Neurointerventional Devices Market Summary
According to the report, the global neurointerventional devices market generated $2.54 billion in 2022 and is estimated to reach $5.26 billion by 2032, exhibiting a CAGR of 7.5% from 2023 to 2032.
Prime determinants of growth
The growth of the neurointerventional devices market is fueled by the increasing prevalence of neurological disorders, a growing preference for minimally invasive procedures, and the rising awareness of neurological disorders among the general population. However, high cost of neurointerventional devices is projected to impede the market growth in upcoming years. Moreover, technological advancements in neurointerventional devices presents new opportunities in the coming years.
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The catheter segment to maintain its leadership status throughout the forecast period
Based on product, the catheter segment held the highest market share in 2022 and is expected to remain dominant during the forecasted period, accounting for one third of the global neurointerventional devices market revenue. The same segment is expected to witness the fastest CAGR of 8.4% during theforecasted period. This is attributed to catheter being used in various neurointerventional procedures, including diagnostic imaging, embolization, angioplasty, and thrombectomy.
The stroke segment maintains its leadership status throughout the forecast period
Based on indication, the stroke segment held the highest market share in 2022, accounting for more than half of the global neurointerventional devices market revenue.The same segment is expected to witness the fastest CAGR of 7.8% during theforecasted period, owing to high prevalence of stroke.
The ambulatory surgical centers segment registered largest revenue share in 2022
By applications, ambulatory surgical centers held the highest market share in 2022, accounting for nearly half of the global neurointerventional devices market revenue, owing to the reason that ambulatory surgical centers have lower overhead costs, reduced length of stay, and streamlined processes, which can result in significant cost savings for both patients and healthcare providers. However, hospitals segment is expected to register fastest CAGR of 7.8% during the forecasted period, owing to the reason that hospitals generally have the necessary infrastructure and resources to support neurointerventional procedures.
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North America segment emerged as highest revenue generator.
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global neurointerventional devices market market revenue, This can be attributed to technological advancements in the healthcare sector, increased adoption of minimally invasive procedures, a growing elderly population, and the strong presence of key market players in the region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 8.3% during the forecasted period owing to the rise in medical tourism and an increase in the prevalence of neurological disorders.
Leading Market Players:
Johnson & Johnson
Lepu Medical Technology (Beijing) Co., Ltd
Integer Holdings Corporation
Medtronic plc
Terumo Corporation
Merit Medical Systems Inc.
Balt Group
Stryker Corporation.
Penumbra, Inc
Cook Group Inc
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