The Neurosurgical Devices market to grow at a CAGR of 10.5% during the forecast period 2017–2023 to aggregate $17.76 billion by 2023
The factors such as rise in prevalence of neurosurgical disorders, increase in the adoption of minimally invasive neurosurgical procedures, the advent of new innovative neurosurgical devices, increasing market awareness & campaigns, and technological advancements are expected to drive the market growth during the forecast period.
Infoholic Research LLP, a global market research and consulting company, has published a study titled “Global Neurosurgical Devices Market Forecasts upto 2023”
According to Infoholic Research, the advent of new innovative neurosurgical devices and the emergence of neurointerventional technique will boost the growth of the Neurosurgical Devices market in the coming years. The devices such as Flow Diverters, DBS, Micro Catheters, CSF Shunts, and Advanced Neurosurgical Navigation Systems have shown superior efficacy and high successful rates in treating various neurosurgical disorders. This will increase the adoption of neurosurgical devices and fuel the market growth. Despite advances and launch of new innovative products, a significant unmet need still exists in the low-income countries as they do not have access to basic surgical care. However, the government is taking initiatives to improve healthcare standards, and companies are creating awareness programs to offer effective treatment especially in the emerging markets.
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The market is also contributed by growing need of image-guided surgical equipment and cost-effective technologies, which represent an opportunity for making complex neurosurgeries easy and more accessible to surgeons. The growing demand for endovascular devices to treat brain aneurysms is likely to increase the adoption rates of flow diverters such as Silk, PED, and Surpass in the market. Further, emerging companies in the market are anticipated to launch new products, one such company is InspireMD, which is developing NGuard (expected to be launched in 2018), an endovascular device used to direct the flow of blood from cerebral aneurysm. The “Global Neurosurgical Devices Market” is expected to grow at a CAGR of 10.5% during the forecast period 2017–2023 to touch an aggregate of $17.76 billion by 2023.
The market is analyzed based on three segments – product types, end-users, and regions. The regions covered in the report are the Americas, EMEA, and Asia Pacific. In the Americas, the US and Canada are set to be the leading countries. Europe is set to be the second leading region with more than 31% of the market share in 2016. Germany is one of the leading countries in Europe in terms of revenue. In Asia Pacific, India and China are the most attractive countries for the players and holds huge business opportunities. The other low-income countries such as Thailand, Vietnam, and Indonesia are set to be the emerging markets in the next 5–6 years.
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The product areas covered in the report are Neurostimulation Devices, Neurointerventional Devices, Cerebrospinal Fluid Devices, Neurosurgical Navigation Systems, and Other Neurosurgical Devices. Neurostimulation Devices and Neurointerventional Devices segments are expected to gain more market share by 2023 due to increasing technological advancement in stimulation devices and interventional procedures. Neurostimulation devices accounted for the maximum share of 46.64% in the Global Neurosurgical Devices market followed by Neurointerventional Devices with 27.74% in 2016. The high cost of devices, especially in the developing countries, represents the major challenge for the growth of Global Neurosurgical Devices market. The technological advancement in the neurosurgical devices market is quite robust with the invention of wireless & non-invasive ICP monitors and portable surgical navigation systems. Today, neurosurgical navigation and computer-based surgical guidance have become the most important parts to perform neurosurgeries.
“Neurosurgeries performed on the brain and spine inherent high risk. According to the American Association of Neurosurgical Surgeons data, it was estimated that about 60% of the procedures performed by neurosurgeons are spine related. Neurosurgical devices are used in technically sophisticated procedures, which requires experienced surgeons to avoid or minimize patient risk during the surgery. Companies such as DePuy Synthes and Medtronic have recently launched products CODMAN ENTERPRISE 2 and StealthStation S8 model in the market. These devices are revolutionizing neurosurgical procedures owing to increase adoption of neurointerventional procedures. Moreover, flexible reimbursement policies as well as significant product pipelines are expected to boost the growth of the market during the forecast period. The combination of intraoperative 3D imaging, MRI diagnostics, and neurosurgical navigation systems is considerably increasing the precision of intervention procedures - Victor Mukherjee, Assistant Manager (Research – Healthcare) at Infoholic Research “
Further, the report also aims to cover the below points:
- Provides an in-depth analysis of the key business opportunities in countries and verticals
- Provides the complete details about the analysis of top 15 players
- Provides industry outlook including current and future market trends, drivers, restraints, and emerging technologies