The interventional neurology market in APAC was worth USD 450.04 million in 2022. The market size is further estimated to grow at a CAGR of 9.98% from 2022 to 2027 and be worth USD 724.13 million by 2027.
The growth of the Asia-Pacific Interventional Neurology market is expected to show the highest CAGR over the forecast period. It is due to increasing awareness among neurologists about the benefits of interventional neurology devices and decreasing the prices of neurovascular devices in the Asia-Pacific. Easy access to recent technologies, growing discretionary expenses, and increasing neurovascular device adoption among neurosurgeons are expected to propel the market in the Asia Pacific region. In addition, high-stress levels in youth and increasing head injuries due to road accidents are further expected to favor market growth. In 2018, the Indian government spent around USD 1.14 Billion to increase the awareness of CNS diseases in public considering the increasing number of neurological disease cases in the country, as per the Indian Brand Equity Foundation. Furthermore, according to the World Health Organization, neurological disorder accounts for 6.3% of the disease burden worldwide. This rising disease prevalence is also estimated to boost market growth.
The shortage of skilled and experienced professionals is estimated to hamper the market growth to a small extent. Notably, Japan has faced a scarcity of neurosurgeons for the last five years. In addition, strict regulatory policies by the U.S. FDA for interventional neurology devices' approval are key factors restraining the market.
This market research report on the APAC interventional neurology market has been segmented and sub-segmented into the following categories:
By End User:
The Asia-Pacific market is expected to grow at the fastest growth rate across all the regions as it has a giant patient pool and many people suffering from neurovascular disorders that affect the human brain and damage.
In this region, Japan accounted for the largest share in 2019 and is expected to dominate the market during the forecast period due to low technology manufacturing costs and key players' availability.
China and India are expected to grow rapidly from 2020 to 2025. In countries like China and India, the market is driven by quick and speedy healthcare infrastructure developments, huge investments made by key players in neurology devices, and growing healthcare expenditures.
KEY MARKET PLAYERS:
Some of the major players in the Asia-Pacific Interventional Neurology Market are Stryker Corporation, Merit Medical Systems Inc., Medtronic plc, Terumo Corporation, Johnson & Johnson, Microport Scientific Corporation, Penumbra Inc., Abbott Laboratories, W. L. Gore & Associates Inc., and Medikit Co., Ltd.
The APAC interventional neurology market is expected to grow at a CAGR of 9.98% from 2022 to 2027.
Japan, China, and India held major share of the APAC market in 2021.
Stryker Corporation, Medtronic, MicroVention, Inc., Terumo Corporation, and Penumbra, Inc. are some of the major companies in the APAC interventional neurology market.
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