Interventional Neurology Devices Market Size

Interventional Neurology Devices Market Analysis

The interventional neurology devices market is anticipated to register a CAGR of 8.97% over the forecast period.

COVID-19 significantly impacted people with brain-related disorders due to limitations in the diagnostic and therapeutic processes that influenced ongoing research activities. For example, according to a study published in February 2021 in PubMed, patients with severe COVID-19 demonstrated a higher D-dimer level, suggesting an altered coagulation system state. Furthermore, the ICU-admitted COVID-19 patients showed significant thrombotic complications, including acute pulmonary embolism, ischemic stroke, deep-vein thrombosis, and systemic arterial embolism. Hence, the demand for interventional neurology devices was high during the pandemic, significantly impacting the market growth. The studied market reached its pre-pandemic nature regarding demand for interventional neurology devices as COVID-19-related restrictions were eased. Moreover, the market is believed to be registering significant growth in the coming years due to post-COVID neurological complications and new product approvals and launches.

Factors such as an increase in the incidence of neurological diseases and a rise in the adoption of minimally invasive treatment will likely fuel the market growth. For instance, as per the British Epilepsy Association data published in 2022, there were about 600,000 people with epilepsy living in the UK, around one in every 100 people. Every day, 87 people are expected to be diagnosed with epilepsy. With the high number of people living with epilepsy in the country, the demand for interventional neurology devices is increasing, contributing to market growth. Similarly, according to the 2022 update from the Parkinson's Foundation, nearly one million people in the United States were living with Parkinson's disease (PD). This number is expected to rise to 1.2 million by 2030. Parkinson's is the second-most common neurodegenerative disease after Alzheimer's disease. Hence, the high prevalence of neurological disease is likely to boost the market growth.

Additionally, the recent developments in the market, such as product reimbursement, will lead to significant growth. For instance, in June 2021, Terumo France/Europe and MicroVention Europe received reimbursement for the Roadsaver carotid stent system due to the positive assessment from the French National Authority for Health (HAS), highlighting the device's therapeutic benefit. Such initiatives will boost the market. Similarly, in September 2022, Penumbra, Inc., a global healthcare company focused on innovative therapies, publicized that its RED Reperfusion Catheters secured CE Mark (Conformité Européenne) and are available in Europe. The catheters are part of the company's Penumbra System. It is a fully integrated mechanical aspiration thrombectomy system to restore blood flow in acute ischemic stroke (AIS) patients. Also, in March 2021, Innovative Cardiovascular Solutions (ICS) reported positive results from European clinical cases using the next generation of the EMBLOK Embolic Protection System in patients undergoing transcatheter aortic valve replacement (TAVR).

Therefore, due to the increase in neurology diseases and a surge in product launches and approvals, the studied market is expected to witness significant growth over the forecast period. However, the strict rules of regulatory bodies for adopting new technologies and the high cost of devices are expected to hinder the market's growth.