Interventional Neuroradiology Market is expected to reach US$ 3,254.55 Mn with a CAGR of 5.9% Till-2027 With Balt Extrusion, Merit Medical Systems, Terumo Corporation, Medtronic, Penumbra, Inc., Stryker, DePuy Synthes, Boston Scientific Corporation, W. L.

According to The Insight Partners market research study titled 'Interventional Neuroradiology Market - Global Analysis and Forecasts by Product, Disease and End User. The global interventional neuroradiology market is expected to reach US$ 3,254.55 Mn in 2027 from US$ 1,969.39 Mn in 2018. The market is estimated to grow with a CAGR of 5.9% from 2019-2027. The report highlights the trends prevalent in the global interventional neuroradiology market and the factors driving the market along with those that act as deterrents to its growth.

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The interventional neuroradiology market by product is segmented into neurovascular embolization & coiling assist devices and accessories. In 2018, the neurovascular embolization & coiling assist devices segment held a largest market share of 72.17% of the interventional neuroradiology market, by product. This segment is also expected to dominate the market in 2027 owing to increase in the number of interventional neurology procedures. The segment is also anticipated to witness the growth at a significant rate during the forecast period, 2018 to 2027.

Some of the players operating in interventional neuroradiology market are, Balt Extrusion, Merit Medical Systems, Terumo Corporation, Medtronic, Penumbra, Inc., Stryker, DePuy Synthes, Boston Scientific Corporation, W. L. Gore & Associates, and MicroPort Scientific Corporation among others. The market players have been establishing acquisitions and collaborations in the market, which enables them to hold a strong position in the market. For instance, in November, 2018, Stryker completed the acquisition of K2M Group Holdings, Inc. The acquisition aims to increase the product portfolio of Stryker’s spine and neurotechnology segment. The developments performed by the companies are helping the market to grow in the coming years.

Market Insights

Progressive Aging Population

The ageing population is defined as group of people aged 65 and over. The growth of the ageing population is poised to become one of the most significant social transformations of the twenty-first century. The number of geriatric population has been rising significantly worldwide. As per the data published by the United Nations, in 2017, there were an estimated 962 million people aged 60 or over in the world, which comprised of 13 per cent of the global population. The geriatric population is estimated to grow at a rate of 3% every year.

At present, Europe and Asia Pacific regions has the highest population aged 60 years and above. The number of ageing population in the world is projected to reach around 1.4 billion in 2030 and it will reach around 2.1 billion in 2050, and is expected to reach up to 3.1 billion in 2100. Ageing has been linked with the various chronic diseases due to problems related to it. Hence, owing to the growing geriatric population and the rise in associated neurological disorders, the market for interventional neuroradiology is anticipated to witness significant growth.

Increasing Demand for Minimally Invasive Procedures

A minimally invasive medical procedure is generally carried out by inserting a small device or an implant in body through an incision or anatomical opening. Products such as neurovascular embolization and coiling assist devices including embolic coils, flow diversion devices and liquid embolic agents are widely being used in the field of neurology. In the field of neurology, embolic coils are used to isolate an aneurysm from the normal circulation without blocking off any small arteries nearby or narrowing the main vessel. Coil embolization is a minimally invasive procedure to treat an aneurysm by filling it with material that closes off the sac and reduces the risk of bleeding. It is performed from "within" the artery (endovascular) through a steerable catheter inserted into the blood stream at the groin and guided to the brain. Tiny coils, glue, or mesh stents are used to promote clotting and close off the aneurysm.

In addition, the rise in the awareness about the minimally invasive procedures and availability of the reimbursement for the minimally invasive procedures are likely to foster the demand for minimally invasive procedure. Thus, owing to these factors the market for the interventional neuroradiology is likely to propel at a significant rate during the forecast period.

Progressive aging population, increasing demand for minimally invasive procedures and rise in the prevalence of the cerebral aneurysm play vital role in the growth of the interventional neuroradiology market. However, the restraints such as high cost of embolization coils and dearth of skilled professionals are likely to impact the growth of the market in the forecast period.

Strategic Insights

Strategic acquisition and product launches were observed as the most adopted strategy in global interventional neuroradiology industry. Few of the recent product launch and acquisitions are listed below;

2018: Balt USA, subsidiary of Balt Extrusion, received 510 (k) approval for the Optima Coil System in the US. The approval of the Optima Coil System makes it the first Balt USA product to be developed and approved for use in the US.

2018: MicroVention, Inc., received the FDA Premarket Approval (PMA) for the WEB Aneurysm Embolization System for the treatment of intracranial wide neck bifurcation aneurysms. The WEB System is a unique, single-device treatment solution for wide neck bifurcation aneurysms, which may account for up to 35% of all aneurysms.

2016: Merit Medical Systems, Inc. received 510(k) clearance for the SwiftNINJA Steerable Microcatheter. The clearance aims to offer peripheral and coronary applications. With the exception of Japan, Merit has global distribution rights for the SwiftNINJA.

MARKET SEGMENTATION

By Product
Neurovascular Embolization and Coiling Assist Devices
Embolic Coils
Flow Diversion Devices
Liquid Embolic Agents
Accessories
Microcatheters
Microguidewires

By Disease

Cerebral Aneurysms
Intra-Cranial Tumors
Acute Strokes
Other Diseases

By End User

Hospitals
Ambulatory Surgical Centers
Other End Users
By Geography
North America
U.S.
Canada
Mexico
Europe
France
Germany
UK
Italy
Spain
Asia Pacific (APAC)
China
Japan
India
Australia
South Korea
Middle East & Africa (MEA)
Saudi Arabia
South Africa
UAE
South America (SAM)
Brazil
Argentina

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