Neuro-interventional Devices Market to Reach $3.44 Billion, by 2031 at 5% CAGR: Coherent Market Insights
CMI
7 min read
CMI
Neurointerventional devices are specialized tools employed by healthcare professionals who focus on treating the central nervous system (CNS). These devices are primarily used by neuroradiologists, neurosurgeons, and neurologists who specialize in endovascular techniques to manage CNS vascular diseases. The demand for these devices is largely driven by the prevalence of vascular conditions affecting the CNS in the patient population.
Burlingame, Jan. 10, 2024 (GLOBE NEWSWIRE) -- Coherent Market Insights published a report, titled, "Neuro-interventional Devices Market, By Product Type (Embolization Coils, Carotid Stents, Intracranial Stents, Neurovascular Thrombectomy, Flow Disruption, Flow Diverters,, Intrasaccular Devices, Liquid Embolic Coils, Balloons, Stent Retrievers), By Technique (Neurothrombectomy Procedure, Cerebral Angiography, Stenting, Coiling Procedures, Flow Disruption): Global Opportunity Analysis and Industry Forecast, 2024–2031.". According to the report, the global walking assist devices market was valued at $2.44 billion in 2023 and is estimated to reach $3.44 billion by 2031, exhibiting a CAGR of 5% from 2024 to 2031.
Increasing product launches of neuro-interventional devices are expected to offer lucrative growth opportunities for players in the market. Rising geriatric population, increasing product approvals, growing health awareness, growing technology for manufacturing of medical devices, huge investment in research and development, and increasing demand for neuro-interventional devices globally are expected to drive the market growth during the forecast period.
Market Driver:
Increasing research and development activities
Increasing research and development activities by market players is expected to boost the market growth over the forecast period. For instance, in June 2020, Contego Medical, Inc., a medical device company, initiated a study by using carotid artery stenting with neuroguard IEP system for treating carotid artery diseases. The study is expected to be completed in September 2025.
Key Market Takeaways:
Global neuro-interventional devices market is expected to exhibit a CAGR of 5.0% during the forecast period due to increasing research and development activities. For instance, in December 2022, Hopital Foch, a France-based hospital, initiated a study using stent retriever thrombectomy for treating acute stroke. The study is expected to be completed in February 2025.
Among product type, the stent retrievers segment is expected to dominate the market over the forecast period due to increasing new product launches
Key players operating in the global neuro-interventional devices market include 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.
In June 2023, Surmodics, Inc., a medical device company, announced that it had received the U.S. FDA approval for the SurVeil drug-coated balloon (DCB). It is used for the treatment of percutaneous transluminal angioplasty.
In January 2021, MicroVention, Inc., a U.S.-based medical device company, announced that it had received U.S. FDA approval for the WEB 17 System. WEB 17 System is a new addition to the company’s existing WEB aneurysm embolization system for the treatment of intracranial wide neck bifurcation aneurysms.
In June 2020, Contego Medical, Inc., a U.S.- based medical device company, announced that the first patient had been enrolled in the PERFORMANCE II Trial, which is examining the safety and efficacy of the Neuroguard IEP 3 in 1 Carotid Stent and Post-Dilation Balloon System with Integrated Embolic Protection.
Market Restraint:
Increasing product recalls by manufacturers
Manufacturers/market players operating in the market are recalling the neuro-interventional devices such as stent retrievers, and thisis expected to hinder the market growth over forecast period. For instance, in September 2020, Stryker Corporation, a global medical device company recalled Trevo XP ProVue Retriever, a neurovascular mechanical thrombectomy device for acute ischemic stroke treatment, due to iincreaisng fracture complaints of the flexible, tapered core wire. This caused the stent retriever to separate from the core wire while in use.
Counterbalance: To overcome this challenge the manufacturing companies are expected to standardize the manufacturing and production processes of the medical devices to ensure product quality and stability.
MarketOpportunity:
Increasing product approvals by regulatory authorities
Increasing number of product approvals by the regulatory authorities for neuro-interventional devices is expected to drive the market growth over the forecast period. For instance, in February 2021, Cerus Endovascular Ltd., a commercial-stage medical device company, received breakthrough device designation from the U.S. Food and Drug Administration (FDA) for the company’s contour neurovascular system. Contour neurovascular system is used in the treatment of intracranial aneurysms.
Market Cross Sectional Analysis:
Among product type segment, the stent retrievers segment is dominant during the forecast period in the Europe region due to increasing approval by the regulatory authorities in the region. For instance, in February 2022, MicroPort NeuroTech Limited, a medical device company, announced that it had received marketing approval from China’s National Medical Products Administration (NMPA) for its self-developed neurohawk stent thrombectomy device. Neurohawk is a retrievable, self-expandable clot stent retriever used in endovascular invasive thrombectomy procedures.
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