Interventional Neurology Market To Surpass US$ 2.7 Billion By 2024 - Coherent Market Insights

Posted September 2, 2020 by SANJAYCMI

Interventional Neurology Market Report- 2020 Analyses competitive environment such as key players, future trends, growths, challenges and acquisitions in the market.
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

The Global Interventional Neurology Market is projected to reach USD 2,684.6 million by 2024 Recommendations from the American Heart Association and American Stroke Association to use neurointerventional devices in stroke is a major factor boosting market growth. Increasing demand for minimally invasive procedures is one of the prime factors driving adoption of neurointerventional devices worldwide. The American Heart Association and American Stroke Association recommends use of neurointerventional devices in treating stroke, due to which there has been an augmented demand for these devices in the recent past. In order to capitalize on this highly lucrative growth opportunity, a range of new products such as Solitaire stent retriever, EmboTrap stent retriever, and Penumbra 3D Revascularization Device have been launched in the recent past.

Developed economies such as the U.S., Canada, U.K., Australia, Japan, and Germany are witnessing rapid shift from conventional surgical methods to minimally invasive therapies. Moreover, there is a shift towards adopting detachable and bare platinum coils as against the highly priced coated coils. According to the Brain Aneurysm Foundation, around six million people in the U.S. i.e. one in 50 people suffer from brain aneurysm every year. High incidence rate of stroke and aneurysm is expected to continue strengthening demand for neurointerventional devices in the U.S. market. Key players operating in the global interventional neurology market are adopting inorganic growth strategies to widen product portfolio and expand geographic presence in market.

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In 2016, Codman & Shurtleff, Inc. made distribution agreement with InNeuroCo, Inc. for intermediate catheter and super distal access device in the U.S. and European markets

In 2015, Medtronic PLC acquired Lazarus Effect, a California-based medical device company engaged in development of acute ischemic stroke products for around US$ 100 million. Lazarus Effect was acquired with an aim to enhance Medtronic’s neurovascular business and related portfolio.

Technological advances and product innovations in neurointerventional devices provide better outcomes in surgeries, which in turn is propelling demand for neurointerventional devices

Medical University of South Carolina (MUSC) is engaged in examining safety and efficacy of ADAPT - direct-aspiration first pass technique, which is intended for removal of clot in a single-pass

Food and Drug Administration (FDA) expanded the approval of solitaire stent retriever device of Medtronic PLC, which is intended for stroke-related disability. This device can be used by patients suffering from large vessel occlusion, proximal anterior circulation, and smaller core infarcts to reduce paralysis, and other stroke-related disabilities.

CE approved EmboTrap stent retriever platform, the EmboTrap II Revascularization Device from Neuravi Ltd., which is intended for easy removal of different lengths clots

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Key takeaways of the market include:

There are a range of neurointerventional devices such as embolic coils, carotid stents, intracranial stents, neurovascular thrombectomy devices, embolic protection devices, and flow diverter devices available in the market. Embolic coils was the largest segment and accounted for 32.5% share (in terms of revenue) in 2015. This is mainly due to these being the mainstay of endovascular treatment for brain aneurysms and hemorrhage.

Demand for stent retrievers is anticipated to grow at a rapid pace during the forecast period (2016 – 2024). This is mainly attributed to these being used as a one-step technique for device deployment and clot retrieval. The launch of this device in Japan is anticipated to also contribute towards the market growth in Asia Pacific.

Introduction of new techniques such as flow disruption and ADAPT aspiration technique is expected reduce the revenue share of coiling technique segment, and is projected to account 34.3% of the total market revenue by 2024

Demand for neurointerventional devices is analyzed to be high in hospitals as compared to ambulatory centers, due to growing number of surgical procedures in hospitals. The hospitals end use segment is analyzed to expand at a CAGR of 5.2% during the forecast period.

In 2015, North America dominated the global Interventional neurology market, with the contribution of the region estimated at US$ 701.9 million. Increasing incidence rate of brain aneurysm and ischemic strokes along with favorable government policies such as Medicare and Medicaid is expected to bolster sales of interventional neurology devices over the forecast period.

Growing focus on introducing technological advanced devices is expected to drive market growth in the long run

Stryker Corporation’s subsidiary Concentric Medical’s Trevo XP ProVue Retriever received FDA approval for its use in strokes in November 2016

Penumbra 3D Revascularization Device Trial successfully met the primary trial endpoints in 2016

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Last Updated September 2, 2020