Number of pages: 100 | Report Format: PDF | Published date: 12 October, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
The global neuroendoscopy devices market was valued at US$ 1.7 billion in 2021 and is expected to witness a CAGR of 6.2% during the forecast period from 2022 to 2030.
Neuroendoscopy refers to the removal of tumors from the brain or spinal cord with the help of endoscopes. It is a minimally invasive technique and can also be used to collect the targeted tissue or spinal fluid sample for the screening process. Increasing adoption of a sedentary lifestyle leads to various chronic diseases, especially cancer; thus boosting the neuroendoscopy devices market due to the growing need for procedures for such conditions.
The market for neuroendoscopy devices is expected to grow significantly during the forecast period. This market's growth is due to a rise in brain tumor prevalence, high patient base, and beneficial government or private initiatives. Furthermore, the upsurging technological advancement and availability of favorable reimbursement policies contribute to market growth. Additionally, the high demand for minimally invasive surgeries because of various benefits further accelerates the market growth. Moreover, rising disposable income and rapid improvement in society's healthcare system help propel market expansion. However, there are some challenges to change, such as the dearth of skilled professionals and the high price of neuroendoscopy devices & procedures.
The global neuroendoscopy devices market has been analyzed from four perspectives: by types of products, applications, end-users, and regions.
Neuroendoscopy Devices Market by Types of Products
Based on type, the global neuroendoscopy devices market has been bifurcated into flexible neuroendoscopy and rigid neuroendoscopy. Rigid neuroendoscopy dominates the market with the largest revenue share owing to the growing prevalence of hydrocephalus tumors, cystic lesions, and intraventricular tumors, as rigid neuroendoscopy is expected to offer efficient results for these medical conditions. Furthermore, it is a primary treatment method medical professionals use, including high-resolution optical lenses that provide high-quality visualization of complex brain parts. Thus, these factors help increase the demand for rigid neuroendoscopy, propelling the overall market.
While flexible neuroendoscopy is an emerging segment attributed to its most significant advantage of flexibility, providing access to deep-located lesions.
Neuroendoscopy Devices Market by Application
Based on the application, the global neuroendoscopy devices market has been segmented into intraventricular, transcranial, and transnasal. The intraventricular leads the market with the largest share. Intraventricular neuroendoscopy provides enhanced technology such as high-resolution visibility, convenience & ease, and a wide utilization in various neurological conditions, thus boosting the popularity of intraventricular neuroendoscopy.
Neuroendoscopy Devices Market by End-Users
Based on end-users, the neuroendoscopy devices market is segmented into hospitals, ambulatory surgical centers, and specialty clinics. The largest revenue share belongs to hospitals. Large patient footfall and the availability of enhanced technology offer better treatment options, thus, propelling this segment. A hospital is a primary medical healthcare facility that offers efficient results with high application of favorable reimbursement policies, enhancing market development. With the participation of expert surgeons and medical professionals specialized in treating brain and spinal cord-related alignment, specialty clinics are predicted to support the market growth throughout the projection period. Additionally, this market segment offers precise and faster treatments, promoting the market growth of specialty clinics.
Neuroendoscopy Devices Market by Region
The market has been segmented based on regions: North America, Europe, Asia Pacific, and the Rest of the World. North America holds the largest revenue share in the market. The market growth in North America can be attributed to the rapid adoption of advanced technologies, the increase in research activities, and the presence of multinational companies. Furthermore, high investments & funds in neurological disorders and the continuous launch of innovative technologies further fuel North America's market development. Europe comes second in terms of the revenue share of the market. This growth attributes to the high implementation of innovative treatment methods/techniques and enhanced healthcare infrastructure.
The Asia Pacific is an emerging region in this market owing to various factors such as developing healthcare infrastructure, the growing prevalence of cancer, and favorable reimbursement policies. Furthermore, developing medical tourism and the increasing adoption of advanced technologies for satisfactory results further accelerate the market development in this region.
Some prominent players operating in the global neuroendoscopy devices market are: