Major players in the interventional neurology devices and equipment market are Medtronic, Stryker, TERUMO CORPORATION, Penumbra and Covidien. The global interventional neurology devices and equipment market is expected to decline from $2.
New York, Sept. 16, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Interventional Neurology Devices And Equipment Global Market Report 2020-30: Covid 19 Impact and Recovery" - https://www.reportlinker.com/p05967837/?utm_source=GNW
3 billion in 2019 to $1.9 billion in 2020 at a compound annual growth rate (CAGR) of -17.6%. The decline is mainly because of worldwide supply and demand mismatches of resources due to the COVID-19 outbreak. There is an inadequate production of devices used in neurological disease treatment, due to the restrictions imposed by governments of various countries to shutdown factories or function with minimal staffing in order to contain the spread of virus and keep the staff safe. Additionally, the restrictions on non-essential medical services also hampered the market growth. The market is then expected to recover and grow at a CAGR of 8.2% from 2021 and reach $3.1 billion in 2023.
The interventional neurology devices and equipment market consists of sales of interventional neurology devices which are used to treat neurovascular diseases such as aneurysms, arteriovenous malformations, cavernous malformations and stroke. Based on the product type, these devices are classified into aneurysm coiling & embolization devices, support devices, cerebral balloon angioplasty & stenting systems and neurothrombectomy devices. Interventional Neurology devices are also known as Neurovascular devices.
In 2018, North America was the largest region in the interventional neurology devices and equipment. During the forecast period, Asia Pacific is forecasted to register the highest CAGR.
The United States Food and Drug Administration (FDA) Center for Devices and Radiological Health (CDRH) presides over the regulation and approval of medical devices in the USA. Within CDRH, the Division of Neurological and Physical Medicine Devices reviews medical technologies that interface with the central and peripheral nervous system (neurotechnologies), including neurointerventional medical devices that are used in the treatment of stroke. Also, the division of Neurological and Physical Medicine Devices (DNPMD) serves as the primary point of review at the FDA for regulatory submissions involving medical device neurotechnologies. Although the process of approval is strenuous and the time taken is too long, the devices approved by FDA have had a major impact on the markets and the products approved by FDA are successful. FDA has been actively approving devices in the interventional neurosurgery device division which has boosted the market’s growth. For example, approval of Stryker’s Neuroform Atlas Stent System, De Novo clearance for Nerivio Migra and Pipeline Flex embolization by Medtronic are the recent approvals made by FDA which enhances the market’s growth.
Strict regulatory policies by the US FDA for the approval of Interventional Neurological Devices will hinder the interventional neurological devices market growth. FDA gives approval for the devices based on the class of the devices. Most of the devices under Interventional Neurological Devices are classified under the class 3 devices. Class 3 devices required to undergo a lot of approvals from the regulatory bodies which is a time consuming process. For example, the approval for the class 3 devices may take more than 36 months, thereby increasing the overall cost of product development, impacting the market negatively.
Stryker Inc.’s latest technological development Neuroform Atlas Stent System is expected to provide significant results to treat brain aneurysms with embolic coils. The introduction of such technologies would drive the interventional neurological device market in the future. The Atlas stent system provides great support during the coiling procedures and it has been designed s to provide the coil support and wall apposition needed to perform effective stent-assisted coiling procedure. Neuroform Atlas has enhanced stent conformability, a low-profile delivery system and high deployment accuracy even in distal anatomy makes it the latest choice of the neuro-surgeons, thereby steering the market.
Increase in the patient population with the neurological disorders is driving the Interventional neurology devices market. Neural disorders like Alzheimer disease, cerebrovascular diseases including stroke, migraine and other headache disorders are on the rise. The rapid increase in the geriatric population, high-stress levels in young individuals and head injuries due to accidents are the main reasons for neural disorders. For example, according to the Brain Aneurysm Foundation, it is estimated that in United States, 6 million people suffer from unruptured brain aneurysm. Also, according to World Health Organization, more than 50 million have epilepsy and over 47 million have dementia. Hence, the rapid increase in the incidence of the neurological disorders is slated to boost the market in the forecast period.
Read the full report: https://www.reportlinker.com/p05967837/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
CONTACT: Clare: firstname.lastname@example.org US: (339)-368-6001 Intl: +1 339-368-6001