Neurothrombectomy Procedures are the Fastest Growing Segment Fueling the Growth of the Interventional Neurology Market

 

The interventional neurology market covers a wide range of minimally invasive procedures and medical devices used to diagnose and treat several neurological disorders and conditions affecting the brain, spine and peripheral nerves. Some of the common procedures include neurothrombectomy to remove blood clots, aneurysm coiling to treat brain aneurysms, and nerve block procedures to manage various types of pain. The growing preference for minimally invasive techniques over open surgeries is driving the demand for interventional neurology devices and procedures globally.

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 neurothrombectomy procedures to remove blood clots from blocked arteries in the brain, especially for the treatment of acute ischemic stroke. According to the American Heart Association, over 795,000 Americans suffer a stroke each year. Rapid removal of blood clots through neurothrombectomy has significantly improved clinical outcomes for stroke patients compared to conventional clot-busting drugs alone. Moreover, developing regions in Asia Pacific and Latin America are expected to emerge as lucrative markets for interventional neurology manufacturers over the forecast period owing to increasing incidences of neurological diseases and improving access to advanced healthcare facilities in these countries.

Segment Analysis
The global interventional neurology market is segmented into neurovascular embolization and coiling devices, neurovascular stents, neurothrombectomy devices, and support devices. The neurovascular embolization and coiling devices segment accounted for the largest market share in 2022. The growing demand for minimally invasive procedures for treating brain aneurysms and arteriovenous malformations is driving the growth of this segment. Due to their advantages such as less invasive nature, faster recovery, and cost-effectiveness over traditional neurosurgical techniques, neurovascular embolization and coiling devices have wider acceptance among neurologists and patients.

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 incidence of neurological and cerebrovascular disorders.

The North America region accounted for the largest share of the global interventional neurology market in 2022 due to highly developed healthcare infrastructure and rising demand for minimally invasive surgeries. However, Asia Pacific region is expected to grow at the highest CAGR during the forecast period owing to increasing healthcare expenditure and growing medical tourism in countries such as China, India, and Thailand.

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. These players are adopting strategies such as mergers, acquisitions, partnerships, and new product launches to increase their market share.

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