Various advancements in healthcare and easier access to healthcare facilities are leading to lower mortality rates and in turn higher life expectancy worldwide. As per Global Health Observatory (GHO) data released by the World Health Organization (WHO), global life expectancy at birth in 2015 was 71.4 years, an increase of 5 years during 2000–2015. This has resulted in a substantial rise in the geriatric population worldwide. This population is highly susceptible to various neurological diseases and thus, creates a highly lucrative market for interventional neurology.
According to the report titled – ‘Global Interventional Neurology Market By Product Type (Embolic Coils, Carotid Stents, Intracranial Stents), By Technique (Neurothrombectomy Procedure, Cerebral Angiography Technique, Stenting Technique), By Therapeutic Application (Brain Aneurysm, Ischemic Strokes, Artery Stenosis), By End User (Hospitals, And Ambulatory Centers), And By Geography - Trends And Forecast To 2024’, published by Coherent Market Insights, the market for interventional neurology is expected to be valued at over US$2.6billion by 2024, growing at a CAGR of 5.3% during the period 2016-2024.
The human anatomy is made up of highly insulated intricately structured membranes that are vulnerable to pressure and force and so is the peripheral nervous system deep under the skin. Disorders of the neurological system can impact the entire neurological path or a single neuron. Any turbulence along a neuron’s path can lead to dysfunction. The neurological system disorders can be a result of various causes such as the following:
- Congenital abnormalities or disorders
- Neurological Infections and sepsis
- Genetic factors
- Nutrition-related causes
- Environmental influences
- Physical injuries, especially to the head
This is a specialty minimally invasive image-guided technology to diagnose and treat complex ailments of arteries and veins of the brain, spine, and neck. Medical imaging systems are used to view the affected area in this system to perform minimally-invasive procedures after an observation using various neurological devices. These procedures involve a low risk of infection with minimal time required for recovery and wound healing.
Elements attributing to market growth:
Market growth is mainly attributed to the rise in the incidence of neurological disorders such as cardiovascular diseases, Alzheimer’s disease (AD), Parkinson’s disease, Epilepsy, Migraines, and multiple sclerosis. Other factors fueling the market growth include:
Technological advancements in the interventional neurosurgical field:
- Rise in adoption of neurovascular devices among neurosurgeons over the last decade
- Rise in demand for less invasive medical procedures due to increased frequency in health check-ups
- Favorable reimbursement policies, especially in developed regions
- Rising disposable income in developing countries, along with rising healthcare spending
- Increasing development of healthcare infrastructure across developing nations
- Growing investments by private entities in the development of interventional neurology devices
Factors adversely affecting the interventional neurology market:
- Ever-changing regulatory norms related to healthcare
- The dearth of trained neurosurgeons across developing countries
- High capital investment related to treatment and procurement of specialized equipment
- Stringent guidelines to obtain FDA approval for new therapies and devices for product development and commercialization
The market is expected to register steady growth in spite of restraining factors, mainly fueled by increasing incidence of neurological disorders and growing awareness among the populace regarding healthcare.
The market is witnessing the emergence of various players looking to capitalize on highly lucrative growth opportunities in the market. The high capital investment involved in research and development activities and regulatory compliance issues dissuades smaller local players from entering the market.
Key market players in the interventional neurology market are as follows:
- Stryker Corporation (U.S.)
- Johnson & Johnson (U.S.)
- Abbott Laboratories (U.S.)
- Medtronic, plc (U.S.)
- Merit Medical Systems, Inc. (U.S.)
- Terumo Corporation (Japan)
- Microport Scientific Corporation (China)
- Penumbra, Inc. (U.S.)
- L. Gore & Associates, Inc. (U.S.)
- Medikit Co., Ltd. (Japan)
Growing geriatric population and improved living standards worldwide make interventional neurology a highly lucrative market and favorable growth is expected over the following growth. However, the lack of trained healthcare personnel and high costs associated with treatment are projected to peg back market growth to a certain extent.