Interventional Neurology Market Statistics, Business Profiles and Forecast to 2023
Market Outlook:
The global interventional neurology market is projected to grow at a steady CAGR of 7.8% during the forecast period. The increasing cases of neurological diseases is one of the primary drivers of the market. Out of 1.2 million brain disorders, nearly 21% can be traced back to Alzheimer’s. Recommendations by various reputed associations for treatment of strokes is one of the pivotal driving forces of the market. This can lead to heightened demand for these devices in the coming years.
Other major market drivers include demand for effective neurovascular devices, medical reimbursement schemes, and a large patient pool can spur the demand for interventional neurology devices during the forecast period. Furthermore, the inclination towards minimally invasive surgeries will be one of the factors which can influence the global Interventional Neurology Devices Industry .
However, lack of skilled neurosurgeons and stringent regulations pertaining to approval may stymie the market growth.
Competitive Outlook:
B. Braun Melsungen AG,Merit Medical Systems, Inc.,Johnson & Johnson,Cook Medical,Medtronic PLC,Boston Scientific Corporation,Penumbra, Inc.,Stryker Corporation,Microport Scientific Corporation,Terumo Corporation,W.L. Gore & Associates, Inc., and Abbott Laboratories
Segmentation Analysis
The global Interventional Neurology Market is segmented based on disease pathology, product, and end user.
The global market for interventional neurology, by disease pathology is segmented into ischemic strokes, arteriovenous malformation and fistulas, cerebral aneurysms, and others.
Major products in the market includeneurothrombectomy devices, aneurysm coiling & embolization devices, cerebral balloon angioplasty and stenting systems, and support devices. The neurothrombectomy devices are further classified as clot retrieval devices, suction and aspiration devices, and snares. The aneurysm coiling & embolization devices segment is further classified as embolic coils, flow diversion devices, and liquid embolic agents. The embolic coils segment includes bare detachable coils, and coated detachable coils. The cerebral balloon angioplasty and stenting systems segment is further classified as carotid artery stents, and embolic protection systems. The embolic protection systems segment includes distal filter devices, and balloon occlusion devices. 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.
Regional Analysis:
Asia Pacific (APAC), the Americas, Europe, and the Middle East & Africa (MEA) are top regions under the careful purview of the global interventional neurology market report.
The Americas are pegged to dominate the global market due to the large geriatric population and presence of numerous players. Favorable government approvals to neurological devices, development of minimally invasive neurological surgeries, and a large ageing population are major factors driving market growth.
Europe assumed the second position in the global interventional neurology market owing to a rise in research and development investments. Increasing entry of new players in the marketspace combined with approval of new products can pave the way for the market to expand successfully.
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The APAC region is deemed to exhibit a robust CAGR during the forecast period owing to an improved healthcare framework, a notable increase in healthcare expenditure, and increased participation of market players.
Industry Update
Baroreflex activation therapy is an approach for the treatment of resistant high blood pressure by implanting a device near the heart to stimulate the carotid sinus to lower blood pressure. The U.S. FDA gave approval to the Barostim Neo baroreflex activation therapy device to improve symptoms for patients with heart failure.