The size of the Europe neurovascular devices/interventional neurology market was worth USD 583.82 million in 2022 and is estimated to reach USD 890.07 million by the end of 2027, with a growing potential of 8.80 %. The European market is expected to account for the second-largest share in the market during the forecast period due to a favorable reimbursement scenario and advancements in technology.
The growing prevalence of neurological disorders across Europe is majorly driving the growth of the European neurovascular devices/interventional neurology market. There are nearly 600 types of neurological conditions witnessed among the population of the region. Some common neurological conditions are migraine, multiple sclerosis, and epilepsy. After diabetes and cardiovascular diseases, the most common cases seen among the European population is neurological disorders. Due to the increasing mortality rate and increased disability due to neurological diseases, the demand for neurovascular devices is increasing in the European region.
The growing demand for minimal invasion surgeries in Europe is further fuelling the growth rate of the European neurovascular devices market. Owing to significant cuts and invasions during surgeries and extended hospital stays, the population prefers minimally invasive surgeries with fewer cuts, less blood flow, short hospital stays, and fast recovery. In addition, most of the senior population prefers minimally invasive surgeries in Europe and neurovascular devices play a significant role in these types of surgeries, leading to regional market growth.
The growing number of R&D activities to develop innovative and effective neurovascular devices contributes to the European market growth. Researchers and key players are focusing on developing advanced devices with advanced technologies, which helps increase the success rate of surgeries and reduce human-made errors. Increasing government, public, and private sector investment, increasing reimbursement policies, and increasing research and development are the other factors that will help the market's growth in the coming years. Additionally, the emergence of new types of issues in the brain and spinal cord also provides opportunities for the market to develop novel devices for treatment.
On the other hand, the high costs of the devices are one of the key factors hampering the market growth in Europe. In addition, the high cost of neurological surgeries, lack of awareness about the surgeries, lack of skilled professionals, inadequate infrastructure facilities, and low hospital budget are further inhibiting the growth rate of the European market.
This market research report on the European neurovascular devices/interventional neurology market has been segmented and sub-segmented into the following categories.
By End User:
Geographically, Europe held the second-largest share in the global market in 2022 and is expected to grow at a promising CAGR during the forecast period and the growth of the European market is driven by factors such as acceptable reimbursement policies and technological developments. An increase in the patient count with nerve-related disorders and considerable endorsement of neurovascular devices by neurosurgeons is propelling the market growth in the region during the analysis period. Increasing old people population, the growing requirement for minimally invasive neurosurgical procedures as these devices assist in lessening discomfort and loss of blood during the treatment time.
Germany held the major share of the European market in 2022 and is expected to grow at a notable CAGR during the forecast period owing to the numerous developments in technology in the healthcare sector and government funds in enhancing the healthcare infrastructure, which fuels the market growth during the forecast period. The growth of the German market is further driven by the increasing number of manufacturing facilities for neurovascular devices. In addition, the government has taken several measures to approve neurovascular devices, which help provide high-quality, safe, and effective medical devices for public health. An increasing number of neurosurgeons in Germany also helps develops the market. Germany is one of the most advanced countries in the world, providing the best healthcare services. Germany offers a vast rate of services, mainly in the neurology department, with advanced medical equipment and the best neurosurgeons. As per a recent survey, nearly 2000 neurologists are present in Germany and performing up to 10,000 surgeries per year. Additionally, the German government also provides insurance facilities to reduce the cost of neurological disease treatment, which helps the development of the market.
The UK accounted for the second biggest share of the European market during the forecast period and is expected to witness a healthy CAGR during the forecast period due to continuous development of product development and commodification, increasing requirement for neurovascular devices, durable existence of device producers in the area, and availability of significant research and development investments to help these neurovascular devices product development which accelerates the market growth during the estimated period. Escalating chronic diseases like blood vessel diseases and new procedures and their development like (OCT) Optical Coherence Tomography, Fractional Flow Reserve (FFR) are prime factors mounting the Interventional Neurology market of Europe region.
KEY MARKET PLAYERS:
Some of the key players in Europe neurovascular devices/interventional neurology market are Stryker Corporation, Abbott Laboratories, Medtronic plc, Terumo Corporation, Penumbra Inc., Johnson & Johnson, Merit Medical Systems Inc., W. L. Gore & Associates Inc., Microport Scientific Corporation, and Medikit Co., Ltd.
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