The neuro-interventional devices market comprises devices that include embolic coils, flow diverters, distal access catheters, liquid embolics, coil assist stents, micro-catheters, balloon guiding catheters, neurovascular stents, and stent retrievers. These devices are used for the diagnosis and treatment of neurovascular and neurological disorders including cerebral aneurysm, carotid artery stenosis, arteriovenous malformation, and ischemic stroke. The increasing number of patients suffering from these disorders has boosted the demand for advanced neuro-interventional devices.

The Global neuro-interventional devices market is estimated to be valued at US$ 2.7 Bn in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period 2024 To 2031.

Key Takeaways
Key players operating in the neuro-interventional devices are Penumbra, Inc., Stryker Corporation, Medtronic PLC., Johnson and Johnson Services, Inc., Terumo Corporation, Insera Therapeutics Inc., Anaconda Biomed S.L., NeuroVasc Technologies and Perflow Medical Ltd. These players are focusing on new product launches and geographic expansions to strengthen their market position.

Some of the key opportunities in the market include growing preference for minimally invasive surgeries and the untapped potential in emerging economies. The increasing healthcare expenditure and growing demand for advanced medical technologies in countries such as China, India, Brazil, and Mexico will support the market growth.

The rising medical tourism in Asian and Latin American countries also offers opportunities for manufacturers. These regions offer neuro-interventional surgeries at affordable costs as compared to developed nations in North America and Western Europe.

Market Drivers

The increasing prevalence of neurovascular and neurological disorders is one of the key drivers of the Neuro-Interventional Devices Market Share. According to estimates, nearly one-fourth of the population is likely to suffer a stroke during their lifetime. The growing number of ischemic strokes owing to changing lifestyle habits will eventually increase the demand for neurological devices. Advanced neuro-interventional devices are more effective and safer as compared to traditional open surgery which involves risks of infection, blood loss, and long recovery time. The advantages offered by minimally invasive endovascular procedures in reducing complications are expected to contribute to the high growth of the neuro-interventional devices market during the forecast period.

PEST Analysis
Political: Government policies and regulations play a major role in determining the growth of the neuro-interventional devices market. Regulations on approval, adoption and reimbursement of new devices shape industry developments.

Economic: Economic growth, rise in healthcare spending and increasing disposable income have positively impacted market growth over the last few years. However, the current economic slowdown caused by COVID-19 pandemic poses short term challenges.

Social: Rising geriatric population and incidence of neurological disorders like stroke, aneurysm, arteriovenous malformation drives demand for neuro-interventional devices. Higher awareness and access to sophisticated treatment methods fuels adoption.

Technological: Advancements in design, material and manufacturing improve effectiveness and reduce risks of procedures. Developments in 3D printing, navigation systems and bioabsorbable materials support new product innovations. Continued R&D lead to improved patient care.

The North American region currently holds the largest share of the neuro-interventional devices market in terms of value. High healthcare spending, availability of advanced healthcare facilities, and favorable reimbursement policies are key factors supporting market growth in this region.

The Asia Pacific region is anticipated to grow at the fastest rate over the forecast period. Rapidly developing healthcare infrastructure, increasing healthcare expenditure, rising incidence of brain disorders and growing demand for minimally invasive surgical techniques are driving the neuro-interventional devices market in Asia Pacific region. Countries like India, China and Japan are expected to provide lucrative opportunities.

Get more insights on Neuro-interventional Devices Market

About Author:

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)