Share on

Global Interventional Neurology Market Size, Share, Trends, COVID-19 Impact & Growth Analysis Report - Segmented By Technology (Embolization and Coiling, Balloon Angioplasty, Carotid Stenting, Neuro-thrombectomy and Micro Support Devices), Product (Carotid Stent, Microcatheter, Flow Diversion, Micro-guidewires, Suction Devices, Stenting Systems and Clot Retrieval), End-User and Region - Industry Forecast from 2022 To 2027

Published: January, 2022
ID: 1628
Pages: 182
Formats: report pdf report excel report power bi report ppt

Global Interventional Neurology Market Size (2022 to 2027)

The global interventional neurology market size is estimated to grow USD 3722.52 million by 2027 from USD 2434.98 million in 2022, 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:

YOY growth in the patient population, technological developments, and favorable reimbursement policies across mature markets, increasing healthcare infrastructure across the developing countries are favouring the global interventional neurology market.

Growing patient population suffering from the target diseases, ongoing product development and commercialization and growing consumer demand for successful neurovascular devices are propelling the interventional neurology market growth. YOY growth in the number of people suffering from neurological diseases is further fuelling the market’s growth rate. For instance, Alzheimer's disease is responsible for almost a quarter of the 1.2 million brain disorders. The increasing awareness around stroke care is anticipated to result in the increased 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. The increasing focus of the market participants on R&D leading to new product launches and product 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, 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 States. 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, lack of skilled neurosurgeons, and stringent regulatory bodies across significant markets hinder the growth of the Interventional neurology market.

The growth for 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 are impeding 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 a lack of 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. Neurostimulators, aneurysm films, and blood clot retrievers are examples of Class II products. Deep brain stimulators and medical instruments for the treatment of brain tumors are examples of Class III devices. Class III medical device approval is difficult 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 Interventional Neurology Market:

The global interventional neurology market is a competitive industry with many growth opportunities. Still, this market shows the decline is largely 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 diseases of the brain, spine, and neck. However, due to governments' restrictions in various countries to contain the virus's spread, there is an insufficient supply of equipment used in neurological disease treatment. As a result, the market has seen slow growth during the pandemic period. However, the conditions being changed across the world and growing adoption to the new normalization is expected to recover quickly and register a healthy CAGR during the forecast period.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2021 to 2027

Base Year

2021

Forecast Period

2022 to 2027

Segments Covered

By Technology, Product, End-User, and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

 

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 are projected to hold the largest share in the global interventional neurology market globally as of increasing occurrence rate of chronic nervous disorders and 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, 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, growing demand for neurovascular devices, developing healthcare infrastructure.

The interventional neurology market in Middle East & Africa is predicted to occupy the least share in the global interventional neurology market from 2020 to 2025. On the contrary, Africa is leading the market. The growth is attributed to increasing health problems related to diseases, 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.

Please wait. . . . Your request is being processed

FAQ's

How much was the global interventional neurology market worth in 2021?

The global interventional neurology market size was valued at USD 2236.8 million in 2021.

Which region is growing the fastest in the global interventional neurology market?

During the forecast period, the Asia-Pacific is expected to showcase fastest CAGR in the global market.

Which segment by technology held the major share in the interventional neurology market?

Based on technology, the embolization and coiling segment captured the most significant share of the global market.

Which are the companies playing a promising role in the interventional neurology market?

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. are a few of the noteworthy companies in the interventional neurology market.

Related Reports

Access the study in MULTIPLE FORMATS
Purchase options starting from $ 2500

Didn’t find what you’re looking for?
TALK TO OUR ANALYST TEAM

Need something within your budget?
NO WORRIES! WE GOT YOU COVERED!

REACH OUT TO US

Call us on: +1 888 702 9696 (U.S Toll Free)

Write to us: sales@marketdataforecast.com

Click for Request Sample