The global interventional neurology device market size was significantly large in 2022, and is expected to continue to register a rapidly inclining revenue CAGR between 2023 and 2032. Key factors responsible for driving market revenue growth are increasing demand for minimally invasive neurosurgery treatments. These are gaining more popularity nowadays as they have several advantages over traditional surgical procedures, such as lower costs, increased procedural safety & efficacy, quicker patient recovery, and shorter hospital stays. Besides, increased research activities in the field of neurovascular treatments is anticipated to further propel the interventional neurology device market growth in the near future.
Neurovascular problems, such as aneurysms, arteriovenous malformations, cavernous malformations, and stroke are treated with interventional neurology devices that are non-invasive and image-guided. Prevalence of various neurological problems and cerebrovascular diseases, namely, stroke, migraine, and headache is on the rise, thereby fueling demand for interventional neurology devices. Expansion of healthcare infrastructure, favorable medical reimbursements, ongoing product development & commercialization, increasing cases of head injuries, high stress levels in young people, rising geriatric population, and large target patient population are a few primary factors driving the interventional neurology device market growth.
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Major Factors Driving Growth Of The Global Interventional Neurology Device Market:
Revenue growth of the global interventional neurology device market is significantly driven by development of healthcare infrastructure, attractive medical reimbursements, continuous product research & commercialization, and rising patient population in developing economies. These are propelling the demand for innovative interventional neurology devices. At the same time, greater knowledge among neurosurgeons about minimally invasive surgical techniques, new product releases, rising occurrences of neurological disorders, and high geriatric population would also aid growth. Furthermore, reduced product prices, owing to stronger distribution networks and localized production are set to contribute to the interventional neurology device market growth.
Factors Restraining Growth Of The Global Interventional Neurology Device Market:
The global interventional neurology device market growth is substantially hampered by several unfavorable factors. Maintenance expenditures and other indirect charges associated with these devices would raise the overall cost of ownership, thereby restricting their adoption. Due to budgetary constraints, small hospitals and standalone ASCs are less likely to invest in costly and complex equipment. It is especially true in developing nations. A small number of patients in impoverished nations can afford neurological therapy due to high prices and presence of a poor reimbursement environment. As a result, hospitals are hesitant to invest in new or technologically advanced systems, which limits the interventional neurology device market.
Opportunities For Players Operating In The Global Interventional Neurology Device Market:
Medical experts across the globe are increasingly accepting and demanding endoscopic and other minimally invasive surgical treatments. Geriatric patients are more vulnerable to neurological and neurovascular illnesses, and they often choose treatment options that provide simple diagnosis, improved treatments, increased safety, shortest possible hospital stay, improved efficacy, and lower costs. Ageing raises the risk of thrombotic events, such as pulmonary embolism, stroke, and epilepsy, all of which might necessitate neurosurgical surgery.
Furthermore, arteriovenous malformations can cause hemorrhage and seizures, which are most frequent in those over the age of 40. As a result, growing elderly population and high demand for minimally invasive procedures are projected to provide considerable development prospects for both established and developing interventional neurology device companies.
Global Interventional Neurology Device Market Revenue Led By Product Segment:
Based on product, the aneurysm coiling & embolization devices segment is expected to reach the highest revenue share over the forecast period. High demand for less invasive neurosurgery operations from end-users and rising availability of embolic coils for neurovascular therapy worldwide are important factors driving the expansion of this segment.
Global Interventional Neurology Device Market Leading End-use Segment:
Based on end-use, the hospitals & surgical centers segment is expected to dominate all other segments in terms of revenue generation over the forecast period. During the projected period, the ambulatory care centers segment is expected to showcase the largest CAGR. Increased safety and efficacy of these centers, ease of scheduling, improved productivity, and presence of a focused clinical staff are anticipated to augment growth of this segment.
North America Accounts For Largest Revenue Share In Global Interventional Neurology Device Market:
Among regional markets, North America emerged as the largest market for interventional neurology devices in 2020, with the highest revenue share. Revenue growth in the North America market is mainly attributed to ongoing government initiatives to modernize & expand healthcare infrastructure and increasing target patient population for neurovascular diseases. Coupled with this, surging awareness among neurosurgeons about the benefits of interventional neurology devices is also expected to bolster growth. Furthermore, usage of interventional neurology devices has increased in North America, owing to availability of cost-effective products. It is set to aid market growth in this region.
Asia Pacific Continues To Lead In Terms Of Revenue CAGR:
The Asia Pacific interventional neurology device market is expected to register the fastest CAGR over the forecast period. Rising medical expenditures, expanding healthcare R&D investments, and presence of significant unmet medical requirements are primary drivers of the APAC market\’s expansion. In developing countries, such as India and China, availability of improved diagnostic techniques, increased longevity, improved general healthcare & infection control, and high survival rates are expected to boost the interventional neurology device market growth in this region.
Major Companies Profiled In The Report:
- Johnson & Johnson
- Medtronic PLC
- Stryker Corporation
- Terumo Corporation
- Penumbra, Inc.
- MicroPort Scientific Corporation
- Kaneka Corp.
- Integer Holdings Corporation
- Perflow Medical
- Phenox GmbH
- Rapid Medical
- Asahi Intecc Co. Ltd.
- Acandis GmbH
- Medikit Co. Ltd.
- Imperative Care
- Lepu Medical
- Cerus Endovascular
Strategies And Objectives Of Major Companies:
- July 2017: CERENOVUS, a new neurovascular company of Johnson & Johnson Medical Devices Companies, was recently launched.
- January 2023: Medtronic received U.S. FDA clearance for a Riptide aspiration system intended for use in the revascularization of patients with acute ischemic stroke, secondary to large intracranial vessel occlusive disease.
- In 2019, the TrelliX Embolic Coil from Shape Memory Medical received the CE mark in 2019 for intracranial aneurysms and other neurovascular anomalies, including arteriovenous fistulae and arteriovenous malformations. The coil system uses a unique shape memory polymer technology that is more thrombogenic than traditional platinum coils, thereby resulting in reliable aneurysm eradication outcomes.
What Our Report Provides And Why Our Offering Is Better:
This report offers historical data points and forecasts and revenue growth at a global, regional, and country level, and provides analysis, industry trends, and consumption pattern details for each region, major country, and segment from 2023 to 2032. The global market report includes industry trends, drivers, restraints, opportunities, threats, market strategies, segment revenue, and market share contribution by each regional and country market. In addition, the report offers industry analysis and competitive landscape, company financial, and impact analysis. The report includes a detailed view of the global market, along with changing dynamics and trends, scenarios, detailed market and regional segmentation, regional landscape, analysis and evaluation, major investments, product offerings, product launches, and details of historical, current, and projected revenues.
Detailed Segmentation In Our Report:
For the purpose of this report, global interventional neurology device market is segmented on the basis of product, disease pathology, end-use, and region:
Product Outlook (Revenue, USD Billion; 2023-2032)
- Aneurysm Coiling & Embolization Devices
- Cerebral Balloon Angioplasty & Stenting Systems
- Support Devices
- Neurothrombectomy Devices
Disease Pathology Outlook (Revenue, USD Billion; 2023-2032)
- Ischemic Strokes
- Cerebral Aneurysm
- Carotid Artery Stenosis
- Arteriovenous Malformations & Fistulas
End-use Outlook (Revenue, USD Billion; 2023-2032)
- Hospitals & Surgical Centers
- Ambulatory Care Centers
- Research Laboratories & Academic Institutes
Region Outlook (Revenue, USD Billion; 2023-2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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