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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.
To know the latest trends and insights of this market, click the
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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
o Stryker
Corporation’s subsidiary Concentric Medical’s Trevo XP ProVue Retriever
received FDA approval for its use in strokes in November 2016
o Penumbra
3D Revascularization Device Trial successfully met the primary trial endpoints
in 2016
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