by The 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 in minimally invasive procedures such as aneurysm coiling, arteriovenous malformation and fistula treatment, and stenosis treatment. These devices are used as an alternative to open surgery and help to prevent complications associated with conventional neurointerventional surgeries. The increasing incidence of neurological disorders and adoption of minimally invasive procedures are expected to drive the growth of the neuro-interventional devices market over the forecast period.
Market key trends:
One of the key trends in the Neuro-Interventional Devices Market Growth is rising adoption of flow diversion stents. Flow diversion stents are novel technology used for treating intracranial aneurysms. These devices work by diverting blood flow away from the aneurysm, inducing thrombosis inside it and healing. Flow diversion stents provide better outcomes than conventional coiling and clipping procedures with minimal complication rates. Also, they are used for treating complex wide-neck aneurysms which were difficult to treat previously. Growing evidence on superiority of flow diversion stents over other conventional devices is expected to boost their demand over the forecast period.
Porter’s Analysis
Threat of new entrants: Low initial capital investments, established competitors and regulatory approvals present high barriers for new entrants in the neuro-interventional devices market.
Bargaining power of buyers: Large number of buyers and availability of substitutes increases buyers bargaining power in the market.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitutes and presence of a large number of suppliers.
Threat of new substitutes: Moderate threat from newly emerging minimally invasive surgical procedures.
Competitive rivalry: High due to presence of global leaders with extensive product portfolio operating in the market.
SWOT Analysis
Strength: Wide range of product offerings for endovascular procedures and presence of major companies with global footprint.
Weakness: High R&D costs associated with product development and stringent regulatory approvals. Complex procedures also require highly skilled healthcare professionals.
Opportunity: Rising incidence of neurological disorders, increasing geriatric population and growth in endovascular surgeries present significant growth opportunities.
Threats: Reimbursement issues and preference for alternative treatment methods especially in developing regions pose threats.
Key Takeaways
The global Neuro-interventional Devices Market is expected to witness high growth, exhibiting CAGR of 5.0% over the forecast period, due to increasing prevalence of neurological disorders.
Regional analysis North America dominates the neuro-interventional devices market currently and is expected to grow at a steady rate over the forecast period. This is attributed to presence of major market players, highly developed healthcare facilities and increasing neurological disease burden in the region. Asia Pacific market is expected to grow at fastest CAGR over next few years due to increasing healthcare spending, rising disposable income and growing awareness about neuro-interventional treatment options in the region.
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., Â NeuroVasc Technologies and Perflow Medical Ltd. Major players are focusing on new product launches, partnerships and acquisitions to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
