures due to shorter recovery times, reduced pain, and lower risk of complications, which can boost the demand for neurointerventional devices. Continuous improvements in neuroimaging technologies, such as MRI and CT scans, enable more accurate diagnosis and treatment planning, creating opportunities for neurointerventional devices.
The approval of new neurointerventional devices by regulatory authorities and the launch of innovative products can stimulate market growth by offering advanced treatment options. Medical tourism, particularly for neurointerventional procedures, can boost the market growth in regions known for their advanced healthcare facilities and expertise in neurosurgery. A shift towards patient-centric care models, where patients are actively involved in their treatment decisions, can lead to increased demand for neurointerventional devices that offer improved patient experiences and outcomes.
Innovations in biomaterials and coatings for neurointerventional devices can enhance their biocompatibility and reduce the risk of adverse reactions, leading to wider adoption. 3D printing technology allows for the customization of neurointerventional devices, catering to individual patient anatomies and needs, which can improve treatment efficacy.
Growing emphasis on preventive neurology and early intervention can create opportunities for neurointerventional devices that enable early diagnosis and treatment of neurological conditions. Investment in healthcare infrastructure, including the establishment of specialized neurointerventional centers, can expand the reach of these devices and services.
Key Takeaways from the Market Study:
- Global neurointerventional devices market was valued at US$ 2.5 billion by 2022-end.
- From 2018 to 2022, the market demand expanded at a CAGR of 4.3%.
- The market in India is expected to expand at a CAGR of 4.5% through 2033.
- By end-user, the hospitals segment to expand at a CAGR of 4.5% through 2033.
- From 2023 to 2033, neurointerventional devices market is expected to flourish at a CAGR of 4.7%.
- By 2033, the market value of neurointerventional devices is expected to reach US$ 4.1 billion.
“The digitalization of healthcare records and patient data can facilitate seamless communication between healthcare providers, potentially improving the utilization of neurointerventional devices,” remarks an FMI analyst.
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Competitive Landscape:
Prominent players in the neurointerventional devices market are Stryker Corporation, Penumbra Inc., Covidien Public Limited, Johnson & Johnson Private Limited, Terumo Corporation, Medtronic, Boston Scientific, MicroPort, Scientific Corporation, W. L. Gore & Associates, Inc., Abbott, Philips Healthcare, and Siemens Healthineers, among others.
Recent Developments:
- In 2023, Johnson & Johnson announced the launch of its new neurointerventional device, the EmboTrap™ II Embolic Capture Device. The EmboTrap™ II Embolic Capture Device is a next-generation embolectomy device that is designed to improve the treatment of stroke.
- In 2022, Boston Scientific announced the launch of its new neurointerventional device, the ACURUN™ Onyx™ Liquid Embolic System. The ACURUN™ Onyx™ Liquid Embolic System is a liquid embolic agent that is designed to treat vascular malformations and other neurovascular disorders.
Segmentation Analysis of the Neurointerventional Device Market:
By Product:
- Embolic Coils
- Carotid Stents
- Intracranial Stents
- Neurovascular Thrombectomy
- Embolic Protection Device
- Flow Diverters Device
- Intrasaccular Device
- Liquid Embolic
- Balloons
- Stent Retrievers
By Technique:
- Neurothrombectomy Procedure
- Cerebral Angiography
- Stenting
- Coiling Procedures
- Flow Disruption
By End User:
- Hospitals
- Ambulatory Surgical Centers
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia & Pacific
- East Asia
- The Middle East & Africa
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