by The global Interventional Neurology Market is estimated to be valued at US$ 2580.48 Mn or Mn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Interventional Neurology involves minimally invasive endovascular procedures to diagnose and treat conditions affecting the brain and spine. These procedures include interventions for aneurysms, arteriovenous malformations (AVMs), spine treatment, and stroke. Products used in these procedures include coils, stents, catheters, balloon guided catheters, and other accessories.
Market key trends:
One of the key trends in the interventional neurology market is the increasing demand for minimally invasive procedures. Minimally invasive procedures are less traumatic for patients and allow for faster recovery times and shorter hospital stays. They reduce risks associated with open surgeries such as infections and blood loss. Advanced technologies such as flow diversion stents and liquid embolics are enabling treatment of complex neurological conditions through minimally invasive routes. Growing geriatric population who are more prone to neurological disorders and rising healthcare spending in emerging markets are also driving the adoption of interventional neurology treatments.
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Market key trends:
The interventional neurology market has been witnessing rising demand for minimally invasive neurosurgical procedures. Factors like lesser treatment costs, reduced hospital stay, and fewer complications compared to open surgeries have been driving the popularity of interventional neurology procedures. Additionally, the growing incidences of neurological disorders such as stroke, brain aneurysms, vascular malformations, and brain tumors have also augmented the need for interventional neurology treatments. New product approvals and launches catering to this increasing demand have further progressed the market.
SWOT Analysis:
Strength: Growing prevalence of neurological disorders and rising demand for minimally invasive neurosurgeries.
Weakness: High costs associated with interventional neurology devices and procedures.
Opportunity: Expanding applications of interventional neurology to conditions like chronic pain, auditory and visual disorders.
Threats: Stringent regulatory landscape and availability of alternative treatment options.
Key Takeaways:
The Global Interventional Neurology Market Size was valued at US$ 2,580.48 Mn in 2023 and is expected to reach over US$ 4,560.43 Mn by 2030, expanding at a CAGR of 5.3% during the forecast period. The rising economic burden of neurological disorders and growing geriatric population susceptible to such conditions are expected to fuel the demand.
Regionally, North America dominated the global market in 2023 with over 35% market share. This can be attributed to factors such as rising incidence of neurological diseases, developed healthcare infrastructure, and favorable reimbursement policies. Asia Pacific is anticipated to showcase fastest growth during the forecast period supported by growing medical tourism industry and increasing healthcare spending in developing nations.
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. Major players are focusing on new product launches and expansion of existing devices to consolidate their market positions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
