Market Size of Interventional Neurology Devices Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 8.97 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Interventional Neurology Devices Market Analysis
The interventional neurology devices market is anticipated to register a CAGR of 8.97% over the forecast period.
COVID-19 significantly impacted people with brain-related disorders due to limitations in the diagnostic and therapeutic processes that influenced ongoing research activities. For example, according to a study published in February 2021 in PubMed, patients with severe COVID-19 demonstrated a higher D-dimer level, suggesting an altered coagulation system state. Furthermore, the ICU-admitted COVID-19 patients showed significant thrombotic complications, including acute pulmonary embolism, ischemic stroke, deep-vein thrombosis, and systemic arterial embolism. Hence, the demand for interventional neurology devices was high during the pandemic, significantly impacting the market growth. The studied market reached its pre-pandemic nature regarding demand for interventional neurology devices as COVID-19-related restrictions were eased. Moreover, the market is believed to be registering significant growth in the coming years due to post-COVID neurological complications and new product approvals and launches.
Factors such as an increase in the incidence of neurological diseases and a rise in the adoption of minimally invasive treatment will likely fuel the market growth. For instance, as per the British Epilepsy Association data published in 2022, there were about 600,000 people with epilepsy living in the UK, around one in every 100 people. Every day, 87 people are expected to be diagnosed with epilepsy. With the high number of people living with epilepsy in the country, the demand for interventional neurology devices is increasing, contributing to market growth. Similarly, according to the 2022 update from the Parkinson's Foundation, nearly one million people in the United States were living with Parkinson's disease (PD). This number is expected to rise to 1.2 million by 2030. Parkinson's is the second-most common neurodegenerative disease after Alzheimer's disease. Hence, the high prevalence of neurological disease is likely to boost the market growth.
Additionally, the recent developments in the market, such as product reimbursement, will lead to significant growth. For instance, in June 2021, Terumo France/Europe and MicroVention Europe received reimbursement for the Roadsaver carotid stent system due to the positive assessment from the French National Authority for Health (HAS), highlighting the device's therapeutic benefit. Such initiatives will boost the market. Similarly, in September 2022, Penumbra, Inc., a global healthcare company focused on innovative therapies, publicized that its RED Reperfusion Catheters secured CE Mark (Conformité Européenne) and are available in Europe. The catheters are part of the company's Penumbra System. It is a fully integrated mechanical aspiration thrombectomy system to restore blood flow in acute ischemic stroke (AIS) patients. Also, in March 2021, Innovative Cardiovascular Solutions (ICS) reported positive results from European clinical cases using the next generation of the EMBLOK Embolic Protection System in patients undergoing transcatheter aortic valve replacement (TAVR).
Therefore, due to the increase in neurology diseases and a surge in product launches and approvals, the studied market is expected to witness significant growth over the forecast period. However, the strict rules of regulatory bodies for adopting new technologies and the high cost of devices are expected to hinder the market's growth.
Interventional Neurology Devices Industry Segmentation
As per the scope of the report, the interventional neurology devices are minimally invasive image-based technologies. The procedures involving these devices are used to diagnose and treat head, neck, and spine diseases. The Interventional Neurology Devices Market is segmented by product type (cerebral balloon angioplasty and stenting systems (carotid artery stents and embolic protection systems), neuro thrombectomy devices, aneurysm coiling and embolization devices, micro-catheters and guidewires), application (artery stenosis, ischemic strokes, brain aneurysm, vein stenosis, and others), and geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (in USD) for the above segments.
| By Product Type | ||||
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| Neurothrombectomy Devices | ||||
| Aneurysm Coiling and Embolization Devices | ||||
| Micro-catheters | ||||
| Guidewires |
| By Application | |
| Artery Stenosis | |
| Ischemic Strokes | |
| Brain Aneurysm | |
| Vein Stenosis | |
| Others |
| Geography | ||||||||
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Interventional Neurology Devices Market Size Summary
The interventional neurology devices market is poised for substantial growth, driven by an increasing incidence of neurological diseases and the rising adoption of minimally invasive treatments. The market experienced a surge in demand during the COVID-19 pandemic due to complications such as ischemic strokes and thrombotic events in severely affected patients. As restrictions eased, the market returned to its pre-pandemic state and is expected to expand further, fueled by post-COVID neurological complications and new product approvals. The prevalence of conditions like epilepsy and Parkinson's disease, along with advancements in product reimbursement and regulatory approvals, are key factors contributing to the market's growth trajectory. However, challenges such as stringent regulatory requirements and high device costs may impede progress.
North America is anticipated to be a significant growth region, driven by the increasing burden of neurodegenerative diseases and a demand for minimally invasive treatments. The market is characterized by a fragmented landscape with major players like Abbott, Medtronic, and Boston Scientific Corporation leading the charge. Recent product launches and strategic initiatives, such as awareness campaigns and real-world data collection efforts, are expected to further propel market expansion. The neuro-thrombectomy device segment, in particular, is set to witness notable growth due to its potential benefits in treating acute ischemic strokes. Despite challenges, the market's outlook remains positive, supported by ongoing innovations and a growing focus on addressing neurological disorders.
Interventional Neurology Devices Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increasing Incidence of Neurological Disorders
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1.2.2 Risng Demand for Minimally Invasive Treatment
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1.3 Market Restraints
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1.3.1 High Cost of Devices
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1.3.2 Stringent Regulatory Scenario
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD)
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2.1 By Product Type
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2.1.1 Cerebral Balloon Angioplasty and Stenting Systems
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2.1.1.1 Carotid Artery Stents
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2.1.1.2 Embolic Protection Systems
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2.1.2 Neurothrombectomy Devices
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2.1.3 Aneurysm Coiling and Embolization Devices
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2.1.4 Micro-catheters
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2.1.5 Guidewires
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2.2 By Application
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2.2.1 Artery Stenosis
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2.2.2 Ischemic Strokes
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2.2.3 Brain Aneurysm
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2.2.4 Vein Stenosis
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2.2.5 Others
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 United Kingdom
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2.3.2.3 France
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2.3.2.4 Italy
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2.3.2.5 Spain
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2.3.2.6 Rest of Europe
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2.3.3 Asia Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 Australia
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2.3.3.5 South Korea
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2.3.3.6 Rest of Asia-Pacific
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2.3.4 Middle East and Africa
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2.3.4.1 GCC
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2.3.4.2 South Africa
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2.3.4.3 Rest of Middle East and Africa
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2.3.5 South America
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2.3.5.1 Brazil
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2.3.5.2 Argentina
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2.3.5.3 Rest of South America
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Interventional Neurology Devices Market Size FAQs
What is the current Global Interventional Neurology Devices Market size?
The Global Interventional Neurology Devices Market is projected to register a CAGR of 8.97% during the forecast period (2024-2029)
Who are the key players in Global Interventional Neurology Devices Market?
Abbott, Boston Scientific Corporation, Medtronic PLC, Stryker Corporation and B. Braun SE are the major companies operating in the Global Interventional Neurology Devices Market.
