9.5% CAGR | Neurothrombectomy devices Market to Surpass USD 191.76 Million by 2031. Opportunities and Growth

PORTLAND, OREGON, UNITED STATES, April 24, 2024 /EINPresswire.com/ -- Factors that drive the growth of the neurothrombectomy devices market include rise in incidence of ischemic strokes. However, inadequate reimbursement policies in developing countries and availability of alternate treatment options restrict the market growth.

Neurointerventional Devices Market Overview:

The global neurointerventional devices market reached $2.54 billion in 2022 and is projected to grow to $5.26 billion by 2032, with a CAGR of 7.5% from 2023 to 2032.

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Key Growth Drivers:

Increasing Prevalence of Neurological Disorders: A rise in neurological disorders boosts demand for neurointerventional devices.
Preference for Minimally Invasive Procedures: Growing preference among patients and healthcare providers for less invasive treatments drives market growth.
Rising Awareness of Neurological Disorders: Increased awareness leads to early diagnosis and treatment, fostering market expansion.
Technological Advancements: New innovations offer growth opportunities in the market.

Challenges and Restraints:

High Device Costs: The high cost of neurointerventional devices may hinder market growth.

Covid-19 Impact:

The Covid-19 pandemic negatively impacted the market due to resource reallocation for pandemic management and postponement of non-emergency procedures. However, with the pandemic waning and vaccination rates rising, the market has shown significant recovery.

Segment Insights:

Catheter Segment: Dominated the market in 2022 and is expected to maintain its lead, with an anticipated CAGR of 8.4%. This growth is attributed to its use in various neurointerventional procedures.
Stroke Segment: Led the market in 2022 and is projected to maintain its position with a CAGR of 7.8%, driven by the high prevalence of stroke.
Ambulatory Surgical Centers: Accounted for the largest revenue share in 2022 due to cost-efficiency. However, hospitals are expected to grow at a CAGR of 7.8% due to their infrastructure and resources.

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Regional Analysis:

North America: Dominated the market in 2022, accounting for over one-third of revenue. Factors include technological advancements, increased adoption of minimally invasive procedures, an aging population, and the presence of key market players.
Asia-Pacific: Expected to grow at the fastest CAGR of 8.3% due to rising medical tourism and increasing prevalence of neurological disorders.

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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.

The report provides a detailed analysis of these key players in the neurointerventional devices market market. These players have adopted new acquisition, expansion and product launch as strategy to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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Allied Market Research
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