Global Interventional Neurology Market is Estimated to Witness High Growth Owing To Rising Geriatric Population and Increasing Prevalence of Neurological Disorders
The Global Interventional Neurology Market is estimated to be valued at USD 2.71 Bn in 2024, exhibiting a CAGR of 5.8% over the forecast period 2024-2031. The growing geriatric population and the rising prevalence of neurological disorders such as stroke, brain aneurysm, arteriovenous malformation, and spinal cord and brain tumors are contributing significantly to market growth. Furthermore, technological advancements in interventional neurology procedures are also expected to support market expansion during the forecast period.
Market Dynamics:
The global interventional neurology market is primarily driven by the rising geriatric population globally. With ageing, risks of developing neurological disorders increases significantly. As per the American Heart Association, On October 2024, over 795,000 people in the U.S suffer a stroke annually with most being initial attacks. Growth in medical imaging and interventional radiology procedures is contributing to better detection and treatment of strokes and cerebral aneurysms. Advancement in interventional devices such as flow diverters, liquid embolics, stent retrievers for mechanical thrombectomy, and intracranial stents are facilitating more minimally-invasive procedures.
Growing Geriatric Population and Rising Prevalence of Neurological Disorders
The growing geriatric population globally is expected to be a major growth driver for the interventional neurology market. In October 2024, according to the WHO, the number of older persons is expected to double again by 2050, when it is projected to reach nearly 2.1 billion. This rapid growth of the elderly population will likely increase the incidences of neurological disorders requiring interventional procedures. The rising prevalence of neurological diseases like ischemic stroke, brain aneurysm, brain and spinal cord tumors are also expected to fuel market growth during the forecast period.
Increasing geriatric population will drive growth in demand for interventional neurology procedures
The global geriatric population is rapidly increasing. As per WHO reports, the geriatric population is expected to reach around 2 billion globally by 2050 from the current level of 900 million. With ageing comes various neurological disorders such as strokes, Alzheimer's, Parkinson's disease, epilepsy, etc. This rise in geriatric population translates to an increased prevalence of neurological disorders which drives the demand for interventional neurology procedures to diagnose and treat these diseases. Procedures like interventional radiology minimally invasive procedures, embolization procedures, etc. are increasingly being used for treatment which supports market growth.
Growing awareness about minimally invasive procedures boosts their adoption
There is a growing awareness among both patients and physicians about benefits of minimally invasive procedures over traditional open surgeries. Minimally invasive procedures offer advantages like reduced complications, shorter hospital stay, lesser pain, and quicker recovery. Their advantages are more pronounced in case of neurological disorders since the procedure involves delicate brain and spinal procedures. Increasing patient preference for minimally invasive techniques and rising acceptance of them by physicians is a key driver for interventional neurology market. Various government initiatives and healthcare programs to promote such procedures further support market growth.
Lack of skilled neurointerventional radiologists restrains market growth
Interventional neurology procedures require high degree of precision and expertise to perform safely without causing any damage. However, there is a severe shortage of trained and skilled neurointerventional radiologists globally which poses challenges. Performing such procedures needs extensive clinical training which is currently lacking in many countries. It acts as a restraint as limited availability of neurointerventional radiologists impacts procedure volumes. Many developing nations also face disadvantages due to lack of adequate training facilities and programs for doctors. This skills gap needs to be addressed to realize full market potential.
Unfavorable reimbursement policies hamper market prospects
Reimbursement policies play a key role in a medical device/technology market’s success. However, reimbursement for many such innovative interventional neurology procedures is still evolving. Private insurance coverage varies greatly across regions and countries. In many developing nations, public insurance does not cover majority of costs. This makes such high-tech procedures unaffordable for many patients. Unclear reimbursement policies introduce uncertainty among healthcare facilities and discourage investments. Tighter regulations around reimbursements can negatively impact interventional neurology market growth.
Adoption of robotics and AI in interventional procedures presents opportunities
Application of robotics, machine learning, and AI are revolutionizing interventional radiology. Robot-assisted systems offer precision and minimally invasive capabilities beyond human control. They help overcome challenges of conventional angiography like radiation exposure. In neurosurgery, companies are developing AI technologies for pre-operative simulation, robotic navigation aids and intelligent imaging. Adoption of such disruptive technologies can enhance safety, efficacies and outcomes of interventional neurology procedures. It also addresses issues like skills gap and variability in expertise with robotics performing standardized procedures. The large market potential of robotics and AI based interventional procedures presents lucrative opportunities for players.
Rise of ambulatory surgical centers augments market prospects
Ambulatory surgical centers/clinics are preferred over hospitals for their convenience and competitive pricing. As interventional neurology procedures gain recognition, their adoption in ambulatory settings is rising globally. Ambulatory surgical centers (ASCs) are well equipped to perform low risk interventional radiology, pain management and other such procedures on outpatient basis. The trend is driven by patient demand for convenience and desire to avoid hospital stays. It benefits payers through lower costs. Neurology ambulatory centers present untapped market opportunities as they expand geographic reach and service portfolio. Entry of ASCs also eases burden on overstressed hospitals, benefiting overall market prospects.
Link: https://www.coherentmarketinsights.com/market-insight/interventional-neurology-market-56
Key Developments:
- In October 2024, the Society of Vascular and Interventional Neurology (SVIN) published a groundbreaking research paper in the American Heart Association Journal. The paper introduced the Mechanical Thrombectomy Access Score (MTAS), a tool designed to enhance global access to mechanical thrombectomy (MT) by addressing stroke care disparities and improving treatment availability in underserved regions.
- In March 2022, India Medtronic Private Limited, a leading healthcare technology company, launched India’s first dedicated registry to collect real-world data on revascularization devices used in patients with acute ischemic stroke (AIS). This initiative aims to provide valuable insights into the effectiveness of neurothrombectomy devices in the Indian population.
- In February 2022, InspireMD, Inc., a global medical device company, received U.S. FDA approval for its Investigational Device Exemption (IDE) supplement application for the Carotid Revascularization Endarterectomy or Stenting Trial (CREST-2). This approval allows the inclusion of InspireMD’s CGuard Embolic Prevention System in the trial, advancing research on stroke prevention and treatment strategies.
Key Players:
Boston Scientific Corporation, Medtronic, Terumo Corporation, Penumbra Inc., Johnson & Johnson, Merit Medical Systems, Stryker Corporation, W.L. Gore & Associates, B. Braun Melsungen AG, Abbott Laboratories, MicroPort Scientific Corporation, Medikit Co. Ltd., Asahi Intecc Co. Ltd., Cook Medical, and AngioDynamics
