Interventional neurology market is expected to grow significantly over the forecast period. It is anticipated that the market held a valuation of USD 1832.6 million in 2017 and is projected to grow at a CAGR of 7.8% over the forecast period.
Interventional neurology refers to endovascular, catheter-based technique used to diagnose and treat vascular disease of the central nervous system.
Rising prevalence of neurological diseases is one of the key factors driving the interventional neurology market. Out of 1.2 million most frequently diagnosed adult-onset brain disorders, 21% and 51.3% are due to Alzheimer’s disease and stroke, respectively.
Various other factors such as technological advancements, presence of a large target patient population, favourable 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 hamper the market growth over the forecast period.
The 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 centres, research & academic institutes, and others.
In the current scope of the study, the above-mentioned segments are covered into the four global regions, namely the Americas, Europe, Asia-Pacific and the Middle East & African region.
The interventional neurology market in the Americas has further been segmented into North America and South America, with the North American market divided into the US and Canada.
The European interventional neurology market has been segmented into Western Europe and Eastern Europe. Western Europe has been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The interventional neurology market in the Middle East & Africa has been segmented into the Middle East and Africa.
Regional Market Summary
Global Interventional Neurology market Share (%), by Region, 2017
Sources: MRFR Analysis
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 Interventional Neurology Market. This can be attributed to the rising research and development investments.
The rising participation of market players is also boosting 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.
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. According to the 2017 data suggested by the Australian Institute of Health and Welfare, nearly USD 181 billion is spent on health in Australia.
On the other hand, the Middle East and Africa held least share in the 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 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.
Market Research Future research is conducted by industry experts who offer insights into industry structure, market segmentation, assessment, Competitive Landscape (CL), penetration, as well as on emerging trends. Besides primary interviews (~ 80%) and secondary research (~ 20%), their analysis is based on their years of professional expertise in respective industries. Our analysts also predict where the market will be headed in the next five to ten years, by analysing historical trends and current market positions. Furthermore, the varying trends of segments and categories geographically presented are studied and are estimated based on the primary and secondary research.
Extensive primary research was conducted to gain a deeper insight of the market and the industry performance. In this particular report we have conducted primary surveys (interviews) with key level executives (VPs, CEOs, Marketing Directors, Business Development Managers, and many more) of major players who are active in the market. In addition to analyzing the current and historical trends, our analysts predict where the market is headed, over the next five to ten years.
Secondary research was mainly used to collect and identify information useful for extensive, technical, market-oriented, and commercial study of the Interventional Neurology. It was also used to obtain key information about major players, market classification, and segmentation according to industry trends, geographical markets, and developments related to the market and perspectives. For this study, analysts have gathered information from various credible sources, such as annual reports, SEC filings, journals, white papers, corporate presentations, company web sites, international organization of chemical manufacturers, some paid databases, and many others.
Market Segmentation and Key Market Players
Interventional Neurology Market, by Disease Pathology
Interventional Neurology Market, by Product
Interventional Neurology Market, by End User
|Market Size||USD 1832.6 Million|
|CAGR||7.8% (2018 - 2023)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Disease Pathology, Product, End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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|
|Key Market Opportunities||Augmenting demand for effective neurovascular devices.|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The global interventional neurology market had reached a valuation of USD 1832.6 MN in 2017.
The global interventional neurology market is projected to grow at approximately 7.8% CAGR during forecast period (2018-2023).
Augmenting demand for effective neurovascular devices.
North America holds the largest share in the global interventional neurology market followed by Europe and Asia Pacific, respectively.
Johnson & Johnson, Abbott Laboratories, Boston Scientific Corporation, Medtronic PLC, Stryker Corporation, Terumo Corporation, Microport Scientific Corporation, Penumbra, Inc., Merit Medical Systems, Inc., B. Braun Melsungen AG, W.L. Gore & Associates, Inc., and Cook Medical, are some of the major players operating in the interventional neurology market.