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Interventional neurology utilizes minimally invasive endovascular surgical techniques to treat various neurological disorders, in lieu of open neurosurgery. The procedures are performed using imaging guidance like X-ray fluoroscopy, computed tomography, or magnetic resonance imaging. Common neurological disorders addressed through interventional techniques are ischemic and hemorrhagic stroke, cerebral aneurysms, arteriovenous malformations and fistulas, as well as spine and peripheral nerve disorders. The devices used include embolic coils, vascular snares, microcatheters, guidewires, and stents. Interventional procedures are known to reduce recovery time as compared to open neurosurgeries.
The global prevalence of neurological disorders has been on the rise. For instance, strokes account for around 11% of total global deaths annually. Growing geriatric population also contributes to the increasing incidence of neurological conditions. Further, the advent of newer technologies like flow diverters, aspirators, stent retrievers has augmented the treatment scope of interventional neurology. 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 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 demand for minimally invasive procedures. Neurointerventional procedures allow for better visualization, smaller incisions, reduced recovery time, and less complications compared to open surgeries. This has driven increased adoption rates globally. Further, development of novel devices tailored for specific neurological conditions has expanded treatment options. For instance, flow diversion stents are increasingly being used to treat brain aneurysms. These customizable stents are designed to safely redirect blood flow away from aneurysms, preventing further risk of rupture. The availability of such advanced devices is expected to propel market revenue over the forecast period.
Porter’s Analysis
Threat of new entrants: The interventional neurology market requires high R&D investment and regulatory compliance which acts as a barrier for new entrants.
Bargaining power of buyers: Individual consumers have low bargaining power however large healthcare providers can negotiate on prices.
Bargaining power of suppliers: Major players dominate the supply market giving them higher bargaining power.
Threat of new substitutes: Minimal threat as alternative treatment options are limited for neurological disorders.
Competitive rivalry: Intense competition exists between existing players to launch innovative products and acquire higher market share.
Key Takeaways
The global interventional neurology market is expected to witness high growth. The rising cases of neurological disorders and trauma injuries are major growth drivers.
Regional analysis: North America dominates the market currently owing to developed healthcare infrastructure and increasing neurological conditions. Asia Pacific is expected to grow at the fastest pace during the forecast period supported by improving access to healthcare facilities and economic development.
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. Penumbra, Inc. holds the largest market share due to its wide product portfolio of neurovascular tools.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
