Neurosurgery Devices Market Share, Size, Growth, Trends, Industry Analysis and Forecast 2026
The latest market report published by Credence Research, Inc. “Neurosurgery Devices Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026,” the global neurosurgery devices market was valued at US$ 12,454.2 Mn in 2017 expanding at a CAGR of 8.2% from 2018 to 2026.
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Neurosurgery is a complex medical specialty concerned with diagnosis, surgical treatment and rehabilitation of neurological disorders such as brain, spinal cord, and peripheral nervous system. The global neurosurgery devices market is growing at a substantial rate owing to rising prevalence of various neurological disorders, technological advancements in the devices and utilization of minimally invasive procedures. Market influx of advanced neurological devices including robotic surgical devices, advanced neurostimulators and advanced interventional imaging systems will drive the market during the forecast period. For instance, Nevro developed a high frequency spinal cord stimulator that delivers signals at 10 kHz to elicit paresthesia. Another team of researchers in University of Arizona have developed advanced optogenetics device to stimulate multiple areas in brain at once and regulate the intensity of light emission. Moreover, Canon Medical will launch Alphenix 4D CT and C-Arm system in 2019 for intervention neurosurgical procedures. Thus, these technological movements in the market will render its growth during the forecast period.
In terms of geography, North America held the largest share in the global neurosurgery devices market. Among the countries in North America, United States held the lion’s share in 2017 owing to developed healthcare infrastructure, highly efficient reimbursement structure in the country and early uptake of advanced surgical devices in the region. Supported by positive reimbursement and highly skilled neurosurgeons, the hospitals in the U.S. are expanding the neurosurgery department offerings, thereby driving the market in the country. Moreover, growing incidence and procedures of cerebrospinal spinal fluid (CSF) management surgery, spinal cord surgery and other endovascular surgeries will further drive the market during the forecast period. Asia Pacific emerged as the fastest growing region in the global neurosurgery devices market, driven by factors such as growing demand for highly sophisticated healthcare infrastructure, rising uptake of minimally invasive surgeries in the region and heightened ventures by foreign companies in the region. Low cost of surgery coupled with high quality of healthcare services have rendered growth of medical tourism in Asia Pacific, especially in countries such as China, India, Singapore, Thailand and Indonesia. Favorable reimbursement scenario and government initiatives will further drive the market in the region. The key players operating in neurosurgery devices market include Medtronic PLC, B. Braun Melsungen AG, Stryker Corporation, Boston Scientific Corporation, DePuy Synthes, Inc., Integra LifeSciences, Biotronic among others.
Key Market Movements:
- Growing uptake of minimally invasive neurological surgeries for cost effectiveness and better patient outcome
- Technological upgradation in the neurosurgical devices and highly advanced patient monitoring process
- Growing awareness of neurological disorders globally and better treatment options available
- Strong growth in emerging regions, especially in Asia Pacific will drive the market
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