Global Neurosurgical Products Market Research Report 2017-2023
Global Neurosurgical Devices Market: Drivers, Opportunities, Trends, and Forecasts: 2017–2023
Overview: Neurosurgery is a complex medical
specialty concerned with individuals suffering from neuro-related diseases and
disorders. The nervous system is prone to several diseases that affect brain,
spine, peripheral nerves, and spinal cord. The symptoms such as muscle
weakness, seizures, perception, partial or complete analysis, cognition or
emotional state, loss of bowel, and bladder control are due to the various
neurological problems. Neurosurgery is the most advanced and modernized method
for diagnosis and treatment, which includes computed tomography, magnetic
resonance imaging (MRI), computer assisted imaging, stereotactic radiosurgery,
and magnetoencephalography. Some of the common neurosurgeries include
craniotomy, microsurgery, oncological neurosurgery, neuro-endoscopy (endoscopic
endonasal surgery), and stereotactic neurosurgery. There is a wide availability
of neurosurgical devices such as neurostimulators, flow diverters, CSF shunts,
neuroendoscopes, access devices, and support devices that are used in
performing neurosurgeries.
There are about 1 billion individuals, which is
nearly 13.46% of the global population, suffering from neurological disorders.
Some of the most prevalent neurological disorders are strokes, multiple
sclerosis, epilepsy, brain injuries, Alzheimer and Parkinson diseases, and
neuro-infections. Neurological disorders cause more than 10% of deaths
worldwide. Cerebral disorders are among the most common neurological disorder
and are most commonly found in women. The change in lifestyles and stress have
resulted in the development of a range of disorders like mood and anxiety
disorders. According to the estimates by WHO, more than 350 million people are
suffering from depression globally. According to Brain Aneurysm Foundation,
there are about 50 million brain aneurysm-related deaths every year, out of
which half of the deaths occur in individuals who are aged below 50 years.
The factors such as increased prevalence of
neurological disorders, increasing awareness about new technologies, presence
of large pool of patients in emerging markets, and advent of new innovative
neurosurgical devices such as flow diversion devices, neuroendovascular stents,
liquid embolic, clot retrieval, and balloon catheters are expected to drive the
market growth during the forecast period. The market is expected to witness a
substantial growth due to the emergence of neuro-interventional technology that
has eventually fueled the innovation of many neurosurgical devices with the
involvement of minimally invasive technique. The markets in India, Brazil, and
China are expected to grow at a rapid pace during the forecast period mainly
due to the presence of patients affected with various neurosurgical disorders
Neurosurgical devices continue to demonstrate substantial
improvements in patient outcomes by delivering high-quality and life-sustaining
treatment. This factor provides huge potential for market growth in both
developed and developing countries with a wide range of opportunities. Vendors
are investing hugely in R&D activities in the development of new products to
gain major market share globally.
Market Analysis: The “Global Neurosurgical Devices Market” is estimated to
witness a CAGR of 10.5% during the forecast period 2017–2023. The Neurosurgical
Devices market is analyzed based on three segments – product type, end-users,
and regions.
Product Analysis: The “Global Neurosurgical Devices Market” segments include
Neurostimulation Devices, Neurointerventional Devices, CSF Management Devices,
Neuro Surgical Navigation Systems, and Other Neurosurgical Devices. Neurostimulation
Devices is dominating with the presence of advanced neurostimulation devices
and availability of clinical data regarding the safety & efficacy of the
devices. This enables surgeons to adopt methods for the treatment of
neurological disorders. Therefore, opportunities for growth in the emerging
countries of LATAM and APAC remain vast. Increasing adoption of MI surgeries in
treating neurological disorders, particularly in elderly and the growing
availability of devices contribute to the growth of the market.
Regional Analysis: The regions covered in the report are the
Americas, EMEA, and Asia Pacific (APAC). The Americas is set to be the leading
region for the neurosurgical devices market growth followed by EMEA. There has
been a significant increase in the number of individuals undergoing treatment
for various neurosurgical procedures in the US. For instance, according to the
American Academy of Neurology, neurological disorders accounted for 7% of all
global diseases in 2014.
Europe accounted for the second largest market with chronic pain being one of
the major complications with rising burden of cerebral disorders cases. In
2015, the public spending on healthcare in Europe amounted to 18% of the
overall government expenditure. The expenditure on chronic pain care with
neurostimulation devices is directly reimbursed to hospitals within the NHS.
Clinical evidence of neurosurgical devices, when compared to other treatment
such as drug therapy, is expected to increase during the forecast period.
The APAC neurosurgical devices market revenue is expected to reach $2.4 billion
by 2023, growing at a CAGR of 13% during the forecast period 2016–2023. The
factors such as high prevalence of neurological diseases, presence of a large
pool of patients, increase in disposable income, and rise in awareness about
treatment for complex neurosurgeries are owing to a substantial growth in the
market. Also, the increase in government spending in healthcare, infrastructure,
research centers, and the establishment of manufacturing facilities by major
vendors are influencing high growth in the market.
Key Players: Boston Scientific Corp., DePuy Synthes, Inc., Integra LifeSciences
Holdings Corp., Medtronic PLC, Stryker Corp., and other predominate & niche
players.
Competitive Analysis: At present, the market is dominated by Neurostimulation
Devices having the maximum number of procedures and sales of neurostimulators
in the market. Vendors are focusing on investing a huge amount in R&D
activities to develop new innovative products in the market with newer
application to offer novel devices. Most of the vendors in the market are
focused on expanding their business by mergers & acquisitions, through
partnerships, and trade shows. Big players such as Boston Scientific Corp.,
DePuy Synthes, Inc., Integra LifeSciences Holdings Corp., Medtronic PLC, and
Stryker Corp. along with the collaboration with other universities and
neurological research centers for clinical trials of neurology diseases are
coming up with new neurosurgical devices in the market, which are expected to
grow tremendously during the forecast period. Significant investments in
R&D and increasing awareness about complex neurosurgical procedures in the
market are expected to boost the market growth.
Benefits: The report provides complete details about the usage and adoption
rate of neurosurgical devices in various neurology diseases and regions. With
that, key stakeholders can know about the major trends, drivers, investments,
vertical player’s initiatives, government initiatives towards the neurosurgical
devices adoption in the upcoming years along with the details of commercial
neurosurgical devices available in the market. Moreover, the report provides
details about the major challenges that are going to impact on the market
growth. Additionally, the report gives the complete details about the key
business opportunities to key stakeholders to expand their business and capture
the revenue in the specific verticals to analyze before investing or expanding
the business in this market.
Key Stakeholders:
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