Market Trends of Interventional Neurology Devices Industry
Neuro Thrombectomy Devices Segment is Expected to Show Significant Growth Over the Forecast Period
A neurothrombectomy device is intended to retrieve or destroy blood clots in the cerebral microvasculature by mechanical, laser, ultrasound technologies, or a combination of technologies. Ischemic acute stroke is associated with side effects and higher health burdens. Neurothrombectomy equipment is recommended for patients receiving treatment that may include limited functionality. The currently available neuro-thrombectomy machines offer interesting treatment options to patients with acute ischemic stroke. The neuro-thrombectomy device segment will likely witness significant growth over the forecast period. It is due to factors such as an increase in neurological diseases and a rise in neuro-thrombectomy device launches coupled with research and development.
Moreover, countries like India are facing the challenge of TBI caused by road accidents, as the number of road accidents in these countries is increasing yearly. For instance, as per the data by National Crime Records Bureau published in August 2022, the number of road accidents in India increased from 3,68,828 in 2020 to 4,22,659 in 2021. Furthermore, other data from the Indian Head Injury Foundation published in its 2021 report stated that over one million people across the country suffer from severe head injuries every year, and around 60% of TBI in India are caused by road accidents. Hence, observing the given statistics, it is believed that increasing road accidents in India causing TBIs will contribute significantly to the growth of neuro-thrombectomy devices over the forecast period.
Furthermore, neurothrombectomy machines offer many potential benefits beyond pharmacologic thrombolysis, including the success of rapid reconstruction, improved efficiency in treating large vessels, and a lower risk of bleeding events. Introducing neurothrombectomy devices will lead to an increase in market share, thus driving the market. For example, in January 2021, Vesalio received the FDA 510k approval and its 4th CE approval to remove a thrombus from nearby blood vessels that expand the stage of neuro-vascular thrombectomy. Similarly, in February 2022, MicroPort NeuroTech Limited received marketing approval from China's National Medical Products Administration (NMPA) for its self-developed Neurohawk Stent Thrombectomy Device (Neurohawk). Neurohawk is a retrievable, self-expandable clot stent retriever used in endovascular invasive thrombectomy procedures to remove large clots in blood vessels.
Hence, with increased neurology diseases, product launches, and several product approvals, the studied segment is expected to grow significantly over the forecast period.
North America Anticipated to Hold a Significant Market Share Over the Forecast Period
North America is expected to witness significant growth in the studied market owing to factors such as the increasing burden of neurodegenerative diseases like Alzheimer's, Parkinson's disease, etc., product launches, and increasing demand for minimally invasive treatment. For instance, the increasing number of neurological disorders in North America is one of the major drivers for the market. According to the report published by the Brain Injury Association of America in March 2021, around 3.5 million Americans yearly suffer from traumatic brain injuries. The same source also reported that about 2.8 million people sustain traumatic brain injuries annually, with some 280,000 resulting in hospitalizations. Furthermore, in 2022, Heart & Stroke published a new study in the Canadian Journal of Neurological Sciences, which revealed that annual stroke occurrence rates in Canada increased to 108,707, or approximately one every five minutes.
Furthermore, as per the report published by the CDC in January 2022, about 0.6% of children aged 0-17 years had active epilepsy in 2021. The same source also stated that around 470,000 children had active epilepsy and around 3.0 million adults in the United States had active epilepsy in 2021. In addition, the incidence of epilepsy in the United States in seniors is up to 240 per 100,000 per year. Thus, the rising prevalence of epilepsy propels the demand for interventional neurology devices, which will increase market growth.
Additionally, a rise in product launches, strategic activities by the key players, and government initiatives and awareness campaigns are expected to drive market growth. For instance, in October 2022, the Society of Vascular and Interventional Neurology publicized a 40-second stroke awareness challenge. During the challenge, each person was required to create a 40-second video doing as many push-ups as they could safely do. Such awareness challenges make people more cautious about their health and, thereby, driving the market growth.
Therefore, with increased neurology diseases and awareness programs, North America is expected to witness significant growth over the forecast period.
