Interventional Neurology Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Interventional Neurology Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The interventional neurology devices help in the diagnosis, prevention, and treatment of a variety of neurological disorders and conditions, such as Alzheimer’s disease, Parkinson’s disease, major depression, epilepsy, spinal cord injury, and traumatic brain injury. These devices are minimally invasive image-based technologies. The procedures involving these devices are used in the diagnosis and treatment of diseases of the head, neck, and spine.

According to a worldwide WHO report, the prevalence of Alzheimer's and other forms of dementia was nearly 3 per 1000 in 2015. Moreover, the geriatric population is rising globally which is more prone to mental disorders. This burden has led to an increase in research and development of advanced technologies that are not only safer and more efficient but also minimally invasive. These factors have hence contributed to the growth of this market.

However, stringent regulations of regulatory bodies to approve new technologies and high cost of devices have been restraining the growth of this market.

Key Market TrendsNeurothrombectomy Devices segment is expected to register high CAGR in the forecast period

A neuro thrombectomy device is intended to retrieve or destroy blood clots in the cerebral neurovasculature by mechanical (i.e., snare or suction), laser, ultrasound, or a combination of technologies.

Acute ischemic strokes are associated with poor outcomes and high healthcare burden. The use of Neurothrombectomy devices is recommended for patients currently receiving treatments that may have limited efficacy. Currently available Neurothrombectomy devices offer intriguing treatment options in patients with acute ischemic stroke.

Neurothrombectomy devices offer many potential advantages over pharmacologic thrombolysis, including faster achievement of recanalization, enhanced efficacy in treating large-vessel occlusions, and a lower risk for hemorrhagic events. The Merci®, used to restore blood flow in the neurovasculature by removing thrombus in patients experiencing ischemic stroke retriever, was the first endovascular device to receive FDA clearance, in 2004.

Hence, the market for these devices is expected to grow during the forecast period.

North America dominates the interventional neurology devices

According to the 2017 American Neurological Association report, there are a total of 5.3 million Alzheimer's dementia and 2.2 million other dementia patients in the United States (US), which accounts for 2.4% of the population of the US. Many global players have been attracted to this region due to the demand for minimally invasive technologies and increased prevalence of Neurological disorders.

Overall, the market for neurology devices in the country contributes to the large share in the global market, partly due to a broad base of established medical devices’ manufacturers operating in the space of neurology devices and partly due to the regulatory framework for neurological devices’ approval, which though intricate, is robust enough to ensure speedy approval of new neurology devices.

The market for neurology devices in the United States is expected to experience growth during the forecast period, due to the increasing incidence of chronic neurological illnesses, like Parkinson’s disease and Alzheimer’s disease, among the US population, especially among the elderly.

Competitive Landscape

The majority of the interventional neurology devices are being manufactured by the global key players. Market leaders with more funds for research and a better distribution system have established their position in the market. Moreover, Asia-pacific is witnessing an emergence of some small players due to the rise in awareness of minimally invasive technologies, which has helped the market grow hence increasing the market.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

Abbott
B. Braun Melsungen AG
Boston Scientific Corporation
Johnson & Johnson
Medtronic
Merit Medical Systems.
Penumbra, Inc.
Stryker Corporation
Terumo Corporation
W. L. Gore & Associates.

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.