Interventional neurology is a medical subspecialty where minimally invasive endovascular techniques are used to treat vascular diseases of the brain, spine and peripheral nervous system. Interventional neurology devices include neurovascular devices like embolization coils, stents, stenosis balloons and flow diversion devices that are used to treat neurovascular diseases such as aneurysms, arteriovenous malformations, strokes among others. These minimally invasive devices provide fast recovery with lesser complications and risk of infections.
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:
The growth of the interventional neurology market is majorly driven by the increasing prevalence of neurovascular diseases globally. As per national institutes of health, nearly 800,000 strokes occur in the US each year, out of which around 610,000 are first attacks. Strokes are a leading cause of serious long-term disability and the fifth leading cause of death in US. The increase in geriatric population is another major factor contributing to the growth of neurovascular diseases and subsequently interventional neurology market. Advancements in interventional devices along with innovations in embolization coils and flow diversion stents are also fueling the market growth.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the interventional neurology market is low owing to high capital requirements and need for regulatory approvals. Furthermore, established players enjoy brand loyalty and economies of scale which make market entry difficult.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternative treatment options. However, rising prevalence of neurological disorders increases demand for interventional neurology procedures.
Bargaining power of suppliers: Major medical device companies supplying products for interventional procedures control the supply landscape. However, opportunities for small players to enter with innovative products exert pressure on suppliers.
Threat of new substitutes: Non-invasive neurosurgeries and drug therapies pose a threat but are not considered perfect substitutes for interventional procedures which are minimally invasive with faster recovery.
Competitive rivalry: Intense due to presence of many global and regional players competing on basis of technology, quality, and pricing.
SWOT Analysis
Strengths: Presence of major players with strong brand image and portfolio. Rising acceptance of minimally invasive procedures.
Weaknesses: High cost of procedures and devices. Requirement of skilled professionals limiting geographical expansion.
Opportunities: Growth in geriatric population susceptible to neurological disorders. Increasing healthcare expenditures in developing nations.
Threats: Stringent regulatory norms. Reimbursement issues in some regions. Risks and complications associated with procedures.
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 diseases such as stroke, cerebral aneurysm, and arteriovenous malformation.
North America currently dominates the market due to well-developed healthcare infrastructure and rising neurological conditions. However, Asia Pacific is expected to be the fastest growing region owing to growing healthcare spending, availability of low-cost procedures, and increasing focus of key players.
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. Major players are focusing on new product launches, partnerships, and geographic expansion strategies to strengthen their market presence. For instance, in 2022, Medtronic received FDA approval for its Multi-Intracranial Support Device designed to treat cerebral aneurysms.
