NEURO-INTERVENTIONAL DEVICES MARKET ANALYSIS

Global neuro-interventional devices market is estimated to be valued at US$ 2.44 Bn in 2023, and is expected to exhibit a CAGR of 5% during the forecast period (2023-2030).

Analysts’ Views on Global Neuro-interventional Devices Market: Rising number of patients with strokes, brain aneurysms, fistula, and vascular malformation formed in the brain & spine, and carotid artery diseases is expected to drive the market growth over forecast period as neuro-interventional devices are used in the treatment of the diseases. Thus,this offers the opportunity for various manufacturers to offer various neuro-interventional devices to treat these diseases.

Figure 1. Global Neuro-interventional Devices Market Share (%), By Product Type, 2023

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Global Neuro-interventional Devices Market– Drivers

• Increasing prevalence of stroke: Increasing prevalence of stroke worldwide is expected to drive the market growth over the forecast period. For instance, in October 2022, according to the data published by WHO, there has been a 70% increase in stroke incidence, a 43% increase in stroke mortality, a 102% increase in stroke prevalence, and a 143% increase in disability adjusted life years (DALY) from 1990 to 2019.
• Increasing research and development activities: Increasing research and development activities regarding carotid stents by market players is also expected to boost the global neuro-interventional devices market growth over the forecast period. For instance, in July 2021, InspireMD, a medical device company, initiated a multicenter, single-arm, pivotal study to evaluate the safety and efficacy of the cguard carotid stent system, when used to treat symptomatic and asymptomatic carotid artery stenosis in patients undergoing carotid artery stenting. The study is expected to be completed by October 2025.

Figure 2. Global Neuro-interventional Devices Market Share(%), By Region, 2023

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Global Neuro-interventional Devices Market- Regional Analysis

Among region, North America is estimated to hold a dominant position in the global neuro-interventional devices market over the forecast period. North America is estimated to hold 40.0% of the market share in 2023. Increasing number of product launches in the North America region is expected to boost the market growth. For instance, in June 2023, MicroVention, Inc., a neuroendovascular medical device manufacturing company, announced the commercial launch of its Eric retrieval device for the treatment of ischemic stroke.

Global Neuro-interventional Devices Market– Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe, and the World Health Organization (WHO) declared it a public health emergency on January 30, 2020.

COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries, such as China, India, Saudi Arabia, the U.A.E., Egypt, and others, faced problems regarding transportation of things from one place to another.

Thus, the COVID-19 pandemic impacted negatively on the global neuro-interventional devices market. For instance, according to an article published by Springer Nature, a Journal Publishing company in April 2022, there had been delays in the recognition and treatment of acute ischemic stroke. As the neuro interventional devices are used in treating the ischemic stroke, CVOID-19 impacted negatively on the market.

Global Neuro-interventional Devices Market Segmentation:

Global neuro-interventional devices market  is segmented by product type, technique, end user,  region.

• By product type, the market is segmented into embolization coils, carotid stents, intracranial stents, neurovascular thrombectomy, flow isruption, flow diverters, idevices, liquid embolic coils, balloons, and stent setrievers. Out of which, the stent retrievers segment is expected to hold a dominant position in the global neuro-interventional devices market during the forecast period due to increasing product launches.
• By technique, the market is segmented into neurothrombectomy procedure, cerebral angiography, stenting, coiling procedures, and flow disruption. Out of which, neurothrombectomy procedure segment is expected to dominate the market over the forecast period due to increasing prevalence of strokes, as the procedure is used in strokes for the treatments.
• By end user, the market is segmented into hospitals, clinics, and ambulatory surgical centers. Out of which, ambulatory surgical centers segment is expected to dominate the market over the forecast period due to increasingnumber of neuro-interventional surgeries in the ambulatory surgical centers.
• By region, the market is segmented into North America, Latin America, Europe, Asia Pacifis, Middle East and Africa. Out of which, North America region is expected to dominate the region and this is attributed to the increasing number of product launch by market players operating in the region.

Among all the segmentation, the product type segment is expected to dominate the market over the forecast period due to  increasing product approvals by the regulatory authorities.

Global Neuro-interventional Devices Market- Cross Sectional Analysis: In the product type, stent retrievers segment is expected to dominate the market in the North America region due to increasing product approvals from regulatory authorities. For instance, in March 2021, Rapid Medical, a company that develops neurovascular medical devices, announced that it had received clearance from the U.S. FDA for the TIGERTRIEVER revascularization device for usage in the treatment of ischemic stroke. TIGERTRIEVER is the first stent retriever to offer intelligent control, and thus, enabling neuro interventionalists to better remove blood clots and restore blood flow to the brain following an ischemic event.

Global Neuro-interventional Devices Market: Key Developments

• In May 2023, Stryker Corporation, a medical technologies company, announced that it had completed the acquisition of Cerus Endovascular Ltd., a company developing neurointerventional devices and delivery systems for the treatment of intracranial aneurysms.
• In September 2022, NeuroVasc Technologies, a medical device company, announced that the first patient had been treated in ENVI RCT, the NeuroVasc Envi-SR randomized controlled trial for endovascular treatment of ischemic stroke in the clinical trials. Envi-SR is a stent-retriever device is intended for the treatment of acute ischemic stroke.
• In February 2022, Peijia Medical Limited, a medical device company developing neuro-interventional procedural medical devices, announced that it had received approval for the registration application of company’s Syphonet Stent Retriever from National Medical Products Administration (NMPA). It is the company’s eleventh NMPA approved neuro-interventional product.

Global Neuro-interventional Devices Market: Trends

• Increasing number of company acquisitions by key market players : Increasing number of acquisitions/mergers by the market players is expected to boost the market growth over forecast period. For instance, in April 2022, Wallaby Medical, a global medical technology company that focuses on developing and commercializing neurovascular interventional products, merged with phenox GmbH, a Germany based medical technology company. As a result, the merged business will be able to lead worldwide in offering a comprehensive range of neurovascular technology and solutions to its customers and patients everywhere, including in the U.S., China, Europe, Japan, and other foreign markets.

Global Neuro-interventional Devices Market: Restraint

• Product recalls by the manufacturers: Voluntary recalls of the neuro-interventional devices such as embolization devices is expected to hamper growth of the market over forecast period. For instance, in September 2021, Medtronic plc, a global medical device company, recalled pipeline flex embolization devices for risk of delivery system fractures during placement, retrieval, or movement of device.
• Counterbalance: The manufacturing companies are expected to standardize the manufacturing and production processes of the medical devices to ensure product quality and stability.

Global Neuro-interventional Devices Market - Key Players

Major players operating in the global neuro-interventional devices market includes 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.

Definition: The treatment of particular disorders affecting the blood vessels in the head, neck, and spine is accomplished through the technique of neurointervention thatemploys catheter-based, minimally invasive methods using neuro-interventional devices such as embolization coils, carotid stents, intracranial stents among others.