According to a recently published Fact.MR report, the Neurointerventional Devices Market is projected to grow at a compound annual rate (CAGR) of 8% between 2021 and 2031. The market is expected to reach US$ 5 Bn by the end of 2031.
The demand for Neurointerventional Devices is expected to rise over the forecast period and the market was valued US$ 2.3 Bn in 2020.
Healthcare has evolved massively over the past decade, and this can be attributed to increasing prevalence of diseases, technological proliferation, and rise in overall healthcare expenditure. Neurological disorders have seen a rise in the past decade. Majorly driving the neurointerventional devices industry is rising prevalence of brain aneurysms.
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Rising geriatric population is also expected to be crucial to the demand for neurointerventional devices over the next few years. Adoption of neurointerventional devices is currently only limited to developed regions such as North America and Europe, which are anticipated to be very lucrative markets throughout the forecast period. But popularity and adoption of neurointerventional devices are anticipated to see healthy hike in APAC and Latin America as well as the years go by.
What is the Outlook for Minimally Invasive Technology for Neurointerventional Treatment?
Adoption of neurointerventional devices has seen a major hike over the past years, as more neurological disorders are being treated. Minimally invasive devices and procedures have gained massive popularity and acceptance among neurosurgeons and patients as well. This can be attributed to faster healing and less discomfort associated with minimally invasive procedures.
Technologically advanced neurointerventional devices are being researched and developed by manufacturers to deliver effective solutions and maximize their revenue potential. Rising demand for neurointerventional devices among neurosurgeons is expected to play a crucial role in the development of more precise and effective devices.
Key Segments Covered in the Industry Survey
By Product Type:
- Embolic Coils
- Neurovascular Thrombectomy
- Carotid Stents
- Flow Diverters
- Embolic Protection
- Stent Retrievers
- Intracranial Stents
- Liquid Embolic
- Intrasaccular
- Balloon
By End User:
- Hospitals
- Ambulatory Surgical Centers
By Application:
- Coiling Procedures
- Stenting
- Cerebral Angiography
- Neurothrombectomy Procedure
- Flow Disruption
Competitive Landscape
Some of the key manufacturers of neurointerventional devices, such as Boston Scientific Corporation, Medtronic plc, St. Jude Medical, Inc., Nevro Corp., Nuvectra Corporation, Stimwave Technologies Inc., and Saluda Medical Pty Ltd., have been profiled in this market study.
- Minnetronix announced that it will be rebranding itself as Minnetronix Medical. The company is planning to launch a new line of neurointerventional critical-care devices that would be under the new Minnetronix Neuro line.
- In February 2020, Rist Neurovascular announced that it had acquired FDA 510(k) clearance for its new product – Rist Cath radial, a product made to access the neurovasculature through the radial artery in the wrist. This is the first FDA-approved device to make this possible in neurointerventional procedures.
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Key players in the Neurointerventional Devices Market
- Boston Scientific Corporation
- Medtronic plc
- St. Jude Medical, Inc.
- Nevro Corp.
- Nuvectra Corporation
- Stimwave Technologies Inc.
- Saluda Medical Pty Ltd.
Key Takeaways from the Market Study
- By end of 2031, neurointerventional devices industry estimated to be valued at US$ 5 Bn.
- High cost of neurointerventional devices expected to hinder the market growth.
- Over next ten years, market slated to rise at healthy CAGR of 8%.
- North America expected to hold dominant share throughout forecast period.
- APAC and Latin America expected to see healthy rise in adoption of neurointerventional devices.
- Increasing demand for minimally invasive procedures, prevalence of brain aneurysms and strokes, and rising geriatric population are factors driving demand.