Innovations will Boost Neuro-interventional Devices Market
Posted by Devanand on April 14th, 2021
Neurointerventional radiology or neurovascular intervention is a relatively new medical specialty that utilizes minimally invasive endovascular techniques for the treatment of vascular diseases of the brain. The treatment of conditions that occur within the spinal cavity or vessels of the brain is called neurointervention. Neurointervention is gaining high acceptance amongst neuro-specialists due to its advantageous feature of minimal invasiveness. Compared to the conventional clipping method, neurointervention has a significant success rate.
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Recently, the number of cases of stroke and aneurysm has increased. Rising prevalence of ischemic stroke and brain aneurysm is boosting the global neurointerventional devices market. Low rate of mortality during treatment using these devices has led to wide popularity of neurointerventional devices among neuro-specialists/neurosurgeons. Rise in geriatric population is anticipated to augment the demand for neurointerventional devices in the next few years. Currently, neurointerventional devices are being used widely in developed regions such as Europe and North America. These devices are anticipated to be more popular in Latin America and Asia Pacific during the forecast period. Stroke and aneurysm-related disorders are more common in Latin America than Europe. Due to advanced surgical technology used in neurointerventional devices, usage of these devices by neurosurgeons is increasing. These devices, especially catheters and metal coils, are preferred by neurosurgeons. However, high cost of certain neurointerventional devices proves to be a major restraint for the neurointerventional devices market.
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The global neurointerventional devices market has been segmented based on product, technique, end-user, and region. Based on product, the neurointerventional devices market has been segmented into neurovascular stents (intracranial stents & carotid stents), embolic coils, neurovascular thrombectomy devices, intrasaccular devices, flow diverters, balloons, liquid embolics, stent retrievers, and embolic protection devices. Among products, flow diverters and stent retrievers segments are anticipated to witness remarkable growth during the forecast period. Based on technique, the neurointerventional devices market has been divided into cerebral angiography, neurothrombectomy, stenting, flow disruption, and coiling procedure. Coiling procedure is expected to be the leading technique segment of the global neurointerventional devices market during the forecast period. Based on end-user, the market has been segmented into ambulatory surgical centers and hospitals.
According to Brain Aneurysm Foundation, in 2015, around 6 million people in the U.S. had unruptured brain aneurysm. The annual rate of rupture is approximately 8–10 per 100,000 people, which means about 30,000 people in the U.S. suffer from brain aneurysm rupture. Every year, almost 500,000 deaths are caused by brain aneurysm worldwide and 50% of the victims are aged 50 years or below. According to Center for Disease Control & Prevention, stroke is the fifth leading cause of death in the U.S., killing more than 130,000 people in the country every year (one out of every 20 deaths). Stroke costs the U.S. approximately US$ 33 Bn every year. This includes the cost of health care services, medicines to treat stroke, and missed days of work.
Geographically, the global neurointerventional devices market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America holds the largest market share, while Europe holds the second-largest share. High awareness about neurovascular diseases in Europe is expected to drive the neurointerventional devices market in the region during the forecast period. However, high cost of neurointerventional devices has become a limiting factor for the market in developing regions. Despite this, the neurointerventional devices market in Asia Pacific is anticipated to witness remarkable growth in the near future. Increase in the prevalence of neurovascular diseases, growing awareness, and rising elderly population are some of the key factors driving the market in Asia Pacific.
Major players operating in the global neurointerventional devices market are Medtronic, Penumbra Inc., Stryker Corporation, Terumo Corporation, Johnson & Johnson, Boston Scientific, BrainLab, Elekta, Karl Storz, and Micromar. Introduction of technologically advanced products can help international players explore untapped market potential in Asia and Latin America.
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About the AuthorDevanand
Joined: April 9th, 2021
Articles Posted: 216
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