Neuro-interventional devices are medical devices used for minimally invasive surgical procedures in the field of neurology. These procedures are performed by a neurologist which involves insertion of tiny catheters through the groin or neck and maneuvering them through the blood vessels to reach the target area of the brain where abnormality is located. The abnormality may include aneurysm, arteriovenous malformation, stroke or tumor. The neuro-interventional devices help in repairing the abnormality without undergoing major surgery or opening the skull. The procedures are beneficial as they reduce risks associated with traditional surgery, recovery time is shorter and have minimal complications.
The global Neuro-interventional Devices Market is estimated to be valued at US$ 2.44 Bn or Mn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
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Market key trends:
The neuro-interventional devices market is expected to witness significant growth over the forecast period owing to rising prevalence of various brain disorders globally. According to WHO, over 50 million people suffer from dementia worldwide and over 15 million are affected by stroke each year. Also, as per estimates around 13 million people worldwide suffer from brain tumor. Neuro-interventional procedures are the first choice treatment option for conditions like cerebral aneurysms and arteriovenous malformations owing to their minimal invasiveness which is increasing adoption of these procedures. Furthermore, technological advancements in neuro-interventional devices like introduction of flow diversion stents, coiling systems and implants is supporting market growth by enabling improved treatment outcomes. However, lack of reimbursement policies in developing economies can hamper the market growth.
Threat of new entrants: Low barriers to entry for new firms in the neuro-interventional devices market. Established players enjoy economies of scale in production and distribution.
Bargaining power of buyers: Large hospital networks and group purchasing organizations have significant bargaining power over prices from major device manufacturers.
Bargaining power of suppliers: A few major suppliers dominate key components for neuro-interventional devices like guidewires and catheters. This gives them some power in negotiations.
Threat of new substitutes: For now, there are limited substitutes for specialized neuro-interventional devices. However, innovation can lead to new therapies.
Competitive rivalry: The market has few large players and many smaller regional companies. Competition is based on technology innovations, pricing, and customer service.
The global Neuro-interventional Devices Market is expected to witness high growth, exhibiting CAGR of 5.0% over the forecast period, due to increasing incidence of Cerebrovascular diseases and rising demand for minimally invasive procedures.
Regionally, North America dominates the global market and is expected to continue its dominance over the forecast period. This is attributed to growing geriatric population, rising healthcare spending, and favorable reimbursement policies in the region. However, Asia Pacific region is expected to exhibit the fastest growth over the forecast period owing to presence of large patient population, improving healthcare infrastructure, and increasing medical tourism in the region.
Key players operating in the Neuro-interventional Devices market are Penumbra, Inc., Stryker Corporation, Medtronic PLC., Johnson & Johnson Services, Inc., Terumo Corporation, Insera Therapeutics Inc., Anaconda Biomed S.L., NeuroVasc Technologies and Perflow Medical Ltd. These players are focusing on new product launches and strategic collaborations to strengthen their market position.
- Source: Coherent Market Insights, Public sources, Desk research
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