April 18, 2024

Interventional Neurology: Neurovascular Stent Placement for Aneurysm Treatment

Interventional Neurology Market.jpg

The interventional neurology market comprises devices and technologies utilized for the diagnosis and treatment of various brain and spinal cord disorders through minimally invasive procedures. Advancements in remote patient monitoring allow neurologists to efficiently manage chronic conditions such as brain aneurysms, stroke, arteriovenous malformations, and more from anywhere.

The global interventional neurology market is estimated to be valued at US$ 2,450.6 million in 2024 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030.

Key interventional neurology devices include embolic coils, supportive devices, neurovascular stents, and flow diversion devices. Embolic coils are largely deployed to prevent cranial and spinal aneurysms from rupturing. Neurovascular stents are utilized to treat strokes and restore blood flow. The minimally invasive nature of these procedures enables shorter recovery times and hospital stays for patients. Growing prevalence of neurological disorders coupled with rising geriatric population vulnerable to conditions such as stroke continues to drive the demand for interventional therapies.

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. These companies are focused on developing advanced products through internal R&D and strategic alliances to consolidate their market position.

The growing demand can be attributed to the increasing incidence of cerebrovascular and neurological disorders worldwide. Furthermore, rising medical expenditures along with growing healthcare infrastructure across emerging nations are expanding the global reach of interventional neurology.

One of the key trends in the interventional neurology market is the rise of telehealth and remote patient monitoring. The COVID-19 pandemic has accelerated the adoption of digital health solutions. Now, neurologists can remotely track patients’ vital signs, medication adherence, and symptom progression using wireless devices and AI-powered alerts. This allows for more efficient chronic care management while reducing physical visits amid health crises.

Porter’s Analysis
Threat of new entrants: New companies entering the market have to make large capital investments in R&D for new product development which deter new companies.

Bargaining power of buyers: Buyers have moderate bargaining power as there are few alternatives but brand loyalty and importance of healthcare services.

Bargaining power of suppliers: A few key players dominate the supply side giving them higher bargaining power.

Threat of new substitutes: Potential threat from new minimally invasive methods and drugs but substitutes require changes in clinical practice and education.

Competitive rivalry: Intense competition among existing players to gain market share through new product launches and geographic expansion.

Geographical Regions
North America region dominates the interventional neurology market in terms of value due to rising adoption of minimally invasive procedures, presence of sophisticated healthcare infrastructure and major players. Asia Pacific region is expected to witness the fastest growth over the forecast period due to growing geriatric population, increasing healthcare expenditure and rising awareness.

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