Neurointerventional is a complex medical specialty that deals with neurological diseases and disorders. Flow diverters, embolic coils, aneurysm clips, neurovascular stents, aspiration devices, and support devices are some widely used neurointerventional devices. 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 incidence of ischemic strokes is expected to boost growth of the global neurointerventional devices market. For instance, according to the study, ‘Global, Regional, and National Burden of Stroke, 1990–2016: a Systematic Analysis for the Global Burden of Disease Study 2016, published in the journal The Lancet Neurology in March 2019, 80·1 million people suffered from stroke globally in 2016, of which 84·4% were ischaemic.
Global Neurointerventional Devices Market: Opportunities
The geriatric population is at high risk of aneurysm. Therefore, increasing geriatric population is expected to offer lucrative growth opportunities for market players. For instance, according to the World Health Organization, geriatric population is expected to reach 2 billion by 2050, up from 900 million in 2015.
Global Neurointerventional Devices Market: Restraints
However, declining rates of interventional radiologist involvement in certain areas of practice such as vascular interventions is expected to hinder growth of the market.
Key Takeaways: The 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. The major driver attributing to the growth of the segment during the forecast period constitutes of technological advancements The Hospitals segment held dominant position in the global neurointerventional devices market in 2018, accounting for 90.1% share in terms of value, followed by clinics respectively. Increasing healthcare infrastructure in developing economies is anticipated to propel the segment growth during the forecast period.
The market is witnessing increasing product approval activities. For instance, in March 2019, Insera Therapeutics, Inc. received Conformité Européenne (CE) Mark approval for its flagship product, the CLEAR Aspiration System, for the treatment of acute pulmonary embolism. Key players in the market are also focused on conducting clinical trials to assess device safety before launch. For instance, in November 2019, Anaconda BioMed S.L, a medical technology company, announced the completion of initial patient cases in a first-in-human study that assess system safety and reperfusion measured using the modified treatment in cerebral infarction (mTICI) score.
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, Anaconda Biomed S.L. secured US$ 22 million round of funding for R&D in next-generation technology for endovascular treatment of major ischemic stroke patients. Key players in the market are also focused on product approval to expand their product portfolio. For instance, in October 2019, Perflow Medical, received CE Mark approval for its Cascade Agile Non-Occlusive Remodeling Net, a novel neurovascular device for the treatment of ruptured intercranial aneurysms.
“*” marked represents similar segmentation in other categories in the respective section.