May 18, 2024

Medical device is the Largest Segment Driving the Growth of Interventional Neurology Market

The interventional neurology market consists of various medical devices used to diagnose and treat neurological disorders. These devices offer minimally invasive procedures for conditions like ischemic strokes, hemorrhagic strokes, and brain aneurysms with better recovery and fewer complications compared to open surgeries.

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 key trends:
One of the key trends in the interventional neurology market is the rising adoption of flow diversion stents. Flow diversion stents are highly advanced endovascular devices used to treat cerebral aneurysms. Unlike conventional stents, flow diversion stents are designed to divert blood flow away from the aneurysm, eventually causing it to thrombose. Their ability to efficiently treat wide-neck and giant aneurysms with improved clinical outcomes compared to coiling is driving their demand in the market. Manufacturers are also developing new flow diverters with improved deliverability and trackability to expand their portfolio.

SWOT Analysis

Strength: The interventional neurology market has a growing demand for minimally invasive procedures that reduce risks of complications and recovery time. There is an increased focus on digital healthcare that promotes the use of advanced imaging and navigation techniques.

Weakness: Lack of skilled neurointerventional surgeons may hamper market growth. High costs associated with interventional neurology devices and procedures can also limit their adoption in developing regions.

Opportunity: Rising geriatric population susceptible to neurological disorders provides lucrative opportunities. Growing awareness about effectiveness of neurointerventional treatments presents an opportunity for market expansion.

Threats: Strong market presence of alternative treatment options poses a challenge. Stringent regulatory approvals and reimbursement policies could restrict market growth.

Key Takeaways

The global interventional neurology market is expected to witness high growth, exhibiting 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 dominates the global market owing to advanced healthcare infrastructure and favorable reimbursement policies. Asia Pacific is anticipated to register fastest growth rate during the forecast period due to growing healthcare expenditure, increasing medical tourism, and rising disposable incomes.

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. Penumbra holds leading market share with wide offerings of neurovascular thrombectomy devices. Other dominant players focus on new product launches and geographical expansion to strengthen their foothold.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it