VALLEY COTTAGE, N.Y., Nov. 24, 2015 (GLOBE NEWSWIRE) -- Future Market Insights (FMI), in its latest report titled, "Neurointerventional Devices Market: Global Industry Analysis and Opportunity Assessment 2015 - 2025", has projected global neurointerventional devices market to expand at a CAGR of 4.8% during the forecast period (2015-2025).
As per the Society of Neurointerventional Surgery, neurointervention is a treatment approach to conditions occurring within the blood vessels of the brain or in the spinal cavity. This procedure is highly performed by neuro-specialists due to its safety, minimally-invasive technique and comparatively higher success rate ratio as compared to conventional clipping method.
Global neurointerventional devices market is estimated to account for US$ 1,766.8 Mn by the end of 2015, mainly driven by rising demand from end-use segments.
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The report analyses the global neurointerventional devices market in terms of market value (US$ Mn) and market volume (units) by product type, region, end-user and technique, and provides information regarding market dynamics, regulatory compliances, competitive landscape, current trends, market estimations and forecast for the market.
Adoption rate of neurointervention devices among neurosurgeons/neuro-specialists has increased significantly owing to the technological advancements and benefits these devices offer. These devices, especially metal coils and catheters, are highly preferred by neurosurgeons. Increasing geriatric population globally is also expected to boost overall demand for neurointerventional devices. These devices find wide application in Japan and countries in developed regions such as Western Europe and North America. However, these devices are expected to gain popularity in Latin America and Asia Pacific excluding Japan (APEJ) in the near future. High cost along with negative perception about certain neurointervention devices are factors that are expected to act as growth restraints in the future, and some devices approval by FDA have also faced criticism for performance.
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North America is expected to dominate the global market throughout 2025 and is projected to witness 1.6X increase in volume over the forecast period. The U.S is expected to dominate the North America neurointerventional devices market throughout the forecast period. However, the U.S. market is projected to lose significant amount of its market value share to Canada by the end of forecast period. North America is a major neurovascular market. The region is expected to witness launch of various new products, with increasing number of players 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.
Among product types, embolic coils product segment is expected to dominate the global neurointerventional devices market, followed by the neurothrombectomy product segment. Increasing incidence of brain aneurysm is expected to boost overall demand for embolic coils albeit, at a comparatively lower pace. Flow diverters and stent retrievers are gaining wide recognition among neurointerventionists. Stent retrievers segment is expected to witness impressive growth in the U.S. market over the following five years. Global stent retrievers segment is expected to witness 2X increase in value over the forecast period.
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On the basis of technique, neurointervention 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. Increasing adoption of flow diverters among neurointervention is fuelling growth of the procedure segment.
On the basis of end use, the market has been segmented into hospitals and ambulatory surgical centers. Hospitals segment accounts for major share of the neurointerventional devices market.
Key market participants covered in the report include Medtronic, Penumbra Inc., Stryker Corporation, Terumo Corporation, and Johnson & Johnson.
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Source: Future Market Insights