Global Interventional Neurology Market Is Estimated To Witness High Growth Owing To Increasing Demand for Minimally Invasive Procedures
The global interventional neurology market is estimated to be valued at US$ 2,450.6 million in 2022 and is expected to exhibit a CAGR of 5.3% over the forecast period 2022-2030.
A) Market Overview:
Interventional neurology is a specialized field of medicine that focuses on the treatment of neurological disorders using minimally invasive procedures. These procedures involve the use of catheters, stents, and other devices to access and treat the brain and spinal cord. Some of the key products associated with interventional neurology market include flow diverters, embolic coils, neurovascular stents, and liquid embolic agents. These products are used in the treatment of diseases such as ischemic stroke, intracranial aneurysms, and arteriovenous malformations.
B) Market Dynamics:
The Interventional Neurology Market Size is driven by several factors, including the growing prevalence of neurological disorders such as stroke and aneurysms, increasing demand for minimally invasive procedures, and technological advancements in neurointerventional devices.
One of the key drivers of market growth is the increasing prevalence of neurological disorders. According to the World Health Organization, stroke is the second leading cause of death and disability globally. The rising incidence of stroke and other neurological disorders has led to an increased demand for interventional neurology procedures.
Another driver is the growing demand for minimally invasive procedures. These procedures offer several advantages over traditional open surgeries, such as shorter hospital stays, reduced risk of infections, and faster recovery times. Patients are increasingly opting for minimally invasive procedures, which is driving the demand for interventional neurology devices.
C) Segment Analysis:
The interventional neurology market can be segmented based on product type, disease indication, and end-user. Based on product type, the market can be divided into neurovascular stents, embolic coils, flow diverters, and others. Among these, the neurovascular stents segment is expected to dominate the market due to its wide range of applications, including the treatment of intracranial stenosis and aneurysms.
D) PEST Analysis:
Political: Government initiatives to improve healthcare infrastructure and provide better access to healthcare services are expected to positively impact the interventional neurology market.
Economic: Increasing healthcare expenditure and favorable reimbursement policies are driving market growth.
Social: Rising awareness about neurological disorders and the availability of minimally invasive treatment options are driving patient demand for interventional neurology procedures.
Technological: Advancements in neurointerventional devices, such as the development of bioresorbable stents, are driving market growth.
E) Key Takeaways:
- The global interventional neurology market is expected to witness high growth, exhibiting a CAGR of 5.3% over the forecast period, due to increasing demand for minimally invasive procedures.
- The Asia-Pacific region is expected to be the fastest-growing and dominating region in terms of market revenue, driven by a large patient pool and improving healthcare infrastructure.
- Key players operating in the global interventional neurology market include 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.
In conclusion, the global interventional neurology market is poised for significant growth due to the increasing prevalence of neurological disorders and the growing demand for minimally invasive procedures. Technological advancements and favorable reimbursement policies further support market growth. The Asia-Pacific region is expected to be the fastest-growing market, driven by a large patient population and improving healthcare infrastructure. Key players in the market are focusing on product development and strategic collaborations to strengthen their market presence.
English
Arabic
Français
Português
Deutsch
Türkçe
Dutch
Italiano
Russian
Romaian