Interventional Neurology Market to surpass US$ 2.7 Billion by 2024

Posted on 2017-07-25 by COHERENT MARKET INSIGHTS in Healthcare // 0 Comments

Seattle, WA, 2017-Jul-25 — /EPR Network/ —

The Global Interventional Neurology Market is projected to reach USD 2,684.6 million by 2024, according to a new report by published by Coherent Market Insights. 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.

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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.

The global Interventional neurology market is witnessing strategic agreements among leading players focusing on diversifying their product portfolio and increasing their market presence.

In 2016, Codman & Shurtleff, Inc. inked an exclusive distribution agreement with InNeuroCo, Inc. for its 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.

Advent of innovative solutions that enhance the outcomes of surgeries are fueling demand for neurointerventional devices

Medical University of South Carolina (MUSC) is investigating the safety and success rate of ADAPT – direct-aspiration first pass technique that removes the clot in a single-pass
FDA expanded the approval of Solitaire stent retriever device of Medtronic PLC for reduction of stroke-related disability. This device can now be used in patients with 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. This new device enables removal of clots of different lengths with ease.

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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

About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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