Advancements in Action: A Comprehensive Overview of the Interventional Neurology Market

 

The Interventional Neurology Market is estimated for 2023-2030 for the forecast period, as highlighted in a new report published by Coherent Market Insights. Global interventional neurology market is estimated to be valued at US$ 2,450.6 million in 2023 and is expected to exhibit a CAGR of 5.3% during the forecast period (2023-2030).

Market Overview:

Interventional neurology is a minimally-invasive procedure for diagnosing and treating neurovascular diseases. It utilizes devices such as embolization coils, flow diverters, liquid embolics, and microcatheters to treat conditions like aneurysms, arteriovenous malformations, and strokes.

Market Dynamics:

The global interventional neurology market is expected to exhibit significant growth over the forecast period. This can be primarily attributed to the rising prevalence of neurovascular diseases worldwide. For instance, according to the World Health Organization (WHO), stroke is a leading cause of death and disability globally, accounting for approximately 11% of total deaths. Moreover, the growing geriatric population is also prone to developing neurovascular disorders, thereby augmenting market growth. The development of advanced devices with minimally invasive procedures and favorable reimbursement policies are also promoting the adoption of interventional neurology procedures. However, factors such as high costs associated with these procedures and lack of skilled professionals in some regions may hamper market growth.

 Rising demand for minimally invasive procedures in neurology

The interventional neurology market is experiencing strong growth due to the rising demand for minimally invasive procedures for the treatment of various neurological disorders. Minimally invasive procedures offer benefits like smaller incisions, lesser pain and scarring, shorter hospital stays, and faster recovery times when compared to open surgeries. Neurological disorders affecting a large patient population like stroke, brain aneurysm, neurovascular diseases are increasingly being treated using minimally invasive techniques such as neurothrombectomy and neuroradiology procedures. This reduces healthcare costs and improves patient outcomes. The growing geriatric population who are more prone to such disorders also favors the adoption of minimally invasive options. Overall, the benefits of minimally invasive treatments in terms of reduced trauma, hospitalization and pain are boosting the demand for interventional neurology procedures.

Rise in number of ischemic strokes and brain aneurysms

Ischemic strokes where blood flow to the brain is blocked and brain aneurysms where weak blood vessels bulge and rupture are becoming more common. Growing risk factors for these conditions like obesity, hypertension, smoking are contributing to their rise. According to statistics, more than 795,000 people in the US suffer a stroke every year making it a leading cause of death. Similarly, it is estimated that nearly 6 million people in the US have an unruptured brain aneurysm. The increasing incidence of such neurovascular diseases is directly driving the need for interventional treatments through procedures like intra-arterial thrombolysis for strokes and endovascular coiling and flow diversion for aneurysms. This in turn is fueling the growth of the overall interventional neurology market.

Reimbursement and regulatory issues

Despite the benefits, availability and access to minimally invasive neurology procedures is still limited by unfavorable reimbursement and regulatory policies in some regions. Procedures involving novel devices face a lengthy approval pathway. Even after approval, full coverage and fair reimbursement rates are yet to be established for many newly approved techniques. This creates affordability issues, discouraging both patients and healthcare systems from readily adopting newer interventional options. Regulations also differ widely globally, hampering companies operating in the international space. Reforming regulations and ensuring streamlined approval and reimbursement processes can help overcome this major market restraint.

Healthcare infrastructure development in emerging markets

Emerging economies in Asia Pacific and Latin America are witnessing increased healthcare investments to modernize their medical infrastructure. This plays to the advantage of the interventional neurology market. As facilities upgrade to accommodate complex neurosurgical treatments, there will be corresponding growth in the demand for devices, implants, neurovascular accessories and support offerings. The aging population and improving access to care in developing countries will further catalyze market expansion. Companies can capitalize on partnerships and joint ventures to establish local manufacturing and enter high potential emerging markets early. This presents a key growth opportunity for players to participate in the infrastructure driven growth and benefit from long term commitments in evolving interventional neurology arena of developing regions.

Rising focus on minimally invasive stroke management

A major trend in the interventional neurology market is the increasing focus on minimally invasive treatments for ischemic strokes. Several new technologies enabling enhanced clot removal are under development and gaining market clearance. These include stent retrievers, aspiration devices, ultrasound assisted catheters and robotic platform enabled solutions. The benefits of faster treatment times, improved outcomes over intravenous thrombolysis alone and reduced complication rates with minimally invasive mechanical thrombectomy have led to its increased adoption globally in recent years. With continued innovations, stroke management is expected to evolve further from a standalone neurointerventional procedure to an integrated workflow approach. This will consolidate the trend of minimally invasive approaches becoming the standard of care for ischemic strokes, further fuelling the interventional neurology market growth.