The global neurointerventional devices market is driven by the surge in prevalence of neurological and disorders, rise in preference towards minimally invasive procedures, and rise in awareness of neurological disorders among general population.
PORTLAND, Ore., July 24, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Neurointerventional Devices Market by Product (Catheter, Wires, Stents, Embolic Coils, and Others), Indication (Brain Aneurysm, Stroke, and Others), and End User (Hospitals and Ambulatory Surgical Center): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global neurointerventional devices market industry generated $2.54 billion in 2022 and is estimated to reach $5.26 billion by 2032, exhibiting a CAGR of 7.5% from 2023 to 2032.
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Prime determinants of growth
The growth of the neurointerventional devices market is fueled by the increasing prevalence of neurological disorders, a growing preference for minimally invasive procedures, and the rising awareness of neurological disorders among the general population. However, high cost of neurointerventional devices is projected to impede the market growth in upcoming years. Moreover, technological advancements in neurointerventional devices presents new opportunities in the coming years.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $2.54 billion |
Market Size in 2032 | $5.26 billion |
CAGR | 7.5 % |
No. of Pages in Report | 282 |
Segments covered | Product, Indication, End users, and Region. |
Drivers | Surge in prevalence of neurological disorders. Rise in awareness about neurological disorders. Rise in demand for minimal invasive procedures |
Opportunities | Technological advancement in neurointerventional devices. |
Restraints | High cost of neurointerventional devices |
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Covid-19 Scenario
- The outbreak of the Covid-19 pandemic had a negetive impact on the global neurointerventional devices market, owing to overwhelming number of COVID-19 cases, hospitals and healthcare facilities faced a significant burden, leading to the reallocation of resources for pandemic management. As a result, non-emergency procedures such as neurointerventional interventions had to be postponed or canceled in order to prioritize the care of COVID-19 patients..
- Restrictions on movement and lockdown measures in numerous countries resulted in a reduction in the number of patients visiting hospitals and clinics for regular check-ups and elective treatments. This decrease in patient visits had a direct effect on the demand for neurointerventional devices, as there was a significant decline in the number of procedures being performed.
- As the pandemic gradually diminishes and vaccinations become more widespread, neurointerventional devices market recovered significantly. Delayed cases and postponed elective procedures were addressed, leading to a surge in patient volumes for these interventions.
The catheter segment to maintain its leadership status throughout the forecast period
Based on product, the catheter segment held the highest market share in 2022 and is expected to remain dominant during the forecasted period, accounting for one third of the global neurointerventional devices market revenue. The same segment is expected to witness the fastest CAGR of 8.4% during theforecasted period. This is attributed to catheter being used in various neurointerventional procedures, including diagnostic imaging, embolization, angioplasty, and thrombectomy.
The stroke segment maintains its leadership status throughout the forecast period
Based on indication, the stroke segment held the highest market share in 2022, accounting for more than half of the global neurointerventional devices market revenue.The same segment is expected to witness the fastest CAGR of 7.8% during theforecasted period, owing to high prevalence of stroke.
The ambulatory surgical centers segment registered largest revenue share in 2022
By applications, ambulatory surgical centers held the highest market share in 2022, accounting for nearly half of the global neurointerventional devices market revenue, owing to the reason that ambulatory surgical centers have lower overhead costs, reduced length of stay, and streamlined processes, which can result in significant cost savings for both patients and healthcare providers. However, hospitals segment is expected to register fastest CAGR of 7.8% during the forecasted period, owing to the reason that hospitals generally have the necessary infrastructure and resources to support neurointerventional procedures.
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North America segment emerged as highest revenue generator.
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global neurointerventional devices market market revenue, This can be attributed to technological advancements in the healthcare sector, increased adoption of minimally invasive procedures, a growing elderly population, and the strong presence of key market players in the region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 8.3% during the forecasted period owing to the rise in medical tourism and an increase in the prevalence of neurological disorders.
Leading Market Players: -
- Johnson & Johnson
- Lepu Medical Technology (Beijing) Co., Ltd
- Integer Holdings Corporation
- Medtronic plc
- Terumo Corporation
- Merit Medical Systems Inc.
- Balt Group
- Stryker Corporation.
- Penumbra, Inc
- Cook Group Inc
The report provides a detailed analysis of these key players in the neurointerventional devices market market. These players have adopted new acquisition, expansion and product launch as strategy to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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"We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market."
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