According to the deep-dive market assessment study by Growth+ reports, the global neuroendoscopy devices market was pegged at ~ US$ 1.7 billion in 2021. The market is expected to witness a CAGR of ~6.2% from 2022 to 2030.
Neuroendoscopy devices are utilized in various medical conditions, especially for treating brain tumors or spine-related illnesses, and also can be used to provide samples of targeted tissue/spinal fluid. The global neuroendoscopy devices market growth can be attributed to factors such as the increasing prevalence of brain tumors, growing government and private initiatives, and the availability of favorable reimbursement policies. Additionally, the growth in rising disposable income and rapid healthcare system development further helps propel market expansion. Furthermore, the growing adoption of minimally invasive procedures and technological advancement in society also accelerates the market growth.
High demand for minimally invasive surgeries worldwide is a major driving factor in the neuroendoscopy devices market. This type of medical procedure offers more advantages over conventional procedures, such as more convenience in the operative procedures consisting of low risk and low blood loss. Additionally, it is a time-efficient technique and has a faster recovery rate, thus, increasing demands for minimally invasive surgeries. Furthermore, this technique is economically affordable, which helps in raising the demand for minimally invasive surgeries and propelling market growth.
Growing advancements in technologies of neuroendoscopy devices have significantly impacted market development. The enhancement in camera and optical technology, the introduction of robotic systems, and the miniaturization of the device can be significant factors driving the market growth. Furthermore, the introduction of multiport endoscopic surgery and enhanced technology to implement endoscope-assisted microsurgery and bimanual microdissection can accelerate market expansion. Additionally, the introduction of telemanipulated neuroendoscopy using a control system, robotic system, and development in nanotechnology can prove to be a great opportunity in minimally/ultra-micro-access neurosurgery. Thus, these factors can be beneficial for market growth.
The rising prevalence of brain tumors and intra- and extradural spinal diseases is a major driving factor in the neuroendoscopy devices market. According to the Cancer.Net report, in 2020, nearly 251,329 people died from brain tumors and central nervous system (CNS) tumors. Risk factors such as high exposure to radiation from X-rays, and resultant metastasis can restrain the market growth.
However, challenges such as a lack of skilled professionals and high pricing of neuroendoscopy devices and their treatments may restrain the market growth. The dearth of trained professionals in neuroendoscopy may have an adverse impact on market growth. Lack of knowledge in neuroendoscopy can cause a significant issue during the procedure and result in the loss of life. Knowledge and good experience with such devices and their proper application are essential for providing satisfactory patient results. Thus, such factors can lower the demand for neuroendoscopy, restraining market growth.
North America holds the largest revenue share in the market. The market growth in this region can be attributed to continuous adoption of enhanced technologies, the rise in research and development activities, and the presence of multinational companies. Additionally, high investments & funds in neurological disorders and the rapid launch of innovative techniques fuel North America's market development. Europe comes second in terms of the revenue share of the market. This growth attributes to the high adoption of innovative treatment methods/techniques and enhanced healthcare infrastructure.
The Asia Pacific is the fastest-growing region in this market. This growth can be attributed to improving medical tourism, growing development in healthcare infrastructure, and rising adoption of advanced technologies. Furthermore, increasing healthcare expenditure and growing cases of tumor or spine-related problems accelerate the market development in this region.
Some of the prominent players operating in the global neuroendoscopy devices market are Adeor medical AG, Tonglu WANHE Medical Instrument Co. Ltd, Aesculap AG (B. Braun Holding GmbH & Co. KG), Karl Storz SE & Co. KG, Ackermann Instrumente GmbH, Clarus Medical LLC, Nevro Corporation, Stryker Corporation, Carl Zeiss AG, and Medtronic plc, among others.