Neurointerventional Devices Market Projected to Double by 2032, Fueled by Minimally Invasive Procedures.

The global neurointerventional devices market amassed $2.54 billion in 2022 and is anticipated to soar to $5.26 billion by 2032, manifesting a Compound Annual Growth Rate (CAGR) of 7.5% from 2023 to 2032.

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Key Growth Drivers:

The surge in neurologic disorders prevalence, escalating preference for minimally invasive procedures, and heightened awareness regarding neurological disorders among the populace are fueling the growth of the neurointerventional devices market. Nevertheless, the high cost of neurointerventional devices is poised to hinder market expansion in the forthcoming years. Furthermore, technological advancements in neurointerventional devices present promising opportunities in the foreseeable future.

Covid-19 Impact:

The Covid-19 outbreak exerted a negative impact on the global neurointerventional devices market. The overwhelming number of Covid-19 cases burdened hospitals and healthcare facilities, prompting resource reallocation for pandemic management. Consequently, non-emergency procedures such as neurointerventional interventions had to be deferred or canceled to prioritize Covid-19 patient care. Movement restrictions and lockdown measures in various countries led to reduced patient visits for regular check-ups and elective treatments, directly affecting the demand for neurointerventional devices.

As the pandemic recedes and vaccinations become more widespread, the neurointerventional devices market is gradually recovering, with delayed cases and postponed elective procedures being addressed, resulting in a surge in patient volumes for these interventions.

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Segment Analysis:

Catheter Segment: Expected to maintain dominance throughout the forecast period, accounting for one-third of the global neurointerventional devices market revenue in 2022. Anticipated to witness the fastest CAGR of 8.4% during the forecasted period, attributed to its diverse applications in neurointerventional procedures.

Stroke Segment: Maintains leadership status throughout the forecast period, owing to high stroke prevalence. Expected to witness the fastest CAGR of 7.8% during the forecasted period.

Ambulatory Surgical Centers Segment: Registered the largest revenue share in 2022, attributed to lower overhead costs and streamlined processes. Hospitals segment expected to register the fastest CAGR of 7.8% during the forecasted period, owing to necessary infrastructure and resources to support neurointerventional procedures.

Regional Analysis:

North America: Emerged as the highest revenue generator in 2022, accounting for over one-third of the global market revenue. Attributed to technological advancements, increased adoption of minimally invasive procedures, growing elderly population, and strong presence of key market players.

Asia-Pacific: Expected to witness the fastest CAGR of 8.3% during the forecasted period, owing to the rise in medical tourism and increased prevalence of neurological disorders.

Leading Market Players:

Johnson & Johnson
Lepu Medical Technology (Beijing) Co., Ltd
Integer Holdings Corporation
Medtronic plc
Terumo Corporation
Merit Medical Systems Inc.
Balt Group
Stryker Corporation.
Penumbra, Inc
Cook Group Inc.

These players have adopted various strategies such as acquisitions, expansions, and product launches to increase their market share and maintain dominance in different regions. The report provides a detailed analysis of these key players, including their business performance, operating segments, product portfolio, and strategic moves, to showcase the competitive scenario.

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Key Findings of The Study:

On the basis of type, the catheter segment was highest contributor to the market in 2022.

On the basis of indication, the strokes segment was highest contributor to the market in 2022.

On the basis of end user, the ambulatory surgical segment dominated the market in terms of revenue in 2022. However, hospital segment emerged as fastest growing segment during the forecasted period

On the basis of region, North America generated the largest revenue in 2022. However, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.

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