The Interventional neuroradiology market size is projected to reach US$ 2.41 billion by 2031 from US$ 4.42 billion in 2023. The market is expected to register a CAGR of 7.2% during 2023–2031. Ongoing clinical trials for the treatment of stroke is thus likely to remain a key trends in the market.
Identifying conditions such as embolisms and ischemia has been made easier and less intrusive by developments and improvements in diagnostic and imaging tools. The Radiological Society of North America reports a 43 percent rise in radiology exams using sophisticated modalities. In 2020, it's anticipated that health data would total more than 2,000 exabytes. Because of this, there is a greater need for neurovascular devices to treat them.
A minimally invasive (MIS) medical procedure is generally carried out by inserting a small device in the body through an incision or anatomical opening. Minimally invasive procedures have been performed widely in recent years. Since these incisions are tiny, the patient recovers comparatively faster, with less discomfort. Benefits of a minimally invasive procedure include minor cuts, less trauma to the muscles, tissues, and nerves tissues, less tissue injury, less tissue injury, less pain, less trauma to organs, faster oral intake, and less hospital stay. In addition, the rise in awareness about minimally invasive procedures and the availability of reimbursement for minimally invasive procedures are likely to foster the demand for minimally invasive procedures. Thus, owing to these factors, the market for interventional neuroradiology is likely to propel significantly during the forecast period.
Neurological diseases are disorders of the spine, brain, and the nerves that connect them. There are beyond 600 diseases of the nervous system, includes as brain tumors, Parkinson's disease, epilepsy, and stroke, as well as less familiar ones, for instance frontotemporal dementia. In recent years, the prevalence of neurological disorders has increased significantly. A brain aneurysm ruptures every 18 minutes. The annual rupture rate in the United States is around 8 – 10 per 100,000 people. Thus, the rising prevalence of cerebral aneurysms is anticipated to fuel the market's growth during the forecast period.
The health care industry has been witnessing rapid transformations in recent years. Various technological advancements have been witnessed in the industry, such as stem cell therapy, smart brain prosthetics, and transcranial MRI-guided focused ultrasound. Countries across the globe have been preferring advanced technologies in healthcare. With a need for better healthcare capabilities, technology-enabled care (TEC) solutions are preferred in healthcare systems in emerging economies. The increase in the ageing population, incidences of chronic illnesses are the primary factors driving the growth of the healthcare sector. There has been a significant increase in healthcare expenditure in recent years. As per the World Bank, Healthcare expenditure accounts for 9.94% of global GDP. The above factors are expected to offer broad growth opportunities in the healthcare industry at the global level.
Key segments that contributed to the derivation of the interventional neuroradiology market analysis are product, disease and end user.
The geographic scope of the interventional neuroradiology market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
The market for interventional neuroradiology in the US holds the largest share among the countries of North America. The market is expected to grow owing to the availability of advanced healthcare infrastructure, the number of neurological disorders, and product innovations introduced by key players operating in the region. In the United States, an increase in the prevalence of neurological disorders has been witnessed in recent years. According to the Brain Aneurysm Foundation’s recent data published in 2023 states, approximately 6.8 million people have unruptured brain aneurysms in the US. Therefore, the prevalence of the brain aneurysm and the developments made by the companies is expected to propel the market's growth during the forecast period.
The regional trends and factors influencing the Interventional Neuroradiology Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Interventional Neuroradiology Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 4.42 Billion |
| Market Size by 2031 | US$ 2.41 Billion |
| Global CAGR (2023 - 2031) | 7.2% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Product
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Interventional Neuroradiology Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Interventional Neuroradiology Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The Interventional Neuroradiology Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the interventional neuroradiology market are listed below:
The “ Interventional Neuroradiology Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
North America dominated the interventional neuroradiology market in 2023
Key factors driving the market are progressive aging population, increasing demand for minimally invasive procedures and rise in the prevalence of the cerebral aneurysm.
Ongoing clinical trials for the treatment of stroke is thus likely to remain a key trends in the market.
BALT EXTRUSION, Terumo Corporation, Merit Medical Systems, Medtronic, Penumbra, Inc., Stryker, DePuy Synthes, W. L. Gore & Associates, Boston Scientific Corporation and MicroPort Scientific Corporation.
The market is expected to register a CAGR of 7.2% during 2023–2031.