The global neurointerventional devices market is on a significant upward trajectory, with its market size forecasted to grow from USD 2.6 billion in 2023 to approximately USD 4.1 billion by 2033, according to a recent industry study. This growth is fueled by rising global healthcare expenditures and the implementation of improved reimbursement policies for neurointerventional procedures.
As of the close of 2022, the neurointerventional devices sector, which encompasses state-of-the-art technologies for minimally invasive treatments of neurological conditions, was valued at USD 2.5 billion. Between 2018 and 2022, the market experienced a steady compound annual growth rate (CAGR) of 4.3%. Looking ahead, the market is expected to maintain an even stronger CAGR of 4.7% from 2023 to 2033, underscoring its potential for sustained expansion.
Key Drivers of Growth:
Improved reimbursement policies are at the forefront of this growth. These policies are expected to incentivize healthcare providers to adopt cutting-edge neurointerventional devices, facilitating broader access to advanced, minimally invasive treatments. As a result, more patients will benefit from these innovations, which will further stimulate market expansion over the next decade.
Technological Advancements in Neurointervention:
The neurointerventional devices market is witnessing a constant evolution, offering innovative solutions for treating complex neurological conditions such as aneurysms, strokes, and arteriovenous malformations (AVMs). These less invasive procedures are becoming the preferred option for both patients and healthcare providers, driven by shorter recovery times and improved outcomes.
With ongoing advancements in neurointerventional technology and the continued support of favorable healthcare policies, the market is primed for significant growth and innovation. The future of the neurointerventional devices market looks promising, with new developments set to enhance patient care and outcomes worldwide.
Key Market Insights:
- The global neurointerventional devices market is projected to reach USD 4.1 billion by 2033.
- The market is anticipated to grow at a CAGR of 4.7% from 2023 to 2033.
- By end-user, the hospitals segment is expected to expand at a CAGR of 4.5% through 2033.
- The Indian market is forecasted to grow at a CAGR of 4.5% through 2033.
“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.
High Demand for Neurointerventional Device: Uncover the Trends and Insights with Our Detailed Report!
Competitive Landscape:
Prominent players in the neurointerventional devices market include 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.
As the market continues to evolve, key players are expected to focus on expanding their product portfolios and strengthening distribution networks to capitalize on emerging opportunities in this dynamic sector.
Recent Developments:
- Johnson & Johnson launched the EmboTrap™ II Embolic Capture Device in 2023, designed to enhance stroke treatment.
- Boston Scientific introduced the ACURUN™ Onyx™ Liquid Embolic System in 2022, targeting vascular malformations and neurovascular disorders.
Market Segmentation:
- By Product: Embolic Coils, Carotid Stents, Intracranial Stents, Neurovascular Thrombectomy, and more.
- By Technique: Neurothrombectomy Procedure, Cerebral Angiography, Stenting, Coiling Procedures.
- 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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