Interventional Neurology Devices And Equipment Global Market Report 2023

NEW YORK, Feb. 10, 2023 /PRNewswire/ -- Major players in the interventional neurology devices and equipment market are Medtronic, Stryker, Terumo Corporation, Penumbra, COVIDien, Abbott, Merit Medical Systems, Johnson & Johnson Services Inc, W.L.

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Gore & Associates, and Bayer AG.

The global interventional neurology devices and equipment market will grow from $1.99 billion in 2022 to $2.17 billion in 2023 at a compound annual growth rate (CAGR) of 9.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The interventional neurology devices and equipment market is expected to grow to $2.97 billion in 2027 at a CAGR of 8.1%.

The interventional neurology devices and equipment market consists of sales of instruments such as carotid artery stents, embolic protection systems, micro guide wires, and micro catheters.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.

The value of goods in this market includes related services sold by the creators of the goods.

Interventional neurology devices and equipment are used to treat neurovascular diseases such as aneurysms, arteriovenous malformations, cavernous malformations, and stroke.

North America was the largest region in the interventional neurology devices and equipment market in 2022.Asia Pacific was the second-largest region in the interventional neurology devices and equipment market.

The regions covered in the interventional neurology devices and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The main types of interventional neurology devices and equipment are aneurysm coiling and embolization devices, cerebrospinal fluid management devices, neuro thrombectomy devices, and support devices.The neuro thrombectomy devices are used to perform mechanical thrombus removal from intracranial arteries angiographically.

The aneurysm coiling and embolization devices types are embolic coils, flow diversion devices, and liquid embolic devices.The angioplasty devices types are carotid artery stents and embolic protection systems.

The support devices types are micro guidewires and microcatheters.The neurothrombectomy device types are clot retrieval devices, suction and aspiration devices, and snares.

The various end-users are hospitals, neurology clinics, ambulatory care centres, and others.

An increase in the patient population with neurological disorders is driving the Interventional neurology devices market.Neural disorders like Alzheimer's disease, cerebrovascular diseases including stroke, migraine, and other headache disorders are on the rise.

The rapid increase in the geriatric population, high-stress levels in young individuals, and head injuries due to accidents are the main reasons for neural disorders.For example, according to the Brain Aneurysm Foundation, it is estimated that in the United States, 6 million people suffer from unruptured brain aneurysms.

Also, according to World Health Organization, more than 50 million have epilepsy and over 47 million have dementia. Hence, the rapid increase in the incidence of neurological disorders is slated to boost the market in the forecast period.

Strict regulatory policies by the US FDA for the approval of Interventional Neurological Devices will hinder the interventional neurological devices market growth.FDA approves the devices based on the class of the devices.

Most of the devices under Interventional Neurological Devices are classified under the class 3 devices.Class 3 devices are required to undergo a lot of approvals from the regulatory bodies which is a time-consuming process.

For example, the approval for the class 3 devices may take more than 36 months, thereby increasing the overall cost of product development, impacting the market negatively.

Stryker Inc.'s latest technological development Neuroform Atlas Stent System is expected to provide significant results to treat brain aneurysms with embolic coils. The introduction of such technologies would drive the interventional neurological device market in the future. The Atlas stent system provides great support during the coiling procedures and it has been designed s to provide the coil support and wall apposition needed to perform an effective stent-assisted coiling procedure. Neuroform Atlas has enhanced stent conformability, a low-profile delivery system, and high deployment accuracy even in distal anatomy making it the latest choice of the neuro-surgeons, thereby steering the market.

The United States Food and Drug Administration (FDA) Center for Devices and Radiological Health (CDRH) presides over the regulation and approval of medical devices in the USA.Within CDRH, the Division of Neurological and Physical Medicine Devices reviews medical technologies that interface with the central and peripheral nervous system (neurotechnologies), including neuro-interventional medical devices that are used in the treatment of stroke.

Also, the division of Neurological and Physical Medicine Devices (DNPMD) serves as the primary point of review at the FDA for regulatory submissions involving medical device neurotechnologies.Although the process of approval is strenuous and the time taken is too long, the devices approved by FDA have had a major impact on the markets and the products approved by FDA are successful.

FDA has been actively approving devices in the interventional neurosurgery device division which has boosted the market's growth. For example, approval of Stryker's Neuroform Atlas Stent System, De Novo clearance for Nerivio Migra, and Pipeline Flex embolization by Medtronic are the recent approvals made by FDA which enhances the market's growth.

The countries covered in the interventional neurology devices and equipment market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the UK, the USA, and Australia.

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).

The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.

The interventional neurology devices and equipment market research report is one of a series of new reports that provides interventional neurology devices and equipment market statistics, including interventional neurology devices and equipment industry global market size, regional shares, competitors with a interventional neurology devices and equipment market share, detailed interventional neurology devices and equipment market segments, market trends and opportunities, and any further data you may need to thrive in the interventional neurology devices and equipment industry. This interventional neurology devices and equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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