Interventional neurology deals with the diagnosis and treatment of various neurological disorders through minimally invasive procedures. Neurological disorders are widely prevalent globally due to the changing lifestyle and increasing aged population. The interventional neurology market is gaining traction owing to advantages such as less invasive nature, shorter hospital stay, reduced risk of infection and scar less recovery compared to open surgeries. devices such as aneurysm coils, cerebral balloon angioplasty and stenting systems, and neurothrombectomy devices are used to treat conditions like stroke, brain aneurysm, arteriovenous malformations and others.
The Global Interventional Neurology Market is estimated to be valued at US$ 2,450.6 Mn in 2024 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030.
Key Takeaways
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. dominated the market in 2021 owing to its robust portfolio of neurovascular devices to treat strokes and aneurysms.
The key opportunities in the interventional neurology market include development of advanced procedures to treat brain aneurysms and arteriovenous malformations minimally invasively. Technological advancements are further expected to develop real-time monitoring and imaging solutions to improve treatment outcomes.
Major market players are focusing on global expansion by establishing manufacturing facilities and distribution networks across key regions. For instance, in 2021, Penumbra Inc. expanded its manufacturing facility in California to ramp up production of neurovascular devices. Companies are also pursuing mergers and acquisitions for geographical expansion.
Market drivers
- Increasing geriatric population who are at high risk of neurological disorders like stroke and brain aneurysm. According to the WHO, the number of people aged 65 years and older is projected to reach 1.5 billion globally by 2050.
- Growing prevalence of neurological conditions requiring interventional treatments. As per the WHO, stroke is a leading cause of death and disability globally with over 17 million people suffering stroke per year.
Market restraints
- High cost of interventional neurology devices making them less affordable in low-income regions. For instance, complex aneurysm coiling systems cost over US$ 10,000.
- Lack of skilled neurointerventional surgeons in many countries restricting the market growth. Interventional neurology procedures require high expertise and experience.
- Reimbursement issues related to new and expensive interventional techniques poses challenges especially in the emerging markets.
Segment Analysis
The interventional neurology market is dominated by the neurovascular segment. This segment holds the largest market share as it involves minimally invasive procedures treating complex neurovascular diseases such as aneurysms, arteriovenous malformations, and carotid artery stenosis. The surging geriatric population suffering from neurovascular diseases and the rising demand for minimally invasive procedures are key factors driving the growth of this dominating segment.
Global Analysis
Regionally, North America holds the largest share in the interventional neurology market and is expected to maintain its dominance during the forecast period. The rising prevalence of neurological disorders and the presence of advanced healthcare facilities are major factors contributing to North America's large market share. The Asia Pacific region is poised to grow at the fastest rate due to improving healthcare infrastructure, increasing healthcare expenditure, and growing medical tourism in the region. Some of the major players in the global 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.
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