The Neurointerventional Devices Market size was estimated to be US$ 3.00 billion in 2023 and is expected to reach US$ 5.95 billion by 2031; it is estimated to record a CAGR of 8.9% till 2031. Strategic developments and product launches are likely to remain key Neurointerventional Devices Market trends.
Neurointerventional Devices Market Analysis
The key factor that are responsible for the growth of the market include increasing government support, technological advancements, growing geriatric population, increasing preference for minimally invasive surgical procedure, growing awareness about availability of advanced treatment options for neurological devices, and favourable reimbursement policies. In addition, increasing research and development activities in the field of neurological devices is fueling the growth of the neurointerventional devices market.
Neurointerventional Devices Market Overview
Strokes, cerebral aneurysms, and arteriovenous malformation and fistulas are some of the common medical conditions that require neurointerventional devices. Japan is anticipated to register the highest CAGR in the forecast period. The growth of the neurointerventional devices market in Japan is mainly driven by the increasing prevalence of neurological diseases and a rising number of the elderly population in the country. Japan presently has the world's largest elderly population. The country has the fastest aging demographic profile, which is another leading cause of neurovascular diseases. The government has taken multiple measures for treatment and creating awareness about stroke. For instance, the Japan Stroke Association, along with other organizations, organized the draft for the fundamental law on stroke. Moreover, there have been collaborations in the country which enabled the growth of neuroscience industry in Japan.
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Neurointerventional Devices Market: Strategic Insights
Market Size Value in US$ 2,323.02 Million in 2018 Market Size Value by US$ 4,524.34 Million by 2027 Growth rate CAGR of 8.0% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
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Neurointerventional Devices Market: Strategic Insights
| Market Size Value in | US$ 2,323.02 Million in 2018 |
| Market Size Value by | US$ 4,524.34 Million by 2027 |
| Growth rate | CAGR of 8.0% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
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Neurointerventional Devices Market Drivers and Opportunities
Increasing Prevalence of Neurological Disorders
Neurological diseases are the disorders of the brain, spine, and the nerves that connect them. More than 600 conditions of the nervous system, such as epilepsy, brain tumors, stroke, and Parkinson's disease, are found among the population across the globe. During recent years, the prevalence of neurological disorders has increased significantly. The cases of neurological disorders are increasing globally, which are fueling the growth of the neurointerventional devices. According to Brain Aneurysm Foundation, the annual rate of rupture in brain aneurysm in United States is approximately 8-10 per 100,000 people. As per the same source, about 50,000 deaths worldwide each year caused by brain aneurysms, and half the victims are younger than 50. According to Centers for Disease Control and Prevention (CDC), every year, over 795,000 people in the US have a stroke and over 610,000 of these are first or new strokes. Thus, increase in prevalence neurological diseases is fueling the growth of neurointerventional devices market.
Technological Advancements – An Opportunity of Neurointerventional Devices Market
Continuous technological innovations enhance the efficiency and effectiveness of neurointerventional devices products and services, spanning advancements in materials, manufacturing processes, and digital technologies. Continued investment in R&D to develop innovative neurointerventional devices can help companies differentiate in the market and address unmet clinical needs. This includes development of next-generation devices with improved safety, efficacy, and patient outcomes. In addition, the integration of digital health technologies such as remote monitoring, telemedicine, and data analytics into interventional devices can enhance patient care and improve treatment outcomes. Thus, the growing adoption of technological advanced neurointerventional devices is likely to experience the positive outcomes in the coming future.
Neurointerventional Devices Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Neurointerventional Devices Market analysis are solutions, mode of delivery, application, and end user.
- Based on type, the Neurointerventional Devices Market is segmented into neurovascular thrombectomy devices, neurovascular stents, embolic protection devices, intrasaccular devices, embolic coils, flow diverters, liquid embolic, balloons, and stent retrievers. The neurovascular thrombectomy devices segment held the largest market share in 2023.
- By technique, the Neurointerventional Devices Market is segmented into neurothrombectomy, stenting, coiling procedure, cerebral angiography, and flow disruption. The neurothrombectomy segment held the largest market share in 2023.
- Based on end user, the Neurointerventional Devices Market is segmented into hospitals and ambulatory surgical centers. The hospitals segment held the largest market share in 2023.
Neurointerventional Devices Market Share Analysis by Geography
The geographic scope of the Neurointerventional Devices Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the Neurointerventional Devices Market. The market growth in North America is characterized by increasing fraud in healthcare institutions, the presence of key market players, an increase in product launches, increase in number of healthcare institutions, increase in adoption of technologically advanced products, increasing number geriatric population and rising prevalence of neurological disorders. Moreover, Asia Pacific is anticipated to record the highest CAGR in the coming years.
Neurointerventional Devices Market Report Scope
Neurointerventional Devices Market News and Recent Developments
The Neurointerventional Devices Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for neurointerventional devices and strategies:
- Avicenna.AI received FDA 510(k) clearance for Cina-iPE and Cina-ASPECTS. Cina-iPE enables incidental detection of pulmonary embolism (PE), and Cina-ASPECTS provides automatic assessment of stroke severity. (Source: Bryn Mawr Communications II LLC, Press Release, 2024)
- Cerenovus, Inc., part of Johnson & Johnson MedTech, Inc., launched Cereglide 71 aspiration catheter in Europe. The Cereglide 71 provides direct aspiration of blood clots and for the delivery of compatible stent retrievers—including the company’s Embotrap III revascularization device and the Cerenovus Nimbus geometric clot extractor—into the neurovasculature. (Source: Bryn Mawr Communications II LLC, Press Release, 2024)
Neurointerventional Devices Market Report Coverage and Deliverables
The “Neurointerventional Devices Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type Type ; Technique ; End User and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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