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Interventional neurology refers to minimally invasive endovascular procedures used to treat various neurological disorders. These procedures are performed to treat conditions affecting the brain, spinal cord and nerves by inserting thin, flexible tubes called catheters through small openings in the skin. Common interventional neurology procedures include aneurysm coiling, carotid artery stenting, intracranial angioplasty and thrombectomy. The interventional neurology market has evolved significantly over the past few years with continuous advancements in minimally invasive technologies such as flow diversion stents, aspiration catheter devices and coiling systems.
The global interventional neurology market is estimated to be valued at US$ 2,450.6 Mn in 2024 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030.
Rising geriatric population and the subsequent increase in neurological disorders such as strokes, aneurysms and arteriovenous malformations drive the demand for interventional neurology procedures. These minimally invasive techniques reduce morbidity rates, average hospital stay and total healthcare costs involved in the treatment of such complex conditions.
Key Takeaways
Key players operating in the interventional neurology market are Penumbra, Inc., Medtronic, Stryker, Terumo Corporation, Johnson & Johnson Services, Inc., Boston Scientific Corporation, MicroPort Scientific Corporation, Merit Medical Systems, W. L. Gore & Associates, Inc., Abbott, Cook, and Palex Medical.
Technological advancements focused on improving workflow efficiency and patient outcomes offer lucrative opportunities. With growing demand, manufacturers are developing advanced devices with enhanced tracking and visualization capabilities.
Growing healthcare expenditure paired with rising medical tourism in Asia Pacific and Latin America are fueling the global expansion of the interventional neurology market. As interventional techniques reduce patient trauma and risks associated with open surgeries, their adoption is increasing across international markets.
Market drivers
Rising prevalence of neurological disorders is a key growth driver. According to estimates, over 17.7 million people suffered a stroke globally in 2019. Such incidents often lead to permanent disabilities necessitating lifelong care and increasing the clinical burden. As interventional procedures yield better outcomes compared to conventional treatments, their uptake is increasing significantly. Furthermore, growing geriatric population who are more prone to neurological conditions also supports market growth.
PEST Analysis
Political: Regulations laid down by regulatory bodies like FDA for approval and marketing of interventional neurology devices.
Economic: Growing healthcare spending and willingness to pay for advanced neurology treatment among patients.
Social: Rising prevalence of neurological disorders like brain aneurysms, tumors, and strokes drive demand for minimally invasive neurosurgery.
Technological: Developments in advanced 3D imaging, robotic navigation, and drug-eluting devices have enabled minimally invasive procedures, enhancing the market growth.
Geographical Regions of Concentrated Value
North America currently holds the largest share in the Interventional Neurology market in terms of value due to robust healthcare infrastructure, favorable reimbursement policies, and increased adoption of advanced treatment options. Europe holds the second largest share due to higher incidence of neurological disorders and increasing government funding for neurology research.
Fastest Growing Region
The Asia Pacific region is projected to grow at the fastest rate during the forecast period owing to rapidly developing healthcare sector, rising medical tourism, growing awareness about interventional neurology, and improving reimbursement scenario in major Asian countries. Increasing private healthcare expenditure and massive patient base provide immense growth opportunities.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
