June 12, 2024

Neuro-interventional Devices Market Treated by the Growing Prevalence of Neurovascular Diseases

Neurovascular diseases have significant morbidity and mortality globally. Neuro-interventional devices are used for minimally invasive procedures to treat cerebral aneurysms, arteriovenous malformations, and ischemic strokes. These devices aid in thrombus removal, coiling of aneurysms, and revascularization of arteries. Some key neuro-interventional devices include embolic coils, cerebral balloon angioplasty and stenting systems, flow diversion devices, liquid embolic agents, microcatheters and guidewires, and vascular snares.

Neuro-interventional devices enable precise treatment of neurovascular diseases while minimizing physical trauma to patients compared to traditional neurosurgeries. These procedures have less recovery time and risks of complications. The global neuro-interventional devices market allows precise treatment access to remote and hard to reach areas of the brain vasculature. The global neuro-interventional devices market is estimated to be valued at US$ 2.44 billion 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 key trends:

One of the key trends in the neuro-interventional devices market is the rising adoption of flow diversion devices. Flow diversion aims to treat cerebral aneurysms by redirecting blood flow away from the aneurysm, eventually leading to the aneurysm getting thrombosed over time. These devices have shown higher treatment success rates and fewer recanalization incidences compared to conventional coiling and have thus gained increased acceptance. Their ability to treat wider neck aneurysms as compared to coiling has further propelled their demand. Leading companies are focused on launching new and improved flow diversion technologies to strengthen their market position. For instance, in 2021, Phenox GmbH launched the p64 Flow Modulation Device, indicated for repair of large and giant symptomatic intracranial aneurysms.

Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the neuro-interventional devices market requires significant R&D investments and regulatory approvals.

Bargaining power of buyers: The bargaining power of buyers is low to moderate as the specialized nature of devices results in limited options.

Bargaining power of suppliers: The bargaining power of suppliers is moderate due to the presence of a large number of suppliers and minimal supplier switching costs.

Threat of new substitutes: The threat of new substitutes is low as neuro-interventional devices have few product substitutes for minimally invasive procedures.

Competitive rivalry: The competitive rivalry is high owing to the presence of large global players and intensifying innovation.

Key Takeaways
The global neuro-interventional devices market is expected to witness high growth.

Regional analysis: Asia Pacific region is expected to witness the fastest growth rate over the forecast period due to improvements in healthcare infrastructure and increasing healthcare expenditure in emerging countries such as China and India.

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.

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  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it