Global Neurosurgery Devices Market
Number of pages: 100 | Report Format: PDF | Published date: 27 February, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
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Report Attribute |
Details |
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Market size value in 2021 |
US$ 9.1 billion |
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Revenue forecast in 2030 |
US$ 29.1 billion |
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Growth Rate |
CAGR of 13.7% from 2022 to 2030 |
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Base year for estimation |
2021 |
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Forecast period |
2022-2030 |
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Historical Year |
2020 |
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Segments covered |
Product, Application, End User, and Region |
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Regional scope |
North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
According to the deep-dive market assessment study conducted by Growth Plus Reports, the global neurological devices market was valued at US$ 9.1 billion in 2021 and is expected to register a revenue CAGR of 13.7% to reach US$ 29.1 billion by 2030.
Market Fundamentals
Neurosurgery includes interventional diagnosis or treatment for patients who have an injury, or a particular disease related to the spinal cord, brain, and nervous system. Pituitary tumors, brain tumors, spinal tumors stroke, head injury, Parkinson’s disease, Alzheimer’s disease lumbar spinal stenosis, and vertebral fractures are some of the neurological disorders which cannot be treated with conventional pharmacotherapy. In such cases, neurosurgery plays a crucial role. Neurological disorders can result from accidental trauma, hormonal disorders, vascular disorders, infectious or autoimmune diseases, nutritional deficiency, or workplace accidents. Major modalities of neurosurgery devices include neuromodulation, neuroendoscopy, neurostimulation, and many others. Some of the key neurosurgery devices include neurostimulation devices, endoscopes, stereotactic devices, aneurysm clips, embolic coils, and neurosurgical navigation systems.
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Market Dynamics
The neurosurgery devices market is influenced by various factors such as the rising incidence of neurological disorders such as Alzheimer's disease, Parkinson's disease, and multiple sclerosis is one of the key drivers of the neurosurgery devices market. As the global population ages, the incidence of these disorders is expected to increase, driving demand for neurosurgery devices and procedures. Advances in neurosurgery devices such as neurostimulation devices, endoscopes, and stereotactic devices are enabling surgeons to perform minimally invasive procedures, leading to faster recovery times and reduced hospital stays. The development of neurosurgical navigation systems is also helping surgeons to accurately target specific areas of the brain, improving patient outcomes. The global population is aging, with a growing number of people over the age of 65. This demographic group is more susceptible to neurological disorders, driving demand for neurosurgery devices and procedures. Rising healthcare expenditures, particularly in developed countries, are also driving the neurosurgery devices market. Increased investment in healthcare infrastructure and the development of innovative medical devices and technologies are fueling market growth. Increasing awareness among patients about the availability of neurosurgery devices and procedures is also driving market growth. Patients are becoming more informed about the benefits of these devices and are increasingly willing to undergo neurosurgery to treat the conditions. However, there are also several challenges that can impact the growth of the neurosurgery devices market. These include the high cost of neurosurgery devices and procedures, and the risks associated with neurosurgery.
Market Ecosystem
The global neurosurgery devices market has been analyzed from four perspectives : Product, Application, End User, and Region.
Neurosurgery Devises Market by Product
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Based on product type, the global neurosurgery devices market is segmented into neuromodulation, neuroendoscopy, neurostimulation, and neurointerventional devices. The neurostimulation devices segment dominates the market with the largest revenue share, attributed to the increasing prevalence of neurological disorders resulting from lifestyle-associated effects and the growing prevalence of chronic musculoskeletal diseases. Moreover, rapid advancements in technology and the corresponding growth in demand for neurostimulation devices are driving the market. For instance, in December 2022, Axonics announced it has received approval from Health Canada for its neurostimulation implant named R20 neurostimulator. This device is the fourth-gen product of its series which requires a single-hour charge lasting 6-10 months, while the previous-gen model required charging every month.
Neurosurgery Devices Market by Application
Based on application, the global neurosurgery devices market is segmented into spinal cord stimulation, deep brain stimulation, neuroendoscopy, and others. The increasing prevalence of brain tumors, skull-based tumors, pituitary tumors, and several others has increased the demand for use of neuroendoscopy thus will result in boosting segment growth. The expansion in the aged population, which is particularly prone to numerous neurological illnesses, especially persons over 65, can eventually aid to fuel the market.
Neurosurgery Devices Market by End User
Based on end-users, the global neurosurgery devices market is segmented into hospitals, ambulatory surgery centers, neurosurgery centers, and others. The hospital segment dominates the market with a large revenue share. The infrastructure, tools, and medical professionals' experience in hospitals are credited to a significant share of hospitals.
Neurosurgery Devices Market by Region
Based on region, the global neurosurgery devices market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America dominated the global neurosurgery devices market. The large share of North America in the global neurosurgery devices market can largely be attributed due to a significant number of patients suffering from neurological disorders along with the presence of superior healthcare facilities. According to a report from Yale school of medicine from September 2022, surgeons from Yale successfully installed the first endovascular device for hydrocephalus. It is a neurosurgical disorder that causes the build-up of cerebrospinal fluid in the brain. The purpose behind using this new technique was the common treatment i.e., ventriculoperitoneal (VP) shunt caused a complication in 40% of cases within a year. Along with this, there is a continuous improvement in the neurological device market which would lead to boosting the market.
Europe is the second-largest market for neurosurgery devices. The market growth in the region is driven by the aging population, increased awareness of neurosurgery devices and procedures, and the presence of well-established healthcare infrastructure. Germany, France, and the UK are the major markets in the region. The Asia Pacific region is expected to witness the highest growth rate during the forecast period. The market growth in the region is driven by the increasing demand for neurosurgery devices in countries such as China and India, the rising prevalence of neurological disorders, and the increasing awareness among patients about the availability of neurosurgery devices and procedures. The rest of the world segment includes regions such as Latin America, and the Middle East, and Africa. The market growth in these regions is driven by the increasing demand for neurosurgery devices and procedures, the rising prevalence of neurological disorders, and the increasing healthcare expenditure in these regions. However, the market growth in these regions is expected to be relatively slower than in other regions due to the lack of well-established healthcare infrastructure.
Competitive Landscape
The prominent players operating in the neurosurgery devices market are:
Strategic Developments
The global neurosurgery devices market is estimated to reach US$ 29.1 billion in 2030.
The increasing prevalence of neurological disorders, the rising geriatric population, and investments by major firms in the research and development sector in the neurosurgery field are some of the factors driving the market growth.
Some of the key competitors in the global neurosurgery devices market are Medtronic plc; Stryker Corporation; B. Braun SE; Boston Scientific Corporation; Integra Lifescience; Olympus Corporation; BIOTRONIC; Johnson & Johnson Services, Inc.; Smith & Nephew; Penumbra, Inc.; Conmed Corporation; Clarus Medical; Adeor Medical AG; and Machida Endoscope Co., Ltd.
Geographically, North America has the largest market share followed by Europe; and Asia Pacific is the fastest-growing regional market for neurosurgery devices.
Lack of trained individuals, high-cost treatment, and difficult reimbursement policies are some of the restraining factors in the global neurosurgery devices market.
*Insights on financial performance are subject to availability of information in the public domain
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Snehal Deshmukh
Principle Consultant
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