The 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 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Neuro-interventional devices are used to treat various nervous system disorders such as aneurysms, arteriovenous malformations and fistulas, along with ischemic strokes and vascular diseases of the central nervous system. These minimally invasive surgeries reduce recovery time and complications linked with conventional neurosurgical procedures.
Market key trends:
One of the major trends in the neuro-interventional devices market is growing adoption of telehealth solutions. The demand for telehealth services has increased significantly during the COVID 19 pandemic. Telehealth offers patients and healthcare providers with a convenient and safe virtual care option. It allows neurologists to remotely monitor patients, administer follow-up appointments, and review medical records without in-person contact. This has proven beneficial for caring neuro-interventional patients more efficiently. Furthermore, telehealth reduces travel costs and time spent reaching healthcare facilities, thereby increasing access to specialty care. Growing application of telehealth is expected to drive the neuro-interventional devices market substantially over the forecast period.
Segment Analysis
The Neuro-Interventional Devices Market Growth is segmented based on product, application, and end-user. Based on product, the market is segmented into neurothrombectomy devices, aneurysm coiling & embolization devices, cerebral balloon angioplasty & stenting systems and support devices. The neurothrombectomy devices segment currently dominates the market due to increasing cases of ischemic strokes and rising preference for minimally invasive surgeries.
Key Takeaways
The global Neuro-interventional Devices Market is expected to witness high growth, exhibiting a CAGR of 5.0% over the forecast period, due to increasing incidence of neurological disorders and growing adoption of minimally invasive surgeries.
Regional analysis
North America currently dominates the neuro-interventional devices market owing to presence of advanced healthcare infrastructure and major market players in the region. Asia Pacific is expected to exhibit the fastest growth during the forecast period supported by rising medical tourism industry, increasing healthcare funding by government and improvement in healthcare facilities in developing countries.
Key players
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. Penumbra Inc. holds the largest market share owing to its diversified product portfolio for management of aneurysms and ischemic strokes.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it