The Interventional Neurology Market is estimated for 2023-2030 for the forecast period, as highlighted in a new report published by Coherent Market Insights. Global interventional neurology market is estimated to be valued at US$ 2,450.6 million in 2023 and is expected to exhibit a CAGR of 5.3% during the forecast period (2023-2030).
Market Overview:
Interventional neurology is a minimally-invasive procedure for diagnosing and treating neurovascular diseases. It utilizes devices such as embolization coils, flow diverters, liquid embolics, and microcatheters to treat conditions like aneurysms, arteriovenous malformations, and strokes.
Market Dynamics:
The global interventional neurology market is expected to exhibit significant growth over the forecast period. This can be primarily attributed to the rising prevalence of neurovascular diseases worldwide. For instance, according to the World Health Organization (WHO), stroke is a leading cause of death and disability globally, accounting for approximately 11% of total deaths. Moreover, the growing geriatric population is also prone to developing neurovascular disorders, thereby augmenting market growth. The development of advanced devices with minimally invasive procedures and favorable reimbursement policies are also promoting the adoption of interventional neurology procedures. However, factors such as high costs associated with these procedures and lack of skilled professionals in some regions may hamper market growth.
Rising demand for minimally invasive procedures in neurology
The interventional neurology market is experiencing strong growth due to the rising demand for minimally invasive procedures for the treatment of various neurological disorders. Minimally invasive procedures offer benefits like smaller incisions, lesser pain and scarring, shorter hospital stays, and faster recovery times when compared to open surgeries. Neurological disorders affecting a large patient population like stroke, brain aneurysm, neurovascular diseases are increasingly being treated using minimally invasive techniques such as neurothrombectomy and neuroradiology procedures. This reduces healthcare costs and improves patient outcomes. The growing geriatric population who are more prone to such disorders also favors the adoption of minimally invasive options. Overall, the benefits of minimally invasive treatments in terms of reduced trauma, hospitalization and pain are boosting the demand for interventional neurology procedures
Rise in number of ischemic strokes and brain aneurysms
Ischemic strokes where blood flow to the brain is blocked and brain aneurysms where weak blood vessels bulge and rupture are becoming more common. Growing risk factors for these conditions like obesity, hypertension, smoking are contributing to their rise. According to statistics, more than 795,000 people in the US suffer a stroke every year making it a leading cause of death. Similarly, it is estimated that nearly 6 million people in the US have an unruptured brain aneurysm. The increasing incidence of such neurovascular diseases is directly driving the need for interventional treatments through procedures like intra-arterial thrombolysis for strokes and endovascular coiling and flow diversion for aneurysms. This in turn is fueling the growth of the overall interventional neurology market.
Reimbursement and regulatory issues
Despite the benefits, availability and access to minimally invasive neurology procedures is still limited by unfavorable reimbursement and regulatory policies in some regions. Procedures involving novel devices face a lengthy approval pathway. Even after approval, full coverage and fair reimbursement rates are yet to be established for many newly approved techniques. This creates affordability issues, discouraging both patients and healthcare systems from readily adopting newer interventional options. Regulations also differ widely globally, hampering companies operating in the international space. Reforming regulations and ensuring streamlined approval and reimbursement processes can help overcome this major market restraint.
Healthcare infrastructure development in emerging markets
Emerging economies in Asia Pacific and Latin America are witnessing increased healthcare investments to modernize their medical infrastructure. This plays to the advantage of the interventional neurology market. As facilities upgrade to accommodate complex neurosurgical treatments, there will be corresponding growth in the demand for devices, implants, neurovascular accessories and support offerings. The aging population and improving access to care in developing countries will further catalyze market expansion. Companies can capitalize on partnerships and joint ventures to establish local manufacturing and enter high potential emerging markets early. This presents a key growth opportunity for players to participate in the infrastructure driven growth and benefit from long term commitments in evolving interventional neurology arena of developing regions.
Rising focus on minimally invasive stroke management
A major trend in the interventional neurology market is the increasing focus on minimally invasive treatments for ischemic strokes. Several new technologies enabling enhanced clot removal are under development and gaining market clearance. These include stent retrievers, aspiration devices, ultrasound assisted catheters and robotic platform enabled solutions. The benefits of faster treatment times, improved outcomes over intravenous thrombolysis alone and reduced complication rates with minimally invasive mechanical thrombectomy have led to its increased adoption globally in recent years. With continued innovations, stroke management is expected to evolve further from a standalone neurointerventional procedure to an integrated workflow approach. This will consolidate the trend of minimally invasive approaches becoming the standard of care for ischemic strokes, further fuelling the interventional neurology market growth.
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.
