Interventional Neurology Market Trends, Revenue Forecast, Competitive Landscape, Growth Factors, and Research Report: By Disease Pathology (Cerebral Aneurysms, Ischemic Strokes, & Others), Product (Aneurysm Coiling & Embolization, Neurothrombectomy, Support Devices, & Others), End User
The Global interventional neurology market is expected to grow at an approximate CAGR of 7.8% during forecast period.
Increasing participation of market players is the key factor driving the interventional neurology market. For instance, in 2018, Rapid Medical announced CE Mark approval in the European Union for its Tigertriever 13 stent retriever for the treatment of ischemic stroke.
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Various other factors such as technological advancements, presence of a large target patient population, favorable medical reimbursements and growing demand for effective neurovascular devices are also expected to propel the growth of the market.
However, lack of skilled neurosurgeons and stringent regulations can hinder the market growth over the forecast period.
Neurointerventional Radiology, or Neuro IR, is a subspecialty of the UCSF Department of Radiology where world-renowned physicians develop and perfect new techniques to treat stroke, brain tumors, cerebral aneurysms and other life threatening conditions.
The Global interventional neurology market is segmented based on disease pathology, product, end user and region.
The Global market for interventional neurology, by disease pathology is segmented into cerebral aneurysms, arteriovenous malformation and fistulas, ischemic strokes, and others.
The market, by product, is segmented into aneurysm coiling & embolization devices, cerebral balloon angioplasty and stenting systems, neurothrombectomy devices, and support devices. The aneurysm coiling & embolization devices segment is further classified as embolic coils, flow diversion devices, and liquid embolic agents. The embolic coils segment includes bare detachable coils, and coated detachable coils. The cerebral balloon angioplasty and stenting systems segment is further classified as carotid artery stents, and embolic protection systems. The embolic protection systems segment includes distal filter devices, and balloon occlusion devices. The neurothrombectomy devices are further classified as clot retrieval devices, suction and aspiration devices, and snares. The support devices are further classified as microcatheters, and microguidewires.
Based on end user, the market is segmented into hospitals & clinics, ambulatory surgical centers, research & academic institutes, and others.
The Americas dominated the global market for interventional neurology owing to presence of major market players and rising geriatric population.
In 2017, it was estimated that Europe stood second in the global interventional neurology market. This can be attributed to the rising research and development investments.
Asia Pacific was projected to be the fastest growing region in 2017. Factors such as growing healthcare sector, increasing penetration of the market players within the region, and increasing healthcare expenditure drives the regional markets of the Asia Pacific region.
On the other hand, the Middle East and Africa held least share in the global interventional neurology market due to the low per capita income, especially within the African region. The growth in this region is attributed to the rising cases neurological conditions. The burden of neurological disorders in African region has been increasing over the years. The annual incidence of stroke has been estimated to be 316 per 100 000 in Africa.
Some of the key players in the global interventional neurology market are Abbott Laboratories, Johnson & Johnson, Boston Scientific Corporation, Stryker Corporation, Medtronic PLC, Terumo Corporation, Penumbra, Inc., Microport Scientific Corporation, Merit Medical Systems, Inc., W.L. Gore & Associates, Inc., B. Braun Melsungen AG, Cook Medical, and others.
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