Interventional Neurology Market

Global Interventional Neurology Market Size (2023 to 2028)

The global interventional neurology market size is estimated to grow to USD 4.52.3 million by 2028 from USD 2650.7 million in 2023, growing at a CAGR of 8.86% during the forecast period.

Interventional neurology is a non-surgical specialty that uses image-guided techniques, minimally invasive, to treat many complicated and dangerous diseases of the brain, neck, and spine. The specialty for the treatment of these neurovascular diseases is known as neurosurgery. Various materials such as cobalt, nitinol, and platinum, are used in neurovascular devices to achieve specific ischemic stroke prevention and aneurysm repair.

MARKET DRIVERS:

The growing patient population suffering from neurological diseases, increasing adoption of technological developments in treatment procedures, and favorable reimbursement policies, increasing healthcare infrastructure across developing countries are primarily favoring the global interventional neurology market. The growing patient population suffering from the target diseases, ongoing product development and commercialization and growing consumer demand for successful neurovascular devices propel the interventional neurology market growth. For instance, Alzheimer's disease accounts for almost a quarter of the 1.2 million brain disorders. In addition, the increasing awareness around stroke care is anticipated to increase demand for these devices. 

Furthermore, an increasing number of companies in the field of neurovascular therapies and increased awareness among neurosurgeons regarding minimally invasive surgical procedures are propelling the market's growth rate. Furthermore, the increasing focus of the market participants on R&D leading to new product launches and enhancements is expected to support the market growth in the coming years. In addition, lower product costs due to the strengthening of distribution networks and localized manufacturing, the rapid rise in the geriatric population, and high-stress levels in young people fuel the growth rate of the interventional neurology market during the forecast period.

In addition, the growing demand for minimally invasive neurosurgical procedures and developing research activities in neurovascular therapies are expected to provide growth opportunities for the market participants in the interventional neurology market. According to the Indian Brand Equity Foundation, the government spent USD 1.14 billion in 2018 to treat and raise awareness of CNS disorders due to increased cases. Besides, overall government spending on mental health care accounts for 2.4% of total government health spending in the United StatOn the other hand, The government's median allocation of funds in psychiatric hospitals accounts for 80% of total government health spending.

MARKET RESTRAINTS:

The ongoing healthcare reforms in the United States, the lack of skilled neurosurgeons, and stringent regulatory bodies across significant markets hinder the growth of the Interventional neurology market.

The growth of the global interventional neurology market is further expected to be hindered by a lack of qualified interventional neurologists and strict regulatory procedures. Also, strict requirements for approving new technologies impede the demand of the interventional neurologist market. Furthermore, the market is expected to be restrained during the forecast period due to high procedure costs, a lack of disposable income in undeveloped regions, and well-established reimbursement policies. The Food and Drug Administration (FDA) strictly regulates medical device approval based on their classification. There is very little class I neurological equipment. Most neurological devices are categorized as Class II or Class III, with ventricular needles and anvils used to shape skull plates being examples of Class I devices.Examples of Class II products are neurostimulators, aneurysm films, and blood clot retrievers. Deep brain stimulators and medical instruments for treating brain tumors are examples of Class III devices. Class III medical device approval is complex and requires clinical trials. The trials' duration will vary from 36 months to more than a year, depending on the nature of the clinical trials and any additional details required by the FDA. Companies engaged in the manufacture of neurological products are the major challenges faced by the delay in regulatory approvals and the high cost of interventional devices.

Impact of Covid-19 on the Interventional Neurology Market:

The global interventional neurology market is a competitive industry with many growth opportunities. Still, this market shows the decline is mainly due to global resource supply and demand mismatches caused by the COVID-19 outbreak. Interventional neurology is a subspecialty of neurology that uses minimally invasive image-guided techniques to treat major brain, spine, and neck diseases. However, due to governments' restrictions in various countries to contain the virus's spread, there is an insufficient supply of equipment for neurological disease treatment. As a result, the market has seen slow growth during the pandemic period. However, the conditions being changed worldwide and the growing adoption of the new normalization is expected to recover quickly and register a healthy CAGR during the forecast period.

REPORT COVERAGE:

This market research report on the global interventional neurology market has been segmented and sub-segmented based on technology, product, end-user, and region.

Interventional Neurology Market - By Technology:

• Embolization and Coiling
• Balloon Angioplasty
• Carotid Stenting
• Neurothrombectomy
• Micro Support Devices

Based on the technology, the embolization and coiling segment is anticipated to have the largest share of 72.17% in the global interventional neurology market during the forecast period. This segment is expected to dominate the market because of a growing number of interventional procedures. Next in line, the balloon angioplasty segment is considered to produce profitable outcomes over the analysis period globally due to the high occurrence rate of diseases like cerebral stroke.

Interventional Neurology Market - By Product:

• Carotid Stent
• Microcatheter
• Flow Diversion
• Microguidewires
• Suction Device
• Stenting Systems
• Clot Retrieval

Based on the product, the carotid stents segment is projected to hold the largest share of the global interventional neurology market. The increasing occurrence rate of chronic nervous disorders, increasing R&D investments, and growing medical expenses are expected to lead the segment growth in this market.

Interventional Neurology Market - By End User:

• Hospitals
• Ambulatory Centers
• Neurology Clinics

Based on the end-user, the hospital segment is expected to lead the interventional neurology market throughout the period due to the growing number of in-patient populations, well-organized healthcare infrastructure, well-established equipment, and skilled and experienced staff.

Interventional Neurology Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

Regionally, The interventional neurology market in North America dominates the market and is estimated to continue the same trend during the forecast period. Due to well-organized healthcare infrastructure, growing consciousness in people, and full concentration on research and development. As a result, the U.S is anticipated to lead the North American market.

The interventional neurology market in Europe is projected to stand as the second-largest share throughout the period due to the increasing aging population, advanced technologies and growing investments and funds from government and other organizations, and favorable reimbursement policies.

The interventional neurology market in Asia-Pacific is considered to have the quickest growth during the historic period due to increasing expenditure on the healthcare domain and the growing perforation of the key players in this region.

The interventional neurology market in Latin America is likely to project stable and steady growth over the analysis period due to the growing demand for neurovascular devices and developing healthcare infrastructure.

The interventional neurology market in the Middle East & Africa is predicted to occupy a minor share of the global market during the forecast period. On the contrary, Africa is leading the market. The growth is attributed to increasing health problems related to diseases and the rising stress of neurological disorders, which has been growing over the past years globally during the forecasting framework.

KEY MARKET PARTICIPANTS:

Companies leading the global interventional neurology market profiled in the report are Stryker Corporation, Medtronic plc, Johnson & Johnson, Terumo Corporation, Penumbra Inc., Abbott Laboratories, Merit Medical Systems Inc., W. L. Gore & Associates Inc., Microport Scientific Corporation, and Medikit Co., Ltd.