Progressive Aging Population is driving the market for Interventional Neuroradiology over the forecast period.
According to The Insight Partners market research study titled 'Interventional Neuroradiology Market - Global Analysis and Forecasts by Product, Disease and End User. The global interventional neuroradiology market is expected to reach US$ 3,254.55 Mn in 2027 from US$ 1,969.39 Mn in 2018. The market is estimated to grow with a CAGR of 5.9% from 2019-2027. The report highlights the trends prevalent in the global interventional neuroradiology market and the factors driving the market along with those that act as deterrents to its growth.
The interventional neuroradiology market by product is segmented into neurovascular embolization & coiling assist devices and accessories. In 2018, the neurovascular embolization & coiling assist devices segment held a largest market share of 72.17% of the interventional neuroradiology market, by product. This segment is also expected to dominate the market in 2027 owing to increase in the number of interventional neurology procedures. The segment is also anticipated to witness the growth at a significant rate during the forecast period, 2018 to 2027.
Progressive aging population, increasing demand for minimally invasive procedures and rise in the prevalence of the cerebral aneurysm play vital role in the growth of the interventional neuroradiology market. However, the restraints such as high cost of embolization coils and dearth of skilled professionals are likely to impact the growth of the market in the forecast period.
Some of the players operating in interventional neuroradiology market are, Balt Extrusion, Merit Medical Systems, Terumo Corporation, Medtronic, Penumbra, Inc., Stryker, DePuy Synthes, Boston Scientific Corporation, W. L. Gore & Associates, and MicroPort Scientific Corporation among others. The market players have been establishing acquisitions and collaborations in the market, which enables them to hold a strong position in the market. For instance, in November, 2018, Stryker completed the acquisition of K2M Group Holdings, Inc. The acquisition aims to increase the product portfolio of Stryker’s spine and neurotechnology segment. The developments performed by the companies are helping the market to grow in the coming years.