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The global interventional neurology market involves medical devices, diagnostic tools, and procedures used for the diagnosis and treatment of neurovascular and neurological disorders. Neurology interventional devices include embolic coils, flow diverters, liquid embolics, plaque excision devices, balloon occlusion devices, stents, catheters, clot retrievers, and guidewires. These devices are predominantly used to treat cerebral aneurysms, arteriovenous malformations, ischemic strokes, and other neurological disorders. Interventional neurology procedures such as aneurysm coiling, arteriovenous malformation embolization, angioplasty, and thrombectomy help prevent future strokes.
The global interventional neurology market is estimated to be valued at US$ 2,450.6 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 Dynamics:
The growing prevalence of neurovascular and neurological disorders is a major factor driving the growth of the interventional neurology market. According to the Centers for Disease Control and Prevention, stroke is a leading cause of death and disability in the United States, with around 795,000 people suffering a stroke each year. Moreover, increasing risk factors such as hypertension, diabetes, smoking, obesity, lack of physical activity, and excessive alcohol consumption are contributing to the rising stroke incidence globally. Neurovascular devices and techniques enable minimally invasive treatment options for conditions like stroke and brain aneurysms, thereby minimizing procedure-related risks and enabling faster recovery. Further, technological advancements in interventional devices such as flow diverters, bioabsorbable stents, and self-expanding stents are improving clinical outcomes and positively impacting the market growth. However, the high cost of interventional neurology devices and procedures remains a major challenge.
Segment Analysis
The interventional neurology market is dominated by the neurovascular segment, which holds over 60% share owing to the growing cases of cerebral aneurysms and strokes globally. Devices like embolic coils, carotid stents, balloon occlusion devices are extensively used in procedures like aneurysm coiling, carotid artery stenting, cerebral balloon angioplasty, thereby driving the neurovascular segment growth. The neurooncology segment is expected to witness fast traction with rising prevalence of brain cancers and adoption of minimally invasive procedures for tumor embolization and biopsy.
PEST Analysis
Political: Regulations supporting reduction in healthcare costs and minimally invasive procedures are favoring interventional neurology adoption. However, pricing pressures may impact premium product segments.
Economic: Growing healthcare expenditure in developing nations and demand for cost-effective interventions compared to open surgeries will support market revenues. However, economic slowdowns can temporarily impact discretionary spend.
Social: Rising incidence of neurological disorders, growing awareness about minimally invasive treatments, and expanding ageing population base are the key drivers. However, social stigma around few neurological conditions impacts timely diagnosis and treatment.
Technological: Advancements in devices, imaging, and navigation systems allow improved accuracy, effectiveness, and safety of procedures. AI/robotics also aid in complex interventions. However, limited local R&D impacts technology access in lower income markets.
Key Takeaways
The global interventional neurology market is expected to witness high growth supported by rising prevalence of neurological disorders, growing geriatric population, favorable regulations, and advancement in minimally invasive techniques. The neurovascular segment dominates currently driven by increasing treatment of cerebral aneurysms and strokes globally.
Regionally, North America holds the major share owing to developed healthcare infrastructure, favorable reimbursements, and presence of key global players. However, Asia Pacific is poised to emerge as the fastest growing market led by countries like China and India experiencing increasing healthcare expenditure as well as growing incidence of target diseases.
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. These established players are focusing on new product launches and geographical expansions to strengthen their market presence. For instance, Stryker launched pipeline embolization device with extended size and diameter options to expand treatment options for brain aneurysms.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
