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Global Neurointerventional Devices Market to grow at 7.8% CAGR through 2030
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The neurointerventional devices market is set to grow at a 7.8% CAGR, reaching $5 billion by 2030, driven by rising neurological disorders and ischemic stroke prevalence.
A new report by Future Market Insights (FMI) expects global neurointerventional devices market to grow at 7.8% CAGR through 2030. According to the study, the market will reach USD 5 billion in revenues by the end of 2030. Since the past several years, the burden of neurological disorders has increased multifold. According to the National Center for Biotechnology Information (NCBI), the frequency of cerebral aneurysm is nearly 3.2%, with the prevalence being higher amongst women than men above 50 years of age.
It is estimated that around 6.5 million people in the United States possess an unruptured brain aneurysm, while 30,000 suffer a brain aneurysm rupture every year. Based on these trends, it is unsurprising to observe the market being interspersed with the presence of several reputed manufacturers who constantly launch new products.
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In addition, rising prevalence of ischemic stroke is also boosting the neurointerventional devices market. Being non-invasive in nature, these devices increase chances of survival during surgery, further fueling market growth. By 2030, a valuation of US$ 4.8 Bn is predicted for the market.
Global Neurointerventional Devices Market- Key Takeaways
COVID-19’s Impact on the Market
With respect to neurological disorders, several hospitals and clinics have reported complications in severely or critically ill patients with co-morbidities. COVID-19 has the potential to affect the central and peripheral nervous systems. The virus invades the brain either through the olfactory system or a hematogenous route. Once inside, the virus may cause hypoxic and metabolic abnormalities.
In this light, the neurointerventional devices market is poised to remain afloat in the near-term forecast period. Significant increases in mechanical thrombectomies were reported since April 2020, with majority of the patients seeking treatment for acute strokes from large vessel occlusions (LVOs).
A series of case studies on over 200 COVID-19 positive patients in Wuhan, China, 36.4% of patients exhibited neurologic symptoms such as acute cerebrovascular events, muscle injury and impaired consciousness. In this context, the market is poised to experience an adrenaline rush in the short-run.
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Competitive Intelligence
Some influential vendors within the landscape include: Stryker Corporation, Covidien Public Ltd., Penumbra Inc., Terumo Corporation, Johnson & Johnson Private Limited, Medtronic PLC, Boston Scientific Corporation and Abbott.
Players are emphasizing on expanding their businesses through partnerships, collaborations and mergers & acquisitions and participation in trade fairs. Many of them are also aligning with research institutes to augment their research capacities.
In August 2020, Stryker Corporation successfully launched its Surpass Evolve flow diverter after receiving FDA clearance in the U.S market. The device has already been in use in Europe since 2019.
In September 2020, Penumbra Inc. shall participate in the virtual Global Embolization Symposium & Technologies 2020 Conference. The company hopes to broaden its outreach and collaborate with other leading players to develop and launch new neurointerventional devices, thus expanding its existing product portfolio.
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition.
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Report: https://www.futuremarketinsights.com/reports/neurointerventional-devices-market
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The article discusses the growth of the global neurointerventional devices market, projected to expand significantly by 2030.
COVID-19 has increased mechanical thrombectomies and highlighted the importance of neurointerventional devices in treating neurological disorders.
Key players include Stryker Corporation, Covidien Public Ltd., Penumbra Inc., and Medtronic PLC.
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