PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1489973
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1489973
Asia Pacific Interventional Neurology Devices Market is valued approximately at USD 500 million in 2023 and is anticipated to grow with a healthy growth rate of more than 8.09% over the forecast period 2024-2032. Interventional neurology devices are specialized tools used by neurologists and neurosurgeons for minimally invasive procedures targeting the brain, spinal cord, and associated blood vessels. These devices include neurovascular stents, embolic coils, catheters, embolization devices, neurothrombectomy devices, intracranial stents, neuroendovascular clipping devices, and flow diverters. They play a crucial role in treating conditions such as aneurysms, stroke, intracranial stenosis and other vascular abnormalities, offering advantages such as quicker recovery times and improved patient outcomes compared to traditional open surgeries. The growing emphasis on expanding access to interventional neurology procedures and devices in emerging markets is a major growth trend in the Asia Pacific Interventional Neurology Devices Market.
The regional market is expected to experience growth due to factors such as a surge in the prevalence of neurological diseases and increased acceptance of minimally invasive treatments. In addition, Asia Pacific has a rapidly aging population, with a significant increase in individuals susceptible to age-related neurological disorders like stroke, aneurysms, and dementia. According to The World Bank, in 2015 the total population aged 65 and above in Japan was 33,081,239 and in 2021 the number reached 36,068,144. Also, as per the World Population Aging 2019 report, in China, the population aged above 65 years or above is projected to reach 246.98 million by 2030 from 164.48 million in 2019. Accordingly, this growing population creates a substantial demand for interventional neurology devices for diagnosis and treatment. Moreover, increasing awareness among healthcare professionals and patients about the benefits of minimally invasive procedures is driving the adoption of interventional neurology devices are further leveraging various growth opportunities for the market over the forecast period. However, high cost of devices and stringent regulatory scenario is likely to stifle market growth between 2022 and 2032.
The key countries considered for the Asia Pacific Interventional Neurology Devices Market study includes China, India, Japan, South Korea, Australia and Rest of Asia Pacific. In 2023, China was the largest regional market because of rising aging population, increased government public health initiatives and educational campaigns, coupled with the increasing focus on minimally invasive procedures Along with this, regulatory bodies in China are developing frameworks for reimbursing interventional neurological procedures, which improves patient access to these potentially life-saving treatments. The Chinese government actively encourages and subsidizes the domestic production of interventional neurology devices. This fosters the growth of local manufacturers, offering potentially cost-effective alternatives to established brands and promoting self-reliance in the medical technology sector. Whereas, the market in India is expected to grow at the fastest rate over the forecast period.