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(Health-NewsWire.Net, November 27, 2020 ) Major factors driving the growth of Interventional Neurology Market include growing target patient population, ongoing product development & commercialization, favorable medical reimbursements, expansion of healthcare infrastructure across emerging markets, and growing market demand for effective neurovascular devices.
Expected Revenue Surge:
The neurovascular devices market is expected to reach USD 2.62 billion by 2021 from USD 1.74 billion in 2016, at a CAGR of 8.6% from 2016 to 2021.
Moreover, increasing number of researches in the field of neurovascular therapies, rising demand for minimally invasive neurosurgical procedures, and increasing awareness among neurosurgeons about minimally invasive surgical procedures provide significant growth opportunities in the market. However, stringent regulatory scenario and dearth of skilled neurosurgeons may hinder the growth of this market during the forecast period.
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Major Developments in Interventional Neurology Market:
# In December 2016, Codman Neuro (a subsidiary of Johnson & Johnson) acquired Pulsar Vascular Inc. (US), this acquisition aimed at the enhancement of product portfolio for hemorrhagic and ischemic stroke.
# In December 2016, Terumo Corporation signed an agreement with Abbott Laboratories (U.S.) and St. Jude Medical, Inc. (U.S.). The agreement was aimed at acquisition of St. Jude Medical’s Angio-Seal and FemoSeal vascular closure & Abbott’s Vado Steerable Sheath. This agreement helped Terumo Corporation to enhance the product portfolio in minimally invasive entry site management and strengthen its visibility in the U.S. neurovascular and interventional neurology devices market.
# In July 2016, Medtronic plc launched its Pivox Oblique Lateral Spinal System with Lateral Plate for OLIF25 and Divergence-L Anterior/Oblique Lumbar Fusion System for OLIF51 for the development of OLIF (Oblique Lateral Interbody Fusion) Platform. The OLIF platform is a minimally invasive spine fusion procedures utilized for the placement of an implant into the disc space for anterior column support.
# In July 2016, Penumbra, Inc. launched ACE 68 Reperfusion Catheter for the treatment of acute ischemic stroke. It includes latest technological advancements to deliver maximum aspiration power for extracting thrombus in acute ischemic stroke patients.
# In February 2015, Terumo Corporation announced the establishment of its R&D center in Southern California (U.S.) with an investment of USD 84.0 million (~JPY 10.0 billion). The R&D center will commence operations in 2017, and is mandated to focus on R&D programs related to coronary and peripheral interventional therapies (including neurovascular surgeries).
Geographical Growth Prospects:
On the basis of geography, neurovascular devices market is classified into four regions, namely, North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific is the fastest-growing geographic segment in the neurovascular devices/interventional neurology market. The large market growth of this geographic segment can be attributed to the presence of a large patient population base for target diseases, rising awareness among neurosurgeons related to the benefits offered by interventional neurology devices, and ongoing government initiatives to modernize & expand healthcare infrastructure.
Target Audience:
# Original Equipment Manufacturers (OEMs)
# Product Sales and Distribution Companies
# Healthcare Service Providers (Hospitals and Surgical Centers)
# Non-government Organizations
# Government Regulatory Authorities
# Research Laboratories and Academic Institutes
# Clinical Research Organizations (CROs)
# Research and Development Companies
# Market Research and Consulting Firms
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Key Players:
The key players in the interventional neurology market focused on various strategies such as product launches & enhancements; agreements and collaborations; strategic acquisitions; and expansions to increase market shares in the global market. Product launches & enhancements were the key strategies adopted by major industry players to achieve the desired market growth during 2013-2016.
This strategy was mainly adopted by Stryker Corporation (U.S.), Medtronic plc (U.S.), Johnson & Johnson (U.S.), Terumo Corporation (Japan), Penumbra, Inc. (U.S.), Abbott Laboratories (U.S.), Merit Medical Systems, Inc. (U.S.), W. L. Gore & Associates, Inc. (U.S.), and MicroPort Scientific Corporation (China).
Apart from product launches & enhancements, many prominent players also adopted agreements & collaborations as the key growth strategy to strengthen market presence, enhance R&D capabilities, and to expand distribution networks to generate additional demand by sensitizing end users through an increase in availability of neurovascular products.
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