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 2023
Interventional Neurology Market Overview
According to Market Research Future (MRFR), the global interventional neurology market is projected to grow significantly over the forecast period. The market held a valuation of USD 1832.6 million in 2017 and expected to rise from 2017 to 2023 (forecast period) at a CAGR of 7.8%.
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Interventional neurology can be described as a specialty for the treatment of major diseases of the brain, spine, and neck through minimally invasive image-guided techniques. Major diseases treated with interventional neurologists include cerebral aneurysm, meningiomas, head and neck tumors, ischemic strokes, intracranial atherosclerosis, spinal vascular malformations, and vertebral body tumors.
Interventional Neurology Market Dynamics
Increasing prevalence of neurological diseases is one of the primary factors driving the market for interventional neurology. Of the 1.2 million most commonly diagnosed adult-onset brain conditions, 21% and 51.3% are due to Alzheimer’s disease and stroke, respectively. Several other factors, such as technological advancements, the existence of a large target patient population, favorable medical reimbursements, and increasing demand for effective neurovascular devices, are also expected to drive the growth of the market.
However, the lack of trained neurosurgeons and strict regulations may hinder the growth of the market over the forecast period.
Interventional Neurology Market Segmentation
The global interventional neurology market is segmented on disease pathology, product, end-user, and region.
By disease pathology, the market is segmented into arteriovenous malformation and fistulas, cerebral aneurysms, ischemic strokes, and others.
By product, the market is segmented into aneurysm coiling & embolization devices, cerebral balloon angioplasty and stenting systems, support devices, and neurothrombectomy devices. The segment for aneurysm coiling & embolization devices is further categorized as embolic coils, liquid embolic agents, and flow diversion devices. The segment for embolic coils includes coated detachable coils and bare detachable coils. The segment for cerebral balloon angioplasty and stenting systems are further categorized as carotid artery stents and embolic protection systems. The segment for embolic protection systems includes distal filter devices and balloon occlusion devices. The neurothrombectomy devices are further categorized as clot retrieval devices, suction and aspiration devices, and snares. The segment for support devices is further classified as microcatheters and microguidewires.
Based on the end-user, the market is segmented into hospitals & clinics, ambulatory surgical centers, research & academic institutes, and others.
Region-wise, the global interventional neurology market is segmented into the four global regions, namely the Americas, Europe, the Asia Pacific, and the Middle East & African region.
The Americas dominated the interventional neurology global market due to the involvement of major market players and the increasing geriatric population.
It was estimated that Europe was second in the global interventional neurology market in 2017. This can be due to growing investment in research and development. Increased participation of industry participants is also improving the interventional neurology industry. In 2018, for example, Rapid Medical announced the approval in the European Union of the CE Mark for its Tigertriever 13 stent retriever to treat ischemic stroke.
The Asia Pacific was also anticipated to be the fastest-growing region in 2017. Factors such as the rising healthcare sector, the growing penetration of market players in the region, and the increase in healthcare expenditure are driving regional markets in the Asia Pacific region. According to data presented by the Australian Institute of Health and Welfare in 2017, almost USD 181 billion is spent on health in Australia.
The Middle East and Africa had the lowest share in the global interventional neurology market due to the low per capita income, particularly in the African region. Development in this area is due to increasing cases of neurological conditions. Over the years, the burden of neurological disorders in the African region has increased. The annual incidence of stroke has been projected to be 316 per 100 000 in Africa.
Interventional Neurology Market Key Players
Some of the major particpants in the global interventional neurology market are Boston Scientific Corporation, Abbott Laboratories, Johnson & Johnson, Stryker Corporation, Medtronic PLC, Merit Medical Systems, Terumo Corporation, Penumbra, Inc., Microport Scientific Corporation, B. Braun Melsungen AG, Inc., W.L. Gore & Associates, Inc., Cook Medical, and others.
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