Neurointerventional Devices Market Global Share Reach US$ 3,104.8 Million By 2027, Owing to High Incidence of Ischemic Strokes
Impact Analysis of Covid-19
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According to Global Neurointerventional Devices Market Report, By Product Type (Embolic Coils, Carotid Stents, Intracranial Stents, Neurovascular Thrombectomy, Embolic Protection Devices, Flow Diverters Devices, Intrasaccular Devices, Liquid Embolic, Balloons, and Stent Retrievers), By End User (Hospitals and Clinics), By Technique (Neurothrombectomy Procedure, Cerebral Angiography, Stenting, Coiling Procedures, and Flow Disruption), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), published by Coherent Market Insights, the global neurointerventional devices market is estimated to account for US$ 3,104.8 Mn in terms of value by 2027.
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Neurointervention is a medical specialty that uses minimally-invasive, catheter-based approaches for the treatment of specific diseases of the blood vessels of the head, neck and spine. Flow diverters, embolic coils, aneurysm clips, neurovascular stents, aspiration devices, and support devices are some of the most commonly adopted neurointerventional devices.
High incidence of ischemic strokes is expected to propel growth of the global neurointerventional devices market over the forecast period. For instance, according to the study, ‘Global, Regional, and National Burden of Stroke, 1990–2016: a Systematic Analysis for the Global Burden of Disease Study 2016, published in the journal The Lancet Neurology in March 2019, 80·1 million people suffered from stroke globally in 2016, of which 84·4% were ischemic. Moreover, increasing geriatric population is also expected to aid in growth of the market. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.
However, low number of interventional radiologists is expected to hamper growth of the global neurointerventional devices market.
Among product type, the embolic coils segment is expected to witness significant growth in the global neurointerventional devices market. The segment was valued at US$ 730.3 Mn in 2018 and is expected to reach US$ 1,044.4 Mn by 2027 at a CAGR of 4.1% during the forecast period.
Among end users, the hospitals segment is expected to hold dominant position in the global neurointerventional devices market over the forecast period. This is attributed to increasing funding in hospitals. For instance, according to Australian Institute of Health and Welfare’s Hospitals at a glance 2017–18 report updated in August 2019, funding for hospital services increased between 2016-2017 and 2017-2018 by 1.8% per year on average in public hospitals and by 2.9% per year on average in private hospitals in Australia. The segment held dominant position in the market in 2018, accounting for 90.1% share in terms of value, followed by clinics.
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- High incidence of ischemic strokes to augment growth of the global neurointerventional devices market over the forecast period
- Major players in the market are focused on product approval and launch to expand their product portfolio. For instance, in October 2019, Perflow Medical, received CE Mark approval for its Cascade Agile Non-Occlusive Remodeling Net, a novel neurovascular device for the treatment of ruptured intercranial aneurysms. Similarly, in March 2019, Insera Therapeutics, Inc. received Conformité Européenne (CE) Mark approval for its flagship product, the CLEAR Aspiration System, for the treatment of acute pulmonary embolism.
- Major players in the market are also focused on conducting clinical trials to expand their product portfolio. For instance, in November 2019, Anaconda BioMed S.L, a medical technology company, announced the completion of initial patient cases in a first-in-human study that assess system safety and reperfusion measured using the modified treatment in cerebral infarction (mTICI) score.
- Major players in the market are focused on raising funds to expand their product portfolio. For instance, in December 2019, Anaconda Biomed S.L. secured US$ 22 million round of funding for R&D in next-generation technology for endovascular treatment of major ischemic stroke patients.
- Major players operating in the global neurointerventional devices market include Stryker Corporation, Penumbra Inc.., Medtronic, Johnson & Johnson Private Limited, Imperative Care, Inc., Anaconda Biomed S.L., Insera Therapeutics, Inc., Perflow Medical, and Terumo Corporation.
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