Neurointerventional Devices Market

Neurointerventional Devices Market: Increasing incidence of ischemic strokes and rise in brain aneurysm cases to drive the market for Neurointerventional Devices: Global Industry Analysis and Opportunity Assessment 2015 - 2025

Introduction

As per the Society of Neurointerventional Surgery, neurointervention is an approach for treatment of conditions that occur within the vessels of the brain or within the spinal cavity. It is gaining high traction among neuro-specialists due to its minimally invasive technique and comparatively higher success rate ratio as compared to conventional clipping method. Over the years, there has been increase in incidence of aneurysm and stroke related cases. This has led to emphasis on product innovation. Treatment approach has witnessed rapid transition from clipping to minimally invasive treatment approach over the last two decades. 

Global neurointerventional devices market is estimated to account for US$ 1,766.8 Mn by the end of 2015, and is projected to grow substantially due to rising demand from end-use segments. 

Drivers and Trends

Increasing number of brain aneurysm and ischemic strokes cases is paving way for overall growth of neurointerventional devices market worldwide. Low mortality rate during treatment using these devices has led to wide popularity of these devices among neurosurgeons/neuro-specialists. Rise in geriatric population is expected to boost overall demand for neurointerventional devices. As per an independent study, aneurysm is predominant in the age group of 35–60 years. Currently, these devices are widely used in developed regions such as North America, Western Europe and Japan. However, these devices are expected to gain popularity in Latin America and Asia Pacific excluding Japan (APEJ) in the near future. Aneurysm and stroke related disorders in Latin America is 1.2X higher than that in Western Europe. Strategic partnerships with local players can help international players to capitalize on untapped markets in Latin America. Adoption rate of neurointerventional devices by neurosurgeons is increasing due to advanced surgical technology used in these devices. These devices, especially metal coils and catheters, are preferred by neurosurgeons. Though this market is growing at a significant rate, high cost along with negative perception about certain neurointerventional devices is proving to be a major hindrance to overall growth of the market. Even after approval by FDA, some of the recently introduced devices have been severely criticised for their performance.

Analysis by Product

Global neurointerventional devices market is segmented into embolic coils, neurovascular stents (carotid stents and intracranial stents), neurovascular thrombectomy devices, flow diverters, intrasaccular devices, balloons, embolic protection devices, liquid embolics, and stent retrievers. Among products, stent retrievers and flow diverters segments are expected to witness impressive growth during the forecast period. 

Analysis by Technique 

By technique, neurointerventional devices market is segmented into Neurothrombectomy procedure, cerebral angiography, stenting, coiling procedures and flow disruption. Coiling procedure segment is expected to dominate the overall neurointerventional devices market by the end of forecast period. The segment is projected to register average growth rate over the forecast period. Flow disruption is projected to be the fastest growing procedure segment over the forecast period. Increasing adoption of flow diverters among Neurointerventionists is fuelling growth of the overall procedure segment.

Analysis by End Use 

On the basis of end use, the market has been segmented into hospitals and ambulatory surgical centers. Hospitals segment accounts for major share of neurointerventional devices market. Ambulatory surgical centers segment has significant market share in North America and Europe.

Analysis by Region

North America is expected to dominate the global neurointerventional devices market throughout the forecast period and is projected to witness 1.6X increase in volume by 2025. The U.S is expected to be the largest market in North America throughout the forecast period; however, the market in the region is projected to lose significant market value share to Canada by the end of forecast period.  North America is expected to witness launch of various new products, with increasing number of player expected to enter into the market over the following five years. Japan is the next most lucrative market for neurovascular companies; however, the market in the region is projected to witness below average CAGR of 3.9% during the forecast period. 

neurointerventional-devices-market

Competitive Landscape 

Key market participants covered in the report include Medtronic, Penumbra Inc., Stryker Corporation, Terumo Corporation, and Johnson & Johnson.

This Future Market Insights report examines the ‘Neurointerventional Devices Market’ for the period 2015-2025. The primary objective of the report is to offer updates and in-depth analysis of market opportunities in the global neurointerventional devices market.

As per the Society of Neurointerventional Surgery, neurointervention is an approach for treatment of conditions that occur within the vessels of the brain or within the spinal cavity. It is gaining high traction among neuro-specialists due to its minimally invasive technique and comparatively higher success rate ratio as compared to conventional clipping method.

To understand and assess the opportunities in this market, the report is categorically split under four sections namely, by product, technique, end user and region. The report analyses the global neurointerventional devices market in terms of market value (US$ Mn) and market volume (units).

The report starts with an overview of neurointerventional devices and its usage in various applications across the globe. In the same section, FMI covers the neurointerventional devices market performance in terms of revenue. This section includes FMI’s analyses of key trends, drivers and restraints from supply and demand perspectives.

The next section of the report analyses the market on the basis of application and presents the forecast in terms of value and volume for the following 10 years. Products covered in the report include:

  • Embolic coils
  • Neurovascular stents (Carotid and Intracranial Stents)
  • Intrasaccular devices
  • Neurothrombectomy devices
  • Flow diverters
  • Embolic protection device
  • Liquid embolics
  • Balloons
  • Stent retrievers

The next section of the report analyses the market on the basis of technique segments and presents the forecast in terms value and volume for the following 10 years. On the basis of end use, the market is segmented into the following segments:

  • Neurothrombectomy Procedure
  • Stenting
  • Cerebral Angiography
  • Coiling Procedure
  • Flow Disruption

The next section of the report analyses the market based on end-user segments and presents the forecast in terms value and volume for the next ten years. End-use segment covered in the report include:

  • Hospitals
  • Ambulatory Surgical Centers

The next section of the report analyses the market on the basis of region and presents the forecast in terms of value and volume for the following 10 years. Regions covered in the report are:

  • North America
  • Western Europe
  • Eastern Europe
  • Latin America
  • Middle East & Africa
  • Asia Pacific excluding Japan (APEJ)
  • Japan

To arrive at the market size, the report considers average price of neurointerventional devices per metric ton across geographies. The forecast presented here assesses the total revenue of neurointerventional devices market. When developing the forecast of the market, the starting point is sizing the current market, which forms the basis for the forecast of how the market is anticipated to take shape in the near future. Given the characteristics of the market, we triangulated the outcome on the basis of analysis based on supply side, demand side and disease prevalence rate. However, quantifying the market across aforementioned segments and regions is more a matter of quantifying expectations and identifying opportunities rather than rationalizing them after the forecast has been completed.

In addition, we have taken into consideration year on year growth to understand the predictability of the market and identify the right opportunities across the neurointerventional devices market.

As previously highlighted, the market for neurointerventional devices is split into various categories on the basis of region, products, techniques, and end user segments. All these segments have been analysed in terms of basis point share (BPS) to understand individual segments relative contribution to growth. This detailed level of information is important for identification of many key trends in the neurointerventional devices market.

Another key feature of this report is the analysis of neurointerventional devices market by region, end-use segments and applications and its revenue forecast in terms of absolute dollar. This is traditionally overlooked while forecasting the market. However, absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales perspective in the global neurointerventional devices market.

Furthermore, Future Market Insights has developed market attractiveness index for all four segments–regional, product type, techniques and end user segments. This index helps in identifying the real opportunities in the market.

In the final section of the report, neurointerventional devices market landscape is included to provide report audiences with a dashboard view, on the basis of categories of providers across the market, presence in neurointerventional devices product portfolio and key differentiators. Key market participants covered in the report include Medtronic, Stryker Corporation, Terumo Corporation, Penumbra Inc. and Johnson & Johnson.