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The interventional neurology market includes devices and procedures used to diagnose and treat several neurological disorders. Some common interventional neurology treatments include aneurysm coiling, carotid artery stenting, intra-arterial chemotherapy, and neurothrombectomy. These minimally-invasive treatments help open blocked blood vessels and repair damage caused by conditions such as stroke, aneurysms, carotid artery disease, brain arteriovenous malformations, and brain tumors. Interventional neurology devices offer advantages such as reduced trauma, blood loss, recovery time and scarring in comparison to traditional open surgeries. The increasing prevalence of neurological disorders along with growing preference for minimally invasive treatments is expected to drive the demand for interventional neurology devices over the forecast period.
The interventional neurology market is estimated to be valued at US$ 2,450.6 Mn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the interventional neurology market is the rising adoption of flow diversion devices for treatment of brain aneurysms. Flow diversion devices such as stents are used to divert blood flow away from the aneurysm, Eventually causing it to thrombose. Compared to traditional coiling methods, flow diversion offers higher cure rates and lower recurrences. Additionally, technological advancements enabling improved navigation during interventional procedures are also contributing to market growth. Advances such as integrated electromagnetic navigation systems and microcatheters with distal protection functionalities allow physicians to reach smaller intracranial vessels with greater control and accuracy. This is improving treatment outcomes for neurological diseases.
Porter’s Analysis
Threat of new entrants: The risk of new companies entering the interventional neurology market is moderate as it requires heavy capital investment for research and development of new devices.
Bargaining power of buyers: The bargaining power of buyers in the interventional neurology market is moderate to high as the industry is moving towards less invasive procedures for treating various neurological conditions.
Bargaining power of suppliers: The bargaining power of suppliers is low to moderate as raw material suppliers play an important role and suppliers have limited control over pricing due to the presence of many established players in the market.
Threat of new substitutes: The threat of substitutes is low as there are limited treatment alternatives for various neurological conditions.
Competitive rivalry: The rivalry among existing players in the interventional neurology market is intense due to strong focus on new product launches and geographical expansion strategies.
Key Takeaways
The global interventional neurology market is expected to witness high growth, exhibiting CAGR of 5.3% over the forecast period, due to increasing prevalence of neurological disorders.
The North American region currently dominates the interventional neurology market owing to rapidly growing geriatric population and increasing adoption of minimally invasive procedures for treatment of neurological disorders in the region.
Key players operating in the interventional neurology market are Penumbra, Inc., Medtronic, Stryker, Terumo Corporation, Johnson & Johnson Services, Inc., Boston Scientific Corporation, MicroPort Scientific Corporation, Merit Medical Systems, W. L. Gore & Associates, Inc., Abbott, Cook, and Palex Medical. Key players are focusing on new product launches and geographical expansion to strengthen their market presence.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
