Press release
Neurointerventional Devices Market expected to grow at a CAGR of 4.8% during 2015 - 2025
IntroductionAs per the Society of Neurointerventional Surgery, neurointervention is an approach for treatment of conditions that occur within the vessels of the brain or within the spinal cavity. It is gaining high traction among neuro-specialists due to its minimally invasive technique and comparatively higher success rate ratio as compared to conventional clipping method. Over the years, there has been increase in incidence of aneurysm and stroke related cases. This has led to emphasis on product innovation. Treatment approach has witnessed rapid transition from clipping to minimally invasive treatment approach over the last two decades.
Global neurointerventional devices market is estimated to account for US$ 1,766.8 Mn by the end of 2015, and is projected to grow substantially due to rising demand from end-use segments.
Drivers and Trends
Increasing number of brain aneurysm and ischemic strokes cases is paving way for overall growth of neurointerventional devices market worldwide. Low mortality rate during treatment using these devices has led to wide popularity of these devices among neurosurgeons/neuro-specialists. Rise in geriatric population is expected to boost overall demand for neurointerventional devices. As per an independent study, aneurysm is predominant in the age group of 35–60 years. Currently, these devices are widely used in developed regions such as North America, Western Europe and Japan. However, these devices are expected to gain popularity in Latin America and Asia Pacific excluding Japan (APEJ) in the near future. Aneurysm and stroke related disorders in Latin America is 1.2X higher than that in Western Europe. Strategic partnerships with local players can help international players to capitalize on untapped markets in Latin America. Adoption rate of neurointerventional devices by neurosurgeons is increasing due to advanced surgical technology used in these devices. These devices, especially metal coils and catheters, are preferred by neurosurgeons. Though this market is growing at a significant rate, high cost along with negative perception about certain neurointerventional devices is proving to be a major hindrance to overall growth of the market. Even after approval by FDA, some of the recently introduced devices have been severely criticised for their performance.
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Analysis by Product
Global neurointerventional devices market is segmented into embolic coils, neurovascular stents (carotid stents and intracranial stents), neurovascular thrombectomy devices, flow diverters, intrasaccular devices, balloons, embolic protection devices, liquid embolics, and stent retrievers. Among products, stent retrievers and flow diverters segments are expected to witness impressive growth during the forecast period.
Analysis by Technique
By technique, neurointerventional devices market is segmented into Neurothrombectomy procedure, cerebral angiography, stenting, coiling procedures and flow disruption. Coiling procedure segment is expected to dominate the overall neurointerventional devices market by the end of forecast period. The segment is projected to register average growth rate over the forecast period. Flow disruption is projected to be the fastest growing procedure segment over the forecast period. Increasing adoption of flow diverters among Neurointerventionists is fuelling growth of the overall procedure segment.
Analysis by End Use
On the basis of end use, the market has been segmented into hospitals and ambulatory surgical centers. Hospitals segment accounts for major share of neurointerventional devices market. Ambulatory surgical centers segment has significant market share in North America and Europe.
Analysis by Region
North America is expected to dominate the global neurointerventional devices market throughout the forecast period and is projected to witness 1.6X increase in volume by 2025. The U.S is expected to be the largest market in North America throughout the forecast period; however, the market in the region is projected to lose significant market value share to Canada by the end of forecast period. North America is expected to witness launch of various new products, with increasing number of player expected to enter into the market over the following five years. Japan is the next most lucrative market for neurovascular companies; however, the market in the region is projected to witness below average CAGR of 3.9% during the forecast period.
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Competitive Landscape
Key market participants covered in the report include Medtronic, Penumbra Inc., Stryker Corporation, Terumo Corporation, and Johnson & Johnson.
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