Interventional neurology is a branch of medicine that involves the use of minimally invasive procedures to treat disorders of the neurologic system. Some key procedures performed include mechanical thrombectomy to remove blood clots from blocked arteries, aneurysm coiling to repair weakened blood vessels, and carotid stenting to open narrowed carotid arteries in the neck. These procedures offer several advantages over open surgeries such as reduced recovery time, Hospital stay and risk of surgical complications. The growing prevalence of neurological disorders like stroke, aneurysm and vascular malformations is driving the demand for interventional neurology procedures. The global 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The growing demand for minimally invasive procedures presents a key opportunity in the interventional neurology market. Minimally invasive procedures are associated with reduced trauma, hospital stay and quick recovery compared to open surgeries. Moreover, they offer technical advantages like improved imaging systems and navigation technology. As the awareness regarding benefits of minimally invasive options increases among patients and physicians, the adoption of interventional neurology procedures is expected to rise significantly. Technological advancements facilitating minimally invasive treatment through robotics, artificial intelligence, magnetic resonance imaging etc. will further support the uptake of these procedures over the forecast period.
Porter's Analysis
Threat of new entrants: Medium. Significant capital requirements and expertise needed to establish a foothold makes it challenging for new players to enter. However, opportunities exist for specialized niche market players.
Bargaining power of buyers: High. Large hospitals and healthcare systems can leverage their scale to negotiate lower prices from suppliers.
Bargaining power of suppliers: Medium. Major players control a significant share of the supply chain but product availability from alternative suppliers prevents monopoly pricing.
Threat of new substitutes: Low. Limited substitutes exist for neurology procedures making existing treatments irreplaceable.
Competitive rivalry: High. Major players compete on innovation, pricing and service quality to gain market share in this specialized field.
SWOT Analysis
Strength: Established brands and product portfolios with strong brand recall among clinicians. Technology leadership allows early adoption of innovation.
Weakness: High R&D costs and regulatory compliance needs pressure margins. Dependence on reimbursement policies leaves business vulnerable to changes.
Opportunity: Growth in aging population and rising incidence of neurological disorders increases procedure volume. Emerging markets like Asia Pacific yet to reach potential.
Threats: Price controls and healthcare reforms can compress margins. Supply chain disruptions and quality issues damage reputation.
Key Takeaways
The global Interventional Neurology market is expected to witness high growth over the forecast period driven by rising geriatric population and prevalence of neurological conditions.
Key regional growth factors include aging demographics driving demand. The United States accounts for the largest share currently owing to favorable reimbursement policies and technological advancements. However, Asia Pacific is poised to register the fastest CAGR over the next few years with China and India becoming major markets with their growing medical infrastructure and rising healthcare expenditures.
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. The players compete based on product innovation, portfolio expansion into complementary areas and investing in sales and marketing initiatives especially in emerging economies. Partnerships with hospitals and healthcare systems help promote new products.
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.
