Within the healthcare sector, the neurointerventional devices market share is a dynamic domain that is centred around the creation and dissemination of specialised medical devices utilised for minimally invasive treatments in the brain and spinal cord. These tools are critical for the management of a number of neurological disorders, such as arteriovenous malformations, strokes, and aneurysms. The market for neurointerventional devices is expanding significantly, with a focus on patient outcomes, safety, and precision as technological developments spur innovation. The growing need for less invasive treatment alternatives that shorten recovery times and decrease patient suffering is driving this market’s rise, along with the ageing of the worldwide population and the rising incidence of neurovascular illnesses.
In 2023, the market for neurointerventional devices is expected to be valued US$ 2.6 billion. By 2033, the market is probably going to reach US$ 4.1 billion. Moreover, a 4.7% compound annual growth rate (CAGR) in the industry is anticipated from 2023 to 2033.
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Since the past several years, the burden of neurological disorders has increased multifold. According to the National Center for Biotechnology Information (NCBI), the frequency of cerebral aneurysm is nearly 3.2%, with the prevalence being higher amongst women than men above 50 years of age.
It is estimated that around 6.5 million people in the United States possess an unruptured brain aneurysm, while 30,000 suffer a brain aneurysm rupture every year. Based on these trends, it is unsurprising to observe the market being interspersed with the presence of several reputed manufacturers who constantly launch new products.
In addition, rising prevalence of ischemic stroke is also boosting the neurointerventional devices market. Being non-invasive in nature, these devices increase chances of survival during surgery, further fueling market growth. By 2030, a valuation of US$ 3.6 Bn is predicted for the market.
Global Neurointerventional Devices Market- Key Takeaways
- North America shall be the market hegemon, holding a 40.7% market share from 2020-2030
- Embolic coils to capture the majority share, carotid stents to surge in popularity
- High incidence of cerebral aneurysm to accelerate adoption of coiling procedures
- Presence of experienced surgeons shall accelerate hospital-grade neurointerventional device adoption
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COVID-19’s Impact on the Market
With respect to neurological disorders, several hospitals and clinics have reported complications in severely or critically ill patients with co-morbidities. COVID-19 has the potential to affect the central and peripheral nervous systems. The virus invades the brain either through the olfactory system or a hematogenous route. Once inside, the virus may cause hypoxic and metabolic abnormalities.
In this light, the neurointerventional devices market is poised to remain afloat in the near-term forecast period. Significant increases in mechanical thrombectomies were reported since April 2020, with majority of the patients seeking treatment for acute strokes from large vessel occlusions (LVOs).
A series of case studies on over 200 COVID-19 positive patients in Wuhan, China, 36.4% of patients exhibited neurologic symptoms such as acute cerebrovascular events, muscle injury and impaired consciousness. In this context, the market is poised to experience an adrenaline rush in the short-run.
Competitive Intelligence
Some influential vendors within the landscape include: Stryker Corporation, Covidien Public Ltd., Penumbra Inc., Terumo Corporation, Johnson & Johnson Private Limited, Medtronic PLC, Boston Scientific Corporation and Abbott.
Players are emphasizing on expanding their businesses through partnerships, collaborations and mergers & acquisitions and participation in trade fairs. Many of them are also aligning with research institutes to augment their research capacities.
In August 2020, Stryker Corporation successfully launched its Surpass Evolve flow diverter after receiving FDA clearance in the U.S market. The device has already been in use in Europe since 2019.
In September 2020, Penumbra Inc. shall participate in the virtual Global Embolization Symposium & Technologies 2020 Conference. The company hopes to broaden its outreach and collaborate with other leading players to develop and launch new neurointerventional devices, thus expanding its existing product portfolio.
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Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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