Neuro-interventional Devices Market is Estimated to Witness High Growth Owing to Technological Advancements in Minimally Invasive Procedures
The neuro-interventional devices market is anticipated to generate significant revenue over the forecast period. Neuro-interventional devices are used in minimally invasive procedures such as catheterization, embolization, thrombectomy, and aneurysm coiling. Growing prevalence of neurological disorders like stroke, cerebral aneurysm, arteriovenous malformation, and spinal disc herniation is driving the demand for neuro-interventional devices.
The global neuro-interventional devices market is estimated to be valued at US$ 2.7 Bn in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the neuro-interventional devices are Penumbra, Inc., Stryker Corporation, Medtronic PLC., Johnson and Johnson Services, Inc., Terumo Corporation, Insera Therapeutics Inc., Anaconda Biomed S.L., NeuroVasc Technologies and Perflow Medical Ltd. The key opportunities in the market include increasing demand for minimally invasive surgical procedures, technological advancements in interventional devices, and rising geriatric population susceptible to neurological disorders. Technological advancements such as flow diverters, remodeling devices, and advanced catheter delivery systems are expanding the applications of neuro-interventional procedures.
Market Drivers
Rise in the geriatric population is a major market driver. According to the United Nations, the share of global population aged 60 or over is estimated to double from 12% to 22% between 2015 and 2050. This growing elderly demographic is susceptible to age-related diseases like brain aneurysms and strokes, which is expected to increase the demand for neuro-interventional devices.
Current Challenges in the Neuro-interventional Devices Market
The Neuro-Interventional Devices Market Growth faces several challenges currently that hinder its growth potential. Reimbursement issues remain a key setback for healthcare markets globally. Existing coverage policies offer limited reimbursement for new Neuro-interventional procedures. This restricts the ability of hospitals and clinicians to adopt the latest devices and procedures. Neurology also remains an underpenetrated clinical area with low diagnosis rates in developing regions. Improving access to basic neurological care and diagnostic services is imperative to identifying patients that can benefit from Neuro-interventional treatments. High costs of Neuro-interventional devices also pose affordability challenges. This is a significant barrier especially in emerging markets with lower per capita spends on healthcare. Device makers need to explore innovative financing solutions and partnerships to improve access.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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