by The global Interventional Neurology Market is estimated to be valued at US$ 2580.48 Mn or millions 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 Overview:
The global Interventional neurology market deals with minimally invasive endovascular procedures or devices to diagnose and treat various neurological disorders. Some common procedures include aneurysm coiling, arteriovenous malformation embolization, intracranial stenosis treatment, and deep brain stimulation. Interventional neurology devices offer several advantages over open surgery such as lesser trauma, minimal incision, reduced hospital stay, and fast recovery. Growing cases of neurological disorders like stroke and cerebrovascular diseases have increased the demand for effective treatment options, driving the need for interventional neurology procedures and devices.
Market key trends:
One of the key trends in the interventional neurology market is the adoption of flow diversion devices and flow modifiers. These innovative technologies aid in treating complex brain aneurysms with higher success rates. Manufacturers are focusing on developing advanced flow diverters with improved deliverability and trackability. Furthermore,rising healthcare expenditure on modern medical facilities and trained neurosurgeons in developed countries is positively impacting the market growth. Growing clinical evidence proving effectiveness of interventional treatments over conventional methods is also driving their adoption rate. However,high cost of interventional surgeries and lack of reimbursement policies in some regions may hinder the market growth.
Porter’s Analysis
Threat of new entrants: The interventional neurology market requires high initial investments and regulatory approvals restricting new players from easily entering the market.
Bargaining power of buyers: Individual buyers have low bargaining power compared to hospitals and healthcare institutions that purchase in bulk offering lower prices.
Bargaining power of suppliers: Major medical device companies control the supply market limiting options for buyers.
Threat of new substitutes: New minimally invasive surgical techniques and drug therapies pose potential threats, however device innovation continues to drive the market.
Competitive rivalry: The market is consolidated with large players competing on technology and service.
Key Takeaways
The Global Interventional Neurology Market Size is expected to witness high growth, exhibiting CAGR of 5.3% over the forecast period, due to increasing prevalence of neurological disorders. The market size for 2023 is US$ 2580.48 Mn.
Regional analysis: North America dominates the global market due to developed healthcare infrastructure and rise in neurological disorders. Asia Pacific is expected to grow at the fastest pace owing to growing healthcare expenditure and increasing healthcare awareness.
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. offers comprehensive portfolio of neurovascular products to treat ischemic stroke.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
