Neurointerventional Devices Market — Insights
Neurointervention offers minimally invasive treatment for disorders of the blood vessels in the brain and the spine. It is less invasive compared to other conventional modes of treatment and offers shorter recovery time, fewer complications, and less pain after a procedure is done.
The global neurointerventional devices market is estimated to account for US$ 3,104.8 Mn in terms of value by the end of 2027.
Global Neurointerventional Devices Market: Drivers
Increasing prevalence of brain aneurysm is expected to boost growth of the global neurointerventional devices market over the forecast period. For instance, according to Cerebral Aneurysms Fact Sheet, National Institute of Neurological Disorders and Stroke (NINDS), May 2018, around 30,000 people in the U.S. suffer a brain aneurysm rupture, annually.
Moreover, increasing cases of Traumatic Brain Injuries (TBI) is also expected to propel growth of the market. For instance, according to the study, ‘Estimating the Global Incidence of Traumatic Brain Injury’ published in the Journal of Neurosurgery in April 2019, 69 million people worldwide are estimated to suffer TBI from all causes, annually.
North America region held dominant position in the global neurointerventional devices market in 2018, accounting for 40.7% share in terms of value, followed by Asia Pacific.
Figure 1. Global Neurointerventional Devices Market Value (US$ Mn), by Region, 2018
Global Neurointerventional Devices Market: Restraints
High costs of neurointerventional devices is a major factor hindering growth of the global neurointerventional devices market. For instance, average cost of a neurointerventional device is US$ 1,000.
Moreover, some of the recently introduced devices have been severely criticised for their performance, which has led to strong backslash from physicians and other industry experts. Such scenario is also expected to hamper the market growth.
Global Neurointerventional Devices Market: Opportunities
Embolic Coils segment in the global neurointerventional devices market was valued at US$ 730.3 Mn in 2018 and is expected to reach US$ 1,044.4 Mn by 2027 at a CAGR of 4.1% during the forecast period.
Market Trends/Key Takeaways
Key players in the market are focused on adopting M&A strategies to expand their product portfolio. For instance, in October 2019, Siemens Healthineers AG completed the acquisition of Corindus Vascular Robotics, Inc., a provider of robotic assisted minimally invasive procedures.
The market is witnessing increasing use of human robotic-assisted neurovascular intervention for the treatment of neurological disorders. For instance, in November 2019, Corindus, a Siemens Healthineers Company, announced that its CorPath GRX System was used to complete the first-in-human robotic-assisted neurovascular intervention.
In the U.S., Center for Devices and Radiological Health (CDRH) reviews each medical device submission and the level of regulatory control for an individual device is based on a risk-based approach. CDRH classifies a device as Class I, II, or III.
In 2016, the U.S. Food and Drug Administration created a new regulation (21 CFR 882.5600, Neurovascular Mechanical Thrombectomy Device for Acute Ischemic Stroke Treatment, product code POL) and associated special controls.
Global Neurointerventional Devices Market: Competitive Landscape
Major players operating in the global neurointerventional devices market include, Stryker Corporation, Penumbra Inc., Medtronic, Johnson & Johnson Private Limited, Imperative Care, Inc., Anaconda Biomed S.L., Insera Therapeutics, Inc., Perflow Medical, and Terumo Corporation.
Global Neurointerventional Devices Market: Key Developments
Key players in the market are focused on raising funds to expand their product portfolio. For instance, in December 2019, Imperative Care, Inc. 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 latest advances in neurovascular devices used for the treatment of ischemic and hemorrhagic strokes.
Key players in the market are also focused on R&D to expand their product portfolio. For instance, in September 2019, Medtronic plc. announced that the National Osteoporosis Foundation (NOF) supports the VCF Care Pathway, a new evidence-based clinical care pathway developed by a multispecialty panel of experts to ensure osteoporotic vertebral compression fracture (VCF) patients receive timely and appropriate care.