The Global interventional neurology market is expected to grow at an approximate CAGR of 7.8% during forecast period, 2018–2023.
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.
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 hinder the market growth over the forecast period.
According to Market Research Future (MRFR), the valuation of the global interventional neurology market had reached USD1832.6 MN in 2017, which is projected to appreciate at 7.8% CAGR over the assessment period (2018 – 2023). Technological advancements, a large patient population, favorable medical reimbursements, and a growing demand for capable neurovascular devices are fostering market growth significantly.
Funding support from governments and private consortium for R&D needed in the field of interventional neurology solutions contributes to the growth of the market. Additional factors, such as the increased focus of companies on the development of effective therapies and the introduction of 3D bioprinting as a novel strategy for cost efficiency are increasing the size of the market.
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On the other hand, lack of skilled neurosurgeons and stringent regulatory policies act as a significant headwind for the growth of the market. Rapid growth in the global economy would support the growth of the market during the anticipated period, availing access to quality care.
Interventional Neurology Market – Segmentation
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.
Global Interventional Neurology Market – Geographical Analysis
North America leads the global interventional neurology market, heading with the presence of many well-established players and their investments. Some of the key growth drivers of the market are the rising prevalence of neurology condition, the increasing numbers of clinical trials to evaluate the potential of the therapy, and the well-spread awareness towards the therapeutic potency.
The interventional neurology market in the European region accounts for the second-largest market, globally. Factors like huge per-capita healthcare expenses and deep healthcare penetration drive regional market growth. With their strong markets, the UK, Germany, and France account for significant growth contributors to the regional market. Additionally, the rising government support for R&D in the life science domain is substantiating the growth of the market in the region.
The Asia Pacific interventional neurology market is emerging as a rapidly growing market globally. Factors such as significant advancements in the field of biotechnology and the increasing government support for the R&D activities are fostering the growth of the regional market. Highly populated countries like China, India, and Japan are significantly contributing to the regional market growth due to their vast technological advances.
Interventional Neurology Market Key Players:
Players leading the global interventional neurology market include 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, among others.
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