Factors, such as a rising prevalence of neurological disorders, the growing popularity of minimally invasive neurosurgeries, the advent of new innovative neurointerventional devices, increasing market awareness & campaigns, and technological advancements are expected to drive the market growth during the forecast period.
Infoholic Research LLP, a global market research and consulting company, has published a study titled “Global Neurointerventional Devices Market: Drivers, Opportunities, Trends, and Forecasts: 2017–2023” (July 2017).
According to Infoholic Research, the advent of new innovative neurosurgical devices and the emergence of neurointerventional techniques will boost the growth of the neurointerventional devices market in the coming years. Devices, such as flow diverters, DBS, micro catheters, CSF shunts, and advanced neurosurgical navigation systems have shown superior efficacy and high success rates in treating various neurosurgical disorders. This will increase the adoption of neurointerventional devices and fuel the market growth. Despite advances and launch of new innovative products, a significant unmet need still exists in the low-income countries as they do not have access to basic surgical care. However, the government is taking initiatives to improve healthcare standards and companies are creating awareness programs to offer effective treatment especially in the emerging markets.
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The market is also supported by the growing need of image-guided surgical equipment and cost-effective technologies which represent an opportunity for making complex neurosurgeries easy and more accessible to surgeons. The growing demand for endovascular devices to treat brain aneurysms is likely to increase the adoption rates of flow diverters, such as Silk, PED, and Surpass, in the market. Further, emerging companies in the market are anticipated to launch new products. One such company is InspireMD, which is developing NGuard (expected to be launched in 2018), an endovascular device used to direct the flow of blood in case of a cerebral aneurysm. The Global Neurointerventional Devices Market is expected to grow at a CAGR of 12.3% during the forecast period 2017–2023 to touch an aggregate of $5.5 billion by 2023.
The Global Neurointerventional Devices Market has been analyzed based on three segments, namely product types, end-users, and regions. The regions covered in the report are North America, Europe, Asia Pacific, and ROW. In the Americas, the US and Canada are set to be the leading countries. Europe is set to be the second leading region with more than 23% of the market share in 2016. Germany is one of the leading countries in Europe in terms of revenue. In Asia Pacific, India and China are the most attractive countries for the players as they hold huge business opportunities. The other low-income countries, such as Thailand, Vietnam, and Indonesia, are set to be the emerging markets for the next 5–6 years.
The product areas covered in the report are aneurysm devices, cerebral angiography and stenting devices, neurothrombectomy devices, and other support devices. Aneurysm devices and cerebral angiography and stenting devices segments are expected to gain more market share by 2023 due to the increasing technological advancements in devices and interventional procedures. Aneurysm devices accounted for the maximum share of 48.79% in the Global Neurointerventional Devices market followed by cerebral angiography and stenting devices with 25.96% in 2016. The high cost of devices, especially in the developing countries, represents the major challenge for the growth of the market.
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“Neurointerventional surgeries are the most advanced minimally invasive surgeries performed on the brain and spine. The Global Neurointerventional Devices Market is competitive and is highly dynamic with vendors adopting creative methods to develop innovative products to ensure product differentiation in the market. According to the American Association of Neurosurgical Surgeons data, it was estimated that about 60% of the procedures performed by the neurosurgeons are spine related. Neurointerventional devices are used in technically sophisticated procedures, which require experienced surgeons to avoid or minimize patient risk during the surgery.” – Mohammed Azhar, Senior Analyst (Research – Healthcare) at Infoholic Research.
Further, the report aims to cover the below points:
- Provides an in-depth analysis of the key business opportunities in countries and verticals
- Provides the complete details about the analysis of top 15 players
- Provides industry outlook including current and future market trends, drivers, restraints, and emerging technologies
Ms. Sunanda Ganguli
Infoholic Research LLP