INTERVENTIONAL NEUROLOGY MARKET ANALYSIS

Interventional Neurology MarketSize and Trends

Global interventional neurology market is estimated to be valued at US$ 2,450.6 million in 2022 and is expected to exhibit a CAGR of 5.3% during the forecast period (2022-2030).

Figure 1.Global Interventional Neurology Market Share (%) in Terms of Value, by Technique, 2022

High incidence of stroke and brain aneurysms is expected to drive growth of the interventional neurology market

Increasing prevalence of neurological diseases such as strokes and brain aneurysms is expected to drive market growth over the forecast period. For instance, according to the Brain Aneurysm Foundation, a global foundation working towards brain aneurysm awareness, education, support, advocacy, and research funding, about 30,000 people in the U.S. suffer from brain aneurysm rupture every year

Growing focus on introducing technological advanced devices is expected to drive market growth during the forecast period.

Figure 2.Global Interventional Neurology Market Share (%), by Region, 2022

Global Interventional Neurology Market– Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization had declared it a public health emergency on January 30, 2020.

COVID-19 can affect the economy in three main ways: by directly affecting production and demand of drugs and medical devices, by creating disruptions in distribution channels. Due to nationwide lockdowns, several countries, such as China, India, Saudi Arabia, UAE, Egypt, and others, are facing problems with regard to the transportation of products from one place to another.

The COVID-19 pandemic had a negative impact on the global interventional neurology market, owing to the decreased rate of interventional radiology (IR) procedures. For instance, according to an article published by PubMed, in January 2021, a retrospective cross-sectional study of IR practice in six UK based centres during the COVID-19 pandemic was carried out. According to the results, a 31% decrease in the overall number of IR procedures was observed during the COVID-19 period (03/30/2020 to 04/26/2020) when compared to the control group/period (03/25/2019 to 04/21/2019)

Global Interventional Neurology Market: Recent Market Developments

In June 2021, Terumo Europe, providing quality medical products and services, and MicroVention Europe, a neuroendovascular medical device company, welcomed the reimbursement of the RoadsaverTM carotid stent system, the next generation carotid stent, designed to prevent a plaque protrusion through the struts and provide a sustained embolic protection. This development follows the positive assessment from the French National Authority for Health (HAS), which highlighted a therapeutic benefit of the device

Moreover, in March 2022, India Medtronic Private Limited, a wholly owned subsidiary of Medtronic plc announced the launch of Prospective Registry for Assessment of Acute Ischemic Stroke Patients Treated with Neurothrombectomy Devices (PRAAN) which will be used to create a post-market registry to assess clinical outcomes associated with the use of Medtronic market-released revascularization devices in patients experiencing acute ischemic stroke.

Growing focus on introducing technological advanced devices is expected to drive market growth during the forecast period.

Increasing technological advancements in interventional neurology sector and product approvals by regulatory bodies to key players for advanced devices are expected to drive market growth over the forecast period. For instance, in May 2022, Koninklijke Philips N.V., a health technology company, announced that it had received U.S. Food and Drug Administration 510(k) clearance for its MR 7700 imaging system. With all imaging protocols easily accessible via the same intuitive, user-friendly interface, MR 7700 contributes to highly efficient radiology workflows and first-time-right scans. Radiologists achieve high-resolution images required for clinical neurology and neuroscience to confidently identify and characterize lesions.