Global Interventional Neurology Devices Market - Segmented by Product Type, Application, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global interventional neurology devices market is expected to register a CAGR of 7.5% during the forecast period, (2018 -2023). The Asia-Pacific is anticipated to grow significantly during the forecast period, owing to rising incidence of neurological diseases and less stringent regulatory scenario.
Increasing Incidence of Neurological Disorders
According to a study published in the April 2017, in the Journal of the Annals of Neurology, the most common neurological diseases cost USD 789 billion, in 2014, in the United States, and is expected to grow in the future, due to the rising elderly populations. According to data from the National Center for Health Statistics of the Centers for Disease Control and Prevention (CDC), 84,767 people died from Alzheimer’s disease in 2013. Approximately 50 million people worldwide have epilepsy, making it one of the most common neurological diseases. Globally, an estimated 2.4 million people are diagnosed with epilepsy each year. The increasing incidences of neurological disorders is driving the market. Additionally, the increasing demand for minimally invasive treatment, increasing R&D investment for neurotherapies from key players, and rising elderly population is likely to drive the market growth for interventional neurology devices, globally.
Stringent Regulatory Guidelines
Food and Drug Administration (FDA) strictly regulates the approval of medical devices depending on their class. There is relatively few class I neurological devices. Majority of the neurological devices are classified under Class II and Class III. Some of the Class I devices include ventricular needles and anvils used to form skull plates. Class II devices include neurostimulators, aneurysm clips, and blood clot retrievers. Examples of Class III devices are deep brain stimulators and medical devices for the treatment of brain tumors. Approval of class III medical devices is complicated and requires clinical trials. The time taken for the trials can 36 months or more, depending on the extent of clinical trials and additional information that FDA might request. European Union has recently taken steps to strengthen its regulatory approval process significantly, and this is expected to delay approvals in Europe. The delay in regulatory approvals and high cost of interventional devices are the major challenges faced by the companies involved in the manufacture of neurological devices.
North America to Dominate the Market
North America is expected to hold the largest share of neurovascular devices market during the forecast period. The factors, such as significant adoption of neurovascular devices among neurosurgeons, favorable reimbursement scenario, the presence of established key players in the region, and huge investment in R&D are driving the growth of the North American interventional neurology market.
Key Developments in the Market