A) Market Overview:
The global Interventional Neurology Market is estimated to be valued at US$2,450.6 million in 2022 and is expected to exhibit a CAGR of 5.3% over the forecast period of 2022-2030. Interventional neurology involves minimally invasive procedures to treat neurological disorders, such as stroke, aneurysms, and arteriovenous malformations. These procedures offer several advantages, including shorter hospital stays, reduced recovery time, and improved patient outcomes. The increasing prevalence of neurological diseases and the need for effective treatment options are driving the demand for interventional neurology products globally.
B) Market Key Trends:
One key trend in the Interventional Neurology Market Size is the rise in demand for neurovascular devices. Neurovascular devices are crucial in the diagnosis and treatment of various neurological conditions. For instance, the demand for clot retrieval devices used in the treatment of acute ischemic strokes is on the rise. These devices help remove blood clots from the brain, restoring blood flow and minimizing long-term damage. The market is witnessing advancements in technologies, such as the development of stent retrievers and aspiration catheters, which enable efficient clot extraction.
An example of supporting this trend is the Solitaire™ Revascularization Device developed by Medtronic. It is a highly effective clot retrieval device that has shown improved outcomes in clinical trials. The device enables rapid restoration of blood flow, minimizing neurological damage and improving patient outcomes. The increasing adoption of such advanced neurovascular devices is significantly contributing to the growth of the market.
C) Porter's Analysis:
- Threat of New Entrants: The high entry barriers due to strict regulatory requirements and the need for substantial investments in research and development act as deterrents for new entrants.
- Bargaining Power of Buyers: The demand for interventional neurology products is increasing, giving buyers the advantage of choice and negotiation. However, the critical nature of these products allows suppliers to maintain a certain level of bargaining power.
- Bargaining Power of Suppliers: The market is dominated by established players with a strong supplier base. This gives suppliers significant bargaining power in terms of pricing and product quality.
- Threat of New Substitutes: The market is witnessing advancements in alternative treatment methods, such as telemedicine-based interventions. However, these substitutes are not yet considered as effective as traditional interventional neurology procedures.
- Competitive Rivalry: The market is highly competitive, with key players constantly investing in research and development to introduce innovative products. The presence of established players and high market consolidation contribute to intense competition.
D) Key Takeaways:
Market size: The global Interventional Neurology Market is expected to witness high growth, exhibiting a CAGR of 5.3% over the forecast period. This growth can be attributed to the increasing prevalence of neurological disorders, coupled with advancements in interventional neurology technologies.
Regional analysis: North America is currently the fastest-growing and dominating region in the Interventional Neurology Market. This can be attributed to factors such as the presence of key market players, favorable reimbursement policies, and a high prevalence of neurological disorders in the region.
Key players: Key players operating in the global Interventional Neurology Market include 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 companies focus on product innovation, partnerships, and acquisitions to strengthen their market position.
In conclusion, the Interventional Neurology Market is witnessing significant growth due to the increasing demand for neurovascular devices and advancements in treatment options. The market is highly competitive, with key players constantly striving to introduce innovative products. North America is currently the leading market in terms of growth and dominance. With the rise in neurological disorders worldwide, the demand for interventional neurology products is only expected to increase in the coming years.
Market HighlightsThe Global interventional neurology market is expected to grow at an approximate CAGR of 7.8% during forecast period, 2018–2023.Increasing participation of market players is the key factor driving the interventional neurology market.
For instance, in 2018, Rapid Medical announced CE Mark approval in the European Union for its Tigertriever 13 stent retriever for the treatment of ischemic stroke.Various other factors such as technological advancements, presence of a large target patient population, favourable medical reimbursements and growing demand for effective neurovascular devices are also expected to propel the growth of the market.However, lack of skilled neurosurgeons and stringent regulations can hinder the market growth over the forecast period.Request Sample Copy:https://www.marketresearchfuture.com/sample_request/7211Regional AnalysisThe Americas dominated the global market for interventional neurology owing to presence of major market players and rising geriatric population.In 2017, it was estimated that Europe stood second in the global interventional neurology market.
Factors such as growing healthcare sector, increasing penetration of the market players within the region, and increasing healthcare expenditure drives the regional markets of the Asia Pacific region.On the other hand, the Middle East and Africa held least share in the global interventional neurology market due to the low per capita income, especially within the African region.
The burden of neurological disorders in African region has been increasing over the years.
The annual incidence of stroke has been estimated to be 316 per 100 000 in Africa.SegmentationThe Global interventional neurology market is segmented based on disease pathology, product, end user and region.The Global market for interventional neurology, by disease pathology is segmented into cerebral aneurysms, arteriovenous malformation and fistulas, ischemic strokes, and others.The market, by product, is segmented into aneurysm coiling & embolization devices, cerebral balloon angioplasty and stenting systems, neurothrombectomy devices, and support devices.The aneurysm coiling & embolization devices segment is further classified as embolic coils, flow diversion devices, and liquid embolic agents.
The cerebral balloon angioplasty and stenting systems segment is further classified as carotid artery stents, and embolic protection systems.
Interventional Neurology Market Research Report: By Disease Pathology (Cerebral Aneurysms, Ischemic Strokes, & Others), Product (Aneurysm Coiling & Embolization, Neurothrombectomy, Support Devices, & Others), End User – Global Forecast Till 2027Market HighlightsThe Global interventional neurology market is expected to grow at an approximate CAGR of 7.8% during forecast period, 2018–2023.Increasing participation of market players is the key factor driving the interventional neurology market.
For instance, in 2018, Rapid Medical announced CE Mark approval in the European Union for its Tigertriever 13 stent retriever for the treatment of ischemic stroke.Various other factors such as technological advancements, presence of a large target patient population, favourable medical reimbursements and growing demand for effective neurovascular devices are also expected to propel the growth of the market.However, lack of skilled neurosurgeons and stringent regulations can hinder the market growth over the forecast period.Request Free Sample Copy at: https://www.marketresearchfuture.com/sample_request/7211SegmentationThe Global interventional neurology market is segmented based on disease pathology, product, end user and region.The Global market for interventional neurology, by disease pathology is segmented into cerebral aneurysms, arteriovenous malformation and fistulas, ischemic strokes, and others.The market, by product, is segmented into aneurysm coiling & embolization devices, cerebral balloon angioplasty and stenting systems, neurothrombectomy devices, and support devices.
The cerebral balloon angioplasty and stenting systems segment is further classified as carotid artery stents, and embolic protection systems.
The neurothrombectomy devices are further classified as clot retrieval devices, suction and aspiration devices, and snares.
The support devices are further classified as microcatheters, and microguidewires.Based on end user, the market is segmented into hospitals & clinics, ambulatory surgical centers, research & academic institutes, and others.Browse Detailed TOC with COVID-19 Impact Analysis at: https://www.marketresearchfuture.com/reports/interventional-neurology-market-7211 Regional AnalysisThe Americas dominated the global market for interventional neurology owing to presence of major market players and rising geriatric population.In 2017, it was estimated that Europe stood second in the global interventional neurology market.
Factors such as growing healthcare sector, increasing penetration of the market players within the region, and increasing healthcare expenditure drives the regional markets of the Asia Pacific region.On the other hand, the Middle East and Africa held least share in the global interventional neurology market due to the low per capita income, especially within the African region.
