Interventional neurology uses minimally invasive surgical techniques and devices to diagnose and treat several neurological disorders including brain aneurysms, arteriovenous malformations, carotid artery stenosis, and others. These techniques help to reduce complications and recovery time associated with traditional open surgeries. 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:
The increasing prevalence of neurological disorders across the globe is the primary factor fueling the growth of the interventional neurology market. As per the World Health Organization (WHO), neurological disorders affect over 1 billion people worldwide each year and exact a huge personal and economic burden. These disorders include stroke, headache disorders, Alzheimer’s and other dementias, epilepsy, brain and central nervous system cancers, Parkinson’s disease, multiple sclerosis, neural tube defects, traumatic brain injuries, and others. The rising cases of such disorders are expected to increase the demand for minimally invasive surgical techniques for diagnosis and treatment, thereby driving the interventional neurology market during the forecast period.
SWOT Analysis
Strength: The interventional neurology market possesses advanced technologies to efficiently treat complex neurological diseases. It offers minimally invasive procedures with lesser complications and quick recovery times.
Weakness: High costs associated with interventional neurology devices and procedures restrict broader adoption. Lack of skilled neurointerventionalists pose challenges.
Opportunity: Rising geriatric population suffering from neurological disorders presents lucrative growth prospects. Increasing demand for effective treatment alternatives to open surgeries enhances the market scope.
Threats: Limited medical reimbursements in some regions hamper the market potential. Stringent regulatory approvals and quality standards set by regional bodies constrain new product launches.
Key Takeaways
The global interventional neurology market is expected to witness high growth owing to the rising prevalence of neurological diseases.
Regional analysis: North America currently holds the largest share in the interventional neurology market supported by advanced healthcare infrastructure and rising uptake of new technologies. On the other hand, Asia Pacific is emerging as a lucrative region attributable to growing medical tourism industry and massive unmet needs.
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, Inc leads the neurovascular thrombectomy devices segment with innovative product portfolio addressing complex strokes. Medtronic manages the leading position in the embolization devices market with extensive service footprint globally.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it