Interventional neurology can be defined as a specialty aimed at treating major diseases of the brain, spine, and neck, through minimally invasive image guided techniques. Major diseases treated by interventional neurologists include cerebral aneurysm, head and neck tumors, intracranial atherosclerosis, meningiomas, ischemic strokes, spinal vascular malformations, and vertebral body tumors. Intracranial aneurysm, such as subarachnoid hemorrhage, is one of the common neurological disease affecting over 30,000 people in the U.S. each year and over 2% of the global population. Central nervous system arteriovenous malformations (AVMs) have been reported in over 0.15% of the U.S. population, of which over 90% are supratentorial located. Among these, over 4% of the cerebral AVMs are due to hemorrhagic conversions.
Significant rise in the prevalence of neurological diseases, severity of the disease, rising demand for effective treatment methods, surge in demand for minimally invasive procedures, and growing awareness among people is expected to contribute to the growth of the market. In addition, technological advancements in the field of interventional neurology, rising patient pool of hemorrhagic and ischemic stroke, and strong focus on research & development leading to new product launches and product enhancements, are anticipated to fuel the growth of the market. Moreover, decreasing cost of products attributed to the strengthening of the distribution networks and localized manufacturing is likely to boost market growth during the forecast period. However, dearth of trained interventional neurologists and stringent regulatory procedures, among others are anticipated to hamper market growth. Furthermore, high cost of procedures, lack of disposable income in the developing regions, and the lack of well-established reimbursement policies are expected to restrain the market during the forecast period.
The global interventional neurology market can be segmented based on product type, indication, end-user, and region. In terms of product type, the market can be segmented into coiling and embolization devices, angioplasty and stenting systems, support devices, and neurothrombectomy devices. The coiling and embolization devices segment can be sub-segmented into embolic coils, liquid embolic agents, and flow diverting devices. The angioplasty and stenting systems segment can be bifurcated into carotid artery stents and embolic protection systems. Support devices include microcatheters and guidewires. Based on indication, the market can be categorized into cerebral aneurysms, ischemic stroke, arteriovenous malformations, and others. In terms of end-user, the market can be segmented into hospitals, ambulatory surgical centers, clinics, and others.
Geographically, the global interventional neurology market can be segmented into five regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the market in terms of revenue in 2016. It is anticipated to continue to dominate the market during the forecast period. Strong growth in the region can be attributed to the well-established health care infrastructure, growing awareness among people, and strong focus on research & development. Europe is anticipated to be the second largest market in terms of revenue. Asia Pacific is anticipated to expand at a significantly high CAGR during the forecast period, with growth being driven by China and India. Growth in these countries is driven by increasing patient population, government focus on enhancing health care infrastructure, and rising awareness among people.
Leading players in the global interventional neurology market include Boston Scientific Corporation, Medtronic plc, Abbott Laboratories, Stryker Corporation, Johnson & Johnson, Terumo Corporation, Penumbra, Inc., Merit Medical Systems, Inc., MicroPort Scientific Corporation, W. L. Gore & Associates, Inc., and Cook Medical. The primary growth strategies adopted by the market players include acquisitions, partnerships, collaborations, product launches, and product enhancements, to strengthen their position in the market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.