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Neuro-intervention uses minimally-invasive, catheter-based approaches to treat specific diseases of the blood vessels of head, neck and spine. The most common conditions treated with neuro-interventional devices include strokes, brain aneurysms, fistula, and vascular malformation formed in the brain & spine, and carotid artery diseases. Moreover, neuro-interventional devices are also used in the treatment of various other health conditions such as transient ischemic attacks (TIA), cerebral artery stenosis, vertebral artery disease, compression fractures, and venous malformation of neck & head. There are various types of neuro-interventional devices such as embolic coils, flow diverters, neurovascular stents, support devices, aneurysm clips, aspiration devices, and support devices, useful in performing neurosurgeries.
The global neuro-interventional devices market is estimated to be valued at US$ 2,216.7 million in 2021 and is expected to exhibit a CAGR of 5.0% during the forecast period (2021-2028).
Figure 1. Global Neuro-interventional Devices Market in Terms of Value (US$ Million), By Region, 2021
Increasing prevalence of neurovascular diseases such as brain aneurysm, intracranial stenosis, arteriovenous fistula, stroke, and traumatic brain injuries is expected to propel the growth of the global Neuro-interventional devices market during the forecast period.
Rising incidence of neurovascular diseases such as brain aneurysm and traumatic brain injuries is expected to drive the market growth. For instance, in 2020, according to the Brain Aneurysm Foundation report, there are around 500,000 deaths worldwide every year caused by brain aneurysms; from which half the victims are younger than 50 years of age. In addition, in April 2019, according to the Journal of Neurosurgery, 69 million people worldwide are estimated to suffer from traumatic brain injuries (TBI) annually.
| Report Coverage | Details | ||
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| Base Year: | 2020 | Market Size in 2021: | US$ 2,216.7 Mn |
| Historical Data for: | 2017 to 2020 | Forecast Period: | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR: | 5.0% | 2028 Value Projection: | US$ 3,202.9 Mn |
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| Companies covered: |
Penumbra, Inc., Stryker Corporation, Medtronic PLC., Johnson & Johnson Services, Inc., Terumo Corporation, Insera Therapeutics Inc., Anaconda Biomed S.L., and Perflow Medical Ltd. |
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| Growth Drivers: |
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| Restraints & Challenges: |
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Figure 2. Global Neuro-interventional Devices Market Share (%), By Product Type, 2021
Increasing agreements between major market players is expected to propel the market growth over the forecast period
Increasing agreements between key market players is expected to propel the global neuro-interventional devices market growth over the forecast period. For instance, in August 2020, Cerus Endovascular Ltd., a commercial-stage medical device company and AB Medica Deutschland Verwaltungs GmbH, an entirely owned subsidiary of Balt, entered into a strategic distribution agreement for innovative neurovascular devices to treat a range of intracranial aneurysms. The agreement offered the exclusive rights to market and sell the newly CE (Cerus Endovascular) marked Contour Neurovascular System and the Neqstent Coil Assisted Flow Diverter devices in Germany to AB Medica.
Global Neuro-interventional Devices Market – Impact of Coronavirus (COVID-19) Pandemic
The coronavirus (COVID-19) pandemic is the most recent outbreak, which was first reported on December 31, 2019 in Wuhan, China. The coronavirus (COVID-19) pandemic has a devastating influence on the lives of many families across the world, as well as healthcare institutions and the global economy. The World Health Organization declared COVID-19 a pandemic on March 11, 2020.
Neuro-interventional devices are required for stroke and brain aneurysms surgeries, which might be delayed due to the pandemic. Due to the ongoing pandemic, brain surgeries often get delayed or even cancelled for many patients. According to a study published in the National Center for Biotechnology Information, in July 2020, neurosurgical care has been impacted by COVID-19. Elective surgical procedures had to be cancelled so that operation theater staffs and operating equipment can be deployed for critical care.
Global Neuro-interventional Devices Market: Restraint
Frequent product recalls and high cost of neuro-interventional devices are expected to hamper the market growth during the forecast period. Due to technical faults, the U.S. Food and Drug Administration (FDA) often recalls neuro-interventional devices, which is expected to hamper the global neuro-interventional devices market growth during the forecast period. Moreover, manufacturers are engaged in product development and innovation that results in increased cost of neuro-interventional devices. The high cost associated with devices lead to high treatment cost making it unaffordable to patients who are suffering from nervous system-related diseases or disorders.
Key Players
Major players operating in the global neuro-interventional devices market include Penumbra, Inc., Stryker Corporation, Medtronic PLC., Johnson & Johnson Services, Inc., Terumo Corporation, Insera Therapeutics Inc., Anaconda Biomed S.L., and Perflow Medical Ltd.
Interventional neuroradiology (INR), also known as neuro-interventional surgery (NIS), is a medical subspecialty of neurosurgery, neurology, and radiology, which focuses on minimally invasive image-based technologies and processes. It is used for diagnosis and treatment of diseases related to spine, head, and neck. The products included in neurointerventional devices consist of clips, stents, and coils. These are utilized for treating of various neurovascular disorders such as cerebral artery stenosis, brain aneurysms, brain arteriovenous malformation (AVM), carotid-cavernous fistula (CCF), dural arteriovenous fistula (dAVFs), and extracranial (brachiocephalic) atherosclerosis. Minimally invasive procedures are used for variety of treatments such as stroke treatment by delivering clot-busting drugs directly to the site of the blockage, spinal treatments by injecting bone cement into a fractured vertebra in order to reinforce the bone, and aneurysm therapy by inserting platinum coils into the aneurysm bulge to prevent clotting and rupture.
Market Dynamics
Market players are focusing on new product launches, which is expected to propel the global neuro-interventional devices market growth during the forecast period. For instance, in ecember 2019, Imperative Care, Inc., a biotechnology company completed the initial closing of a Series C financing of US$ 85 million to support the commercial launch of the company’s portfolio that includes the latest advancement in neurovascular devices used for the treatment of ischemic and hemorrhagic strokes. The company received 510(k) clearance from the U.S. Food and Drug Administration (FDA) for access catheters which helps in smooth and consistent navigation into blood vessels of the brain. The company also received U.S. FDA clearance for its ZOOM Aspiration System, designed to simplify clot removal during ischemic stroke.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
The global neuro-interventional devices market is estimated to be valued at US$ 2,216.7 million in 2021 and is expected to exhibit a CAGR of 5.0% between 2021 and 2028.
Factors such as increasing prevalence of neurovascular diseases such as brain aneurysm, intracranial stenosis, arteriovenous fistula, stroke, and traumatic brain injuries is expected to drive the market growth during the forecast period.
Embolization coils segment holds a major market share in the product type segment in market.
The major factor hampering the growth of the market include frequent product recalls and high cost of neuro-interventional devices.
Major players operating in the market include Penumbra, Inc., Stryker Corporation, Medtronic PLC., Johnson & Johnson Services, Inc., Terumo Corporation, Insera Therapeutics Inc., Anaconda Biomed S.L., and Perflow Medical Ltd.
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