The Interventional Neurology Market is estimated to be valued at US$ 2580.48 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 techniques used to diagnose and treat neurological disorders. Some common interventional neurology procedures include aneurysm coiling, carotid stenting, angioplasty and thrombectomy. Devices used are coils, stents, catheters, bioabsorbable materials, microcatheters and microguidewires. Neurological disorders treated through these procedures include stroke, arteriovenous malformations (AVM), cerebral aneurysms and carotid artery stenosis.
Market Dynamics:
The growth of the interventional neurology market is driven by rising preference for minimally invasive surgeries over conventional open surgeries due to advantages such as less pain, less scarring, shorter hospital stay and quicker recovery. Furthermore, increasing geriatric population which is more prone to neurological diseases such as stroke also contributes to the growth of this market. According to the WHO, by 2050 around 2 billion people will be aged over 60 years. Growing burden of stroke and increasing adoption of thrombectomy procedures for treatment of acute ischemic strokes are some other factors driving higher adoption of interventional neurology. However, high cost of interventional neurology devices and procedures along with requirement of skilled professionals are some challenges restraining broad market adoption.
Segment Analysis
The interventional neurology market is segmented into cerebrovascular diseases and neurovascular diseases. The cerebrovascular diseases segment dominated the market in 2022 and is expected to remain dominant during the forecast period. This is due to the rising cases of stroke and cerebral aneurysms across the globe. As per the WHO report, stroke is the second leading cause of death globally and a leading cause of disability.
PEST Analysis
Political: The governments across nations are focusing on initiatives to spread awareness about neurological disorders. Various programs are being launched to enhance the diagnosis and treatment rate.
Economic: With rising disposable incomes, healthcare expenditures are increasing. This provides growth opportunities to neurovascular device manufacturers.
Social: Changing lifestyles and growing geriatric population are leading to high incidence of neurological disorders like cerebral aneurysms and strokes. This drives the demand for effective treatment options like interventional neurology.
Technological: Advanced technologies like flow diversion stents, liquid embolics, and coiling assist devices are enhancing treatment outcomes. 3D imaging and robotic navigation systems are also augmenting market growth.
Key Takeaways
The Global Interventional Neurology Market Size is expected to witness high growth, exhibiting CAGR of 5.3% over the forecast period, due to increasing geriatric population, rising incidence of neurological disorders, and growing demand for minimally invasive surgeries.
The North American region is projected to dominate the market during the forecast period. This is attributed to the growing adoption of advanced technologies, presence of major market players, and rising number of interventional neurology procedures.
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. Penumbra, Inc. dominates the market owing to its wide product portfolio for ischemic stroke treatment.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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