Neurointerventional radiology or neurovascular intervention is a relatively new medical specialty that utilizes minimally invasive endovascular techniques for the treatment of vascular diseases of the brain. The treatment of conditions that occur within the spinal cavity or vessels of the brain is called neurointervention. Neurointervention is gaining high acceptance amongst neuro-specialists due to its advantageous feature of minimal invasiveness. Compared to the conventional clipping method, neurointervention has a significant success rate.
Recently, the number of cases of stroke and aneurysm has increased. Rising prevalence of ischemic stroke and brain aneurysm is boosting the global neurointerventional devices market. Low rate of mortality during treatment using these devices has led to wide popularity of neurointerventional devices among neuro-specialists/neurosurgeons. Rise in geriatric population is anticipated to augment the demand for neurointerventional devices in the next few years. Currently, neurointerventional devices are being used widely in developed regions such as Europe and North America. These devices are anticipated to be more popular in Latin America and Asia Pacific during the forecast period. Stroke and aneurysm-related disorders are more common in Latin America than Europe. Due to advanced surgical technology used in neurointerventional devices, usage of these devices by neurosurgeons is increasing. These devices, especially catheters and metal coils, are preferred by neurosurgeons. However, high cost of certain neurointerventional devices proves to be a major restraint for the neurointerventional devices market.
The global neurointerventional devices market has been segmented based on product, technique, end-user, and region. Based on product, the neurointerventional devices market has been segmented into neurovascular stents (intracranial stents & carotid stents), embolic coils, neurovascular thrombectomy devices, intrasaccular devices, flow diverters, balloons, liquid embolics, stent retrievers, and embolic protection devices. Among products, flow diverters and stent retrievers segments are anticipated to witness remarkable growth during the forecast period. Based on technique, the neurointerventional devices market has been divided into cerebral angiography, neurothrombectomy, stenting, flow disruption, and coiling procedure. Coiling procedure is expected to be the leading technique segment of the global neurointerventional devices market during the forecast period. Based on end-user, the market has been segmented into ambulatory surgical centers and hospitals.
According to Brain Aneurysm Foundation, in 2015, around 6 million people in the U.S. had unruptured brain aneurysm. The annual rate of rupture is approximately 8–10 per 100,000 people, which means about 30,000 people in the U.S. suffer from brain aneurysm rupture. Every year, almost 500,000 deaths are caused by brain aneurysm worldwide and 50% of the victims are aged 50 years or below. According to Center for Disease Control & Prevention, stroke is the fifth leading cause of death in the U.S., killing more than 130,000 people in the country every year (one out of every 20 deaths). Stroke costs the U.S. approximately US$ 33 Bn every year. This includes the cost of health care services, medicines to treat stroke, and missed days of work.
Geographically, the global neurointerventional devices market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America holds the largest market share, while Europe holds the second-largest share. High awareness about neurovascular diseases in Europe is expected to drive the neurointerventional devices market in the region during the forecast period. However, high cost of neurointerventional devices has become a limiting factor for the market in developing regions. Despite this, the neurointerventional devices market in Asia Pacific is anticipated to witness remarkable growth in the near future. Increase in the prevalence of neurovascular diseases, growing awareness, and rising elderly population are some of the key factors driving the market in Asia Pacific.
Major players operating in the global neurointerventional devices market are Medtronic, Penumbra Inc., Stryker Corporation, Terumo Corporation, Johnson & Johnson, Boston Scientific, BrainLab, Elekta, Karl Storz, and Micromar. Introduction of technologically advanced products can help international players explore untapped market potential in Asia and Latin America.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.