Interventional Neurology market is Estimated to Witness High Growth owing to Rising prevalence of Neurovascular Diseases
The interventional neurology market is estimated to be valued at US$ 2580.48 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 Overview:
The interventional neurology market comprises devices used in the treatment of neurovascular diseases such as aneurysms, arteriovenous malformations, and other pathological conditions characterized by abnormalities of arteries and veins supplying blood to the brain and spinal cord. Interventional neurology devices help in the treatment of complex neurological disorders in minimally invasive procedures. These devices reduce the risks associated with conventional open surgeries and allow for shorter recovery times.
Market key trends:
Rising prevalence of neurovascular diseases around the world is expected to be a major growth driver for the interventional neurology market over the forecast period. According to the World Health Organization (WHO), cerebrovascular diseases account for around 11% of total global mortalities annually. Moreover, increasing geriatric population prone to developing neurovascular disorders will further augment the demand for interventional neurology devices. Rapid technological advancements in the field of interventional radiology have led to development of novel devices with improved efficacy and safety profile, thereby positively impacting their adoption rate.
Porter’s Analysis
Threat of new entrants: High capital requirements for R&D, manufacturing and compliance acts as a deterrent for new players entering the market.
Bargaining power of buyers: The presence of several device manufacturers provides options to buyers, increasing their bargaining power.
Bargaining power of suppliers: Key raw material components like polymers and metals have few substitutes, giving suppliers a degree of pricing power.
Threat of new substitutes: While alternative treatment options exist, devices are entrenched in standard of care protocols, limiting threat from new substitutes in the short term.
Competitive rivalry: The market is highly competitive with major players continuously innovating and expanding their product portfolio through M&As.
SWOT Analysis
Strength: Strong portfolio of technologically advanced products, large R&D investments and strong distribution networks.
Weakness: High manufacturing costs, stringent regulatory approvals and reimbursement issues in some regions.
Opportunity: Untapped growth potential in emerging markets, increasing demand for minimally invasive procedures.
Threats: Price erosion due to payers exerting pressure on pricing and introduction of generic alternatives by regional players.
Key Takeaways
The Global Interventional Neurology Market Size is expected to witness high growth, exhibiting a CAGR of 5.3% over the forecast period, due to increasing prevalence of neurological disorders, ageing population and growing demand for minimally invasive procedures.
Regional analysis - North America dominates the global market and is expected to maintain its lead over the forecast period, owing to availability of advanced healthcare facilities, major market players and growing reimbursement. Meanwhile, Asia Pacific projected to grow at fastest pace owing to increasing healthcare spending in China and India with large patient pools.
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 dominates the neurovascular thrombectomy devices segment with wide product portfolio that includes stent retrievers, aspiration systems and catheters.
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