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The neurosurgery devices market is expected to grow from USD 7.3 billion in 2019 to USD 13.5 billion in 2024, at a CAGR of 13.0%
What are key factors driving growth of global Neurosurgery Devices Market?
The growing prevalence of neurological diseases, efforts to develop the application base for neuromodulation, and the benefits of neuroendoscopic surgeries over conventional brain surgeries are driving the growth of the neurosurgery devices market.
What the growth opportunities are in Neurosurgery Devices Market?
1. Untapped Emerging Markets
2. Rising Prevalence of Neurological Diseases
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Global Market Segmentation:
In the current market scenario, there is a growing demand for neurosurgery devices. The market has been categorized based on the product, application, end user and region.
On the basis of product, the neurosurgery instruments market is segmented into neuromodulation devices and neuroendoscopy devices. The neuromodulation devices segment is projected to register the highest growth during the forecast period. The rising prevalence of neurological disorders and the increasing number of brain surgeries are driving the growth of the neuromodulation devices market.
On the basis of application, the market is segmented into spinal cord stimulation, deep brain stimulation, and neuroendoscopy applications. The deep brain stimulation applications market is further segmented into Parkinson’s disease, tremor, depression, and other DBS applications (Alzheimer’s disease, dystonia, and Tourette syndrome). Parkinson’s disease segment accounted for the largest share of the deep brain stimulation applications market in 2018. The large share of this segment can be attributed to the rising incidence of Parkinson’s, along with the growing number of researches conducted in this field.
Geographic Growth Analysis:
In 2018, North America accounted for the largest share of the market. Factors such as the high prevalence of neurological disorders, large number of neurosurgical procedures performed, and the presence of a favorable reimbursement structure are supporting the growth of the North American neurosurgery devices market. However, the Asia Pacific market is projected to register the highest CAGR of 14.8% during the forecast period, primarily due to the growing geriatric population in Japan and China and healthcare reforms and government initiatives & investments in several APAC countries.
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Key Players In Global Neurosurgery Devices Market:
Major players in this neurosurgery instruments market include B. Braun Melsungen (Germany), Medtronic (US), Boston Scientific Corporation (US), Nevro Corporation (US), KARL STORZ (Germany), Abbott (US), Ackermann Instrumente (Germany), Hawk (China), Machida Endoscope (Japan), and adeor Medical (Germany).
Recent Developments in Global Neurosurgery Devices Market:
1. In 2019, Boston Scientific Corporation (US) launched Vercise PC and Vercise Gevia Deep Brain Stimulation (DBS) Systems, featuring the Vercise Cartesia Directional Lead.
2. In 2018, Nevro Corporation (US) received the US FDA approval for its next-generation Senza II Spinal Cord Stimulation (SCS) System.