Interventional Neurology Market Is Estimated to Witness High Growth Owing to Increase in Incidences of Neurovascular Diseases
Interventional neurology involves minimally invasive endovascular procedures to treat various neurological disorders like ischemic and hemorrhagic stroke, arteriovenous malformations (AVMs), aneurysms, and others. These procedures are carried out by inserting microcatheters and wires through small incisions or punctures in the skin and navigating them to target blood vessels in the brain. Products used in interventional neurology include embolic coils, neurovascular stents, intrasaccular flow disruptors, liquid embolics, and thrombectomy devices. Interventional neurology treatments are increasingly being used as they are less invasive and associated with faster recovery as compared to open neurosurgeries.
The 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:
One of the key drivers for the growth of the interventional neurology market is the rising incidences of various neurovascular diseases globally. For instance, according to the World Stroke Organization, every year 15 million people suffer from stroke worldwide with 5 million deaths. Stroke is the second leading cause of death and a major cause of disability. Increase in cases of hemorrhagic stroke, cerebral aneurysms, and other neurovascular diseases is expected to drive the demand for minimally invasive interventional neurology procedures over the forecast period. Additionally, increasing awareness about available minimally invasive treatments and support from various governments and healthcare organizations is also contributing to the growth of this market.
SWOT Analysis
Strength: Interventional neurology offers minimally invasive procedures to treat neurological disorders reducing risks, hospital stay, and recovery time. It has wide applicability across conditions like stroke, aneurysms, etc. Physicians find these procedures effective with good clinical outcomes.
Weakness: Interventional neurology devices and technologies require large capital investments and ongoing research & development. Procedures have inherent risks of complications if not performed by experienced neurointerventionalists. Reimbursement policies pose challenges in some regions.
Opportunity: Rise in ischemic and hemorrhagic strokes and brain aneurysms drives the need for effective treatments. Growing geriatric population increases Neurology patient pool. Technological advances in devices, catheters, coils fuel the market.
Threats: Alternative treatment options like drugs and lifestyle changes affect procedure volumes. Unfavorable regulations and compliance issues in some countries hamper market momentum. Intense competition adds pricing pressures.
Key Takeaways
The global Interventional Neurology market is expected to witness high growth, exhibiting a CAGR of 5.3% over the forecast period, due to increasing prevalence of neurological disorders and rising demand for minimally invasive surgeries.
Regional analysis: North America dominated the market in 2023 accounting for over 40% share due to robust healthcare infrastructure, technological advancements, and increasing target patient population. Asia Pacific is expected to witness fastest growth during the forecast period supported by rising medical tourism, healthcare spending, and growing awareness about the benefits of interventional neurology.
Key players analysis: 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. The market represents high fragmentation with these global companies focusing on new product launches, acquisitions and geographic expansions.
