Neurointerventional Devices Market Report

Neurovascular devices are in high demand among major players globally, owing to increased clinical research activities in the field of neurovascular treatments, which provide trustworthy clinical evidence on their safety and effectiveness profiles. In addition, a rise in industry-academia partnerships and investments in clinical studies aimed at the development and commercialization of novel and therapeutically varied neurovascular products is being driven by patients' increasing emphasis on efficient, accurate, and early diagnoses of their target diseases. Oxford Endovascular (UK), an EIT Health-supported start-up, raised US$ 10 million in 2021 to fund research and development of new neurovascular devices for the treatment of ischemic stroke. Additionally, MicroPort NeuroTech Limited (MicroPort NeuroTech) got marketing clearance from the NMPA for its self-developed designed Neurohawk Stent Thrombectomy Device (Neurohawk) in February 2022. MicroPort NeuroTech developed the Neurohawk, a clot stent retriever, to treat acute ischemic stroke. As a result of the aforementioned facts, the market is anticipated to increase throughout the forecast period.

Furthermore, Increasing the range of uses for neurointerventional devices offers a strategic chance for market expansion. Companies can enter new market segments by creating advanced devices designed to address less common neurovascular conditions like rare arteriovenformations or complex brain tumours. This involves creating new methods to cater to certain needs that have not been met by current technology. These developments not just expand treatment choices but also place companies at the cutting edge of medical progress. For instance, designing specific instruments for difficult cases can result in improved treatment effectiveness, increasing the need for them and creating a competitive advantage in the changing field of neurointervention.

The high cost of neurovascular surgical treatments and devices is a key impediment to the global market, particularly in underdeveloped countries with poor reimbursement schemes. Furthermore, maintenance charges and other indirect expenses raise the overall cost of ownership of these devices, limiting their adoption. A relatively small number of patients in developing nations can afford neurological therapy due to high prices and a poor reimbursement environment. As a result, medical facilities are hesitant to invest in emerging or technologically advanced equipment, restricting market opportunities.

Additionally, a major obstacle to market expansion is the restricted reimbursement for neurointerventional procedures. Healthcare providers in areas with strict or insufficient payment policies often encounter financial obstacles when implementing advanced technologies. In countries with limited healthcare funding or strict insurance restrictions, hospitals may be discouraged from investing in advanced neurointerventional devices due to their high prices. The unwillingness to invest financially impedes the wider adoption of cutting-edge devices and delays the growth of the market. Making changes to policies and expanding coverage can help resolve reimbursement issues, leading to increased adoption and growth in the neurointerventional devices industry.

Neurointerventional devices play a vital role in treating intricate neurological disorders such as brain aneurysms, strokes, and arteriovenous malformations. Their significance is in their capacity to offer minimally invasive answers, decreasing the requirement for open surgery, leading to reduced risk, recovery time, and overall expenses. These tools increase accuracy in treatments, enhancing patient results and broadening therapeutic options. For example, sophisticated stent retrievers and embolization devices allow for precise interventions that can greatly decrease death and sickness rates. The importance of continuous innovation and accessibility in improving patient care is highlighted by their involvement in modern neurosurgery. For instance, in July 2024, Radical Catheter Technologies, a medical device company developing endovascular access and delivery products, announced FDA 510(k) clearance for the Radical catheter. The new 7F Radical catheter has neurovascular clearance for both femoral and radial access. In addition, in July 2024 esalio announced the launch in Europe and other international markets of the NeVa Net 4-mm device for the treatment of acute ischemic strokes caused by large vessel occlusions.

The United States makes the largest contributions to the North American region and is accountable for the region's dominance worldwide. The presence of several medical device businesses with strong ties between hospitals and the majority of the world's most advanced healthcare infrastructure in North America are the main drivers of this market's expansion. Over 795,000 Americans get strokes each year, according to data released by the CDC in April 2022. Every year, 610,000 of these new incidents are detected. Ischemic strokes account for approximately 87% of all strokes, in which supply of blood to the brain is blocked. Additionally, new device approvals and launches contribute to market growth. For instance, in February 2022 CERENOVUS unveiled EMBOGUARD, a new-generation balloon guide catheter for application in endovascular therapies, such as those for those who have recently had an ischemic stroke. The EMBOGUARD balloon guide catheter is intended to improve clot removal by locally regulating blood flow during MT treatments. As a result, all new device approvals and launches contribute to the region's market growth. As a result, all of the aforementioned factors are projected to drive market expansion throughout the forecast period.