Neurointerventional Devices Market Expected to Reach $5.3 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Neurointerventional Devices Market," The neurointerventional devices market size was valued at $2.6 billion in 2022, and is estimated to reach $5.3 billion by 2032, growing at a CAGR of 7.5% from 2023 to 2032.Neurointerventional devices are medical instruments specifically designed for the diagnosis and treatment of various neurological conditions through minimally invasive procedures. These devices are utilized in neurointerventional radiology, which is a specialized field that combines radiology and neurology to treat conditions affecting the brain, spine, and blood vessels within the central nervous system. Neurointerventional devices are used to diagnose and assess various neurological conditions such as aneurysms, arteriovenous malformations (AVMs), strokes, and tumors. Furthermore, neurointerventional devices are also used in the treatment of neurological disorders through various interventional procedures such as embolization, thrombectomy, angioplasty and stenting, and tumor ablation.

Factors that drive the growth of neurointerventional devices market size include, surge in incidence of neurological disorders, technological advancement in minimally invasive procedures, and growing awareness among the patients and general population regarding the symptoms and risk factors of neurological disorders. Neurological disorders, including stroke, brain aneurysms, and arteriovenous malformations (AVMs), are becoming more common globally. Rise in prevalence of neurological disorders can be attributed to various factors such as aging populations and lifestyle changes. The National Library of Medicine in 2023 reported that around 256 million population were diagnosed with cerebral aneurysms, globally. The overall mortality due to aneurysmal subarachnoid hemorrhage (SAH) is considered to be 0.4% to 0.6% of all-cause deaths, with an approximate 20% mortality and an additional 30% to 40% morbidity in patients with known rupture.

As the number of individuals affected by neurological disorders grows, there is a corresponding increase in demand for effective treatment options. Neurointerventional devices, such as embolization coils, stents, catheters, and guidewires, play a crucial role in the successful execution of the treatment procedures. Thus, increase in prevalence of neurological disorders is expected to increase the demand for neurointerventional procedures and the devices used in these procedures.

Technological advancements in minimally invasive procedures have been a significant driving force behind the growth of the neurointerventional devices market and have revolutionized the field of neurointervention by reducing the need for open surgeries and minimizing patient trauma. Endovascular treatments, which involve accessing affected blood vessels through small incisions, have gained prominence in managing neurovascular diseases, leading to reduced risks and faster recovery times as compared to traditional surgeries.

The neurointerventional devices market trends include development of advanced imaging techniques, such as angiography, computed tomography (CT), magnetic resonance imaging (MRI), and fluoroscopy, which provide real-time, detailed images of blood vessels and brain structures, which enable neurosurgeons to navigate and treat the affected area with precision. For instance, in February 2022, Cerenovus, a part of Johnson & Johnson Medical Devices Companies, announced the launch of EMBOGUARD, which is a next-generation balloon guide catheter. It is used in endovascular procedures, including those for patients with acute ischemic stroke.

Thus, advancements in minimally invasive procedures have improved patient outcomes as well as increased the demand for neurointerventional devices, further driving the growth of the market. In addition, rise in awareness among the general population regarding the symptoms and risk factors of neurological disorders has a significant impact on the neurointerventional devices market. In addition the competitive neurointerventional devices market analysis of the major neurointerventional devices industry are Stryker Corporation, Johnson & Johnson, Medtronic plc, Terumo Corporation, Lepu Medical Technology (Beijing) Co., Ltd, Merit Medical Systems Inc, Balt Group, Integer Holdings Corporation, Penumbra, Inc, and Cook Group Inc.

Neurological disorders, such as stroke, aneurysms, arteriovenous malformations (AVMs), and brain tumors, are capable of having a profound impact on individuals' lives and often require specialized treatment. There has been a shift in public perception regarding mental health and neurological disorders. Society has become more open to discuss and address mental health issues, including those related to the brain.

This cultural shift has reduced the stigma associated with neurological disorders, encouraging individuals to seek medical help, and contributing to the growing awareness of these conditions. The global Brain Awareness Week program is arranged in third week of in March each year to promote the awareness about neurological disorders globally. In conclusion, growing awareness of neurological disorders has resulted in the rise of patients opting for diagnosis and treatment of neurological disorders, which in turn increases the demand for neurointerventional devices. However, the high cost of neurointerventional devices is expected to restrain the growth of the market. On the other hand, technological advancements in neurointerventional devices are anticipated to offer major growth opportunities for neurointerventional devices industry to expand in the neurointerventional devices market.

On the basis of product, the neurointerventional devices market share is classified into catheter, wires, stents, embolic coils, and others. the others include flow diverter, embolic protection device, and long sheath. By indication, the market is categorized into brain aneurysm, stroke, and others. The others include vascular malformations, arteriovenous fistula, and arteriovenous malformation (AVM). By end user, the market is categorized into hospitals and clinics and ambulatory surgical center.  On the basis of product, the market is classified into stents, embolic coils, catheter, wires, and others. The others include flow diverter, embolic protection device and long sheath.

The catheter segment was the largest revenue contributor to the market in 2022 and is expected to remain dominant over the neurointerventional devices market forecast period, owing to the fact that catheters are highly versatile and can be used for various neurointerventional procedures. On the basis of indications, the market is classified into brain aneurysm, stroke, and others. Others include vascular malformations, arteriovenous fistula, arteriovenous malformation (AVM). The strokes segment was the highest revenue contributor to the market in 2022 and is the fastest growing segment during the forecast period, due to the increase in prevalence of strokes, and surge in demand for thrombectomy procedure.

On the basis of end user, the market is classified into hospitals, ambulatory surgical center, and others. The others include neurocenters and clinics. The ambulatory surgical center segment dominated the market in 2022, owing to cost-effectiveness compared to hospitals or other healthcare facilities. However, hospitalsegment emerged as fastest growing segment during the forecasted period, owing to high number of neurointerventional surgical procedures conducted in the hospitals.

On the basis of region, North America has the highest neurointerventional devices market share in 2022, and is expected to maintain its lead during the forecast period, owing to advancement in technology in healthcare sector, rise in adoption of minimal invasive procedure, and surge in geriatric population and strong presence of market key players in this region. However, Asia-Pacific is expected to exhibit fastest growth during the forecast period, owing to rise in medical tourism and surge in prevalence of neurological disorders.

The COVID-19 pandemic has had an impact on the neurointerventional device market. According to National Library of Medicines, around 8.22 admissions per day were done in neurosurgical emergency before pandemic, before 2020. However, during the lockdown in 2020-2021, this figure reduced to 3.2 admissions per day.

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.