Growing need for minimally invasive technological devices has led to a surge in demand for neurointerventional devices in the healthcare sector. Moreover, increasing prevalence of vascular diseases is expected to impact growth of the global neurointerventional devices market positively. According to a compiled report, the global neurointerventional devices market will register a healthy CAGR growth over the projected period, 2017 – 2022.
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Factors Propelling Growth of the Global Neurointerventional Devices Market
Increasing prevalence of atherosclerosis and ischemic strokes is expected to rev up demand for neurointerventional devices in the healthcare sector. Surge in preference of minimally invasive procedure among healthcare professionals has further fuelled demand for neurointerventional devices. Such factors are expected to fuel the growth of neurointerventional devices market throughout 2022.
Moreover, increasing prevalence of vascular disorders in spine, neck and head is projected to boost demand for the neurointerventional devices in the healthcare and pharmaceutical industry. Growing need for treating various vascular disorders is projected to boost demand in the pharmaceutical industry. Treatment of vascular disorders is projected to contribute towards the global market growth of neurointerventional devices significantly throughout 2022.
Key Takeaways from Market Study
- By end of 2031, neurointerventional devices industry estimated to be valued at US$ 5 Bn.
- High cost of neurointerventional devices expected to hinder the market growth.
- Over next ten years, market slated to rise at healthy CAGR of 8%.
- North America expected to hold dominant share throughout forecast period.
- APAC and Latin America expected to see healthy rise in adoption of neurointerventional devices.
- Increasing demand for minimally invasive procedures, prevalence of brain aneurysms and strokes, and rising geriatric population are factors driving demand.
“If high cost of neurointerventional devices is taken out of the equation, the market seems to have immense potential across the globe where we are seeing more neurological cases than ever before,” says a Fact.MR analyst.
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Key Segments of Neurointerventional Devices Industry Survey
By Product Type:
- Embolic Coils Neurointerventional Devices
- Neurovascular Thrombectomy Neurointerventional Devices
- Carotid Stents Neurointerventional Devices
- Flow Diverters Neurointerventional Devices
- Embolic Protection Neurointerventional Devices
- Stent Retrievers Neurointerventional Devices
- Intracranial Stents Neurointerventional Devices
- Liquid Embolic Neurointerventional Devices
- Intrasaccular Neurointerventional Devices
- Balloon Neurointerventional Devices
By End User:
- Ambulatory Surgical Centers
- Neurointerventional Devices for Coiling Procedures
- Neurointerventional Devices for Stenting
- Neurointerventional Devices for Cerebral Angiography
- Neurointerventional Devices for Neurothrombectomy Procedure
- Neurointerventional Devices for Flow Disruption
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Coiling Procedure to Register Significant Growth
Among other products, balloon is projected to register a relatively high CAGR in the neurointerventional devices market globally through 2022. North America among other regions is projected to represent a major market for the neurointerventional devices in the market globally. Embolic coils is likely to outsell other devices for neurointerventional treatment in the market globally. In 2017, this segment is projected to register a value of over US$ 270 Mn. Neurovascular thrombectomy among other products is projected to witness steady revenue growth after embolic coils in the neurointerventional devices market globally by 2022 – end.
Hospital among other end users is projected to register a value of over US$ 900 Mn in 2022. This segment is projected to register a relatively high CAGR growth among various end users in the neurointerventional devices market globally through 2022. Ambulatory surgical center among other end users is projected to reflect the significant revenue growth after hospital segment in the neurointerventional devices market globally during the projected period.
Coiling procedure among various technologies is projected to represent over US$ 300 Mn in terms of value by the end of 2017. This segment among other technologies is projected to witness a relatively high growth in terms of revenue during the predicted period. In 2017, neurothrombectomy procedure among other technologies is projected to a value of over US$ 100 Mn. This segment is projected to reflect the significant revenue growth after coiling procedure in the neurointerventional devices market globally.
Stenting, cerebral angiography and coiling procedure is projected to witness a relatively high CAGR in the neurointerventional devices market globally throughout 2022. These procedures among other technologies will witness parallel growth in terms of CAGR in the market globally during the projected period.
Leading market players in the neurointerventional devices market globally include Medtronic plc, Boston Scientific Corporation, Nevro Corp., St. Jude Medical, Inc., Stimwave Technologies, Inc., Saluda Medical Pty Ltd., and Nuvectra Corporation.
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Some of the key manufacturers of neurointerventional devices, such as Boston Scientific Corporation, Medtronic plc, St. Jude Medical, Inc., Nevro Corp., Nuvectra Corporation, Stimwave Technologies Inc., and Saluda Medical Pty Ltd., have been profiled in this market study.
- Minnetronix announced that it will be rebranding itself as Minnetronix Medical. The company is planning to launch a new line of neurointerventional critical-care devices that would be under the new Minnetronix Neuro line.
- In February 2020, Rist Neurovascular announced that it had acquired FDA 510(k) clearance for its new product – Rist Cath radial, a product made to access the neurovasculature through the radial artery in the wrist. This is the first FDA-approved device to make this possible in neurointerventional procedures.
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