The global Neurosurgical Product Market is estimated to reach US56.2 mn at a CAGR of 11.32% by the year 2022. With remote monitoring comes remote surgery. With digital twinning, this surgery becomes feasible. This could help in saving on prices of development of complex medical products, thereby improvising on time-to-market metric. This would be the thing with the healthcare vertical in the upcoming period.
The global neurosurgical products market is characterized by the presence of top notch medical devices companies that manufacture specific neurosurgical products. Competitive rivalry among market players is intense due to moderate degree of product differentiation.
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The global neurosurgical products market is predicted to expand at a CAGR of 11.32% for the forecast period between 2017 and 2022, for the market’s valuation of US37.2 mn in 2017 to become US56.2 mn by the end of 2022.
- Integra LifeSciences Holdings Corporation
- KARL STORZ GmbH & Co. KG
- Medtronic plc
- Johnson & Johnson Services, Inc.
- Stryker Corporation
- Elekta AB
- Terumo Corporation
- Penumbra, Inc.
- B. Braun Melsungen AG
- Varian Medical Systems, Inc.
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Embolization Products to Contribute Significant Revenue Through 2022
The global neurosurgical products market is segmented on the basis of condition, product type, procedure, and geography. By condition, hydrocephalus, aneurysms, arteriovenous malformations, and pituitary and intracranial tumors are the segments into which this market is divided. Of them, in absolute numbers, aneurysms stood as the leading segment in this market in 2017.
In terms of product type, the segments into which the neurosurgical products market is divided are embolization products, neurosurgical endoscopes, stereo tactic radiosurgery systems, aneurysm and AVM clips, shunts, and others. Among them, embolization products is likely to contribute the leading US,012.2 mn revenue to the overall market in 2022.
Depending upon procedure, the global neurosurgical products market is bifurcated into open surgery and minimally invasive surgery. Of the two, minimally invasive surgery segment hold prominence in the neurosurgical products market. The minimally invasive surgery segment is anticipated to rise at 11.98% CAGR over the forecast period between 2017 and 2022.
Rapidly Rising Geriatric Population to Make Asia Pacific Significant
On the basis of geography, the key segments into which the global neurosurgical products market is divided are North America, Europe, Asia Pacific, and Rest of the World. North America is currently the leading regional market for neurosurgical products; the region is predicted to hold on to its leading position in the years ahead. The high growth of North America neurosurgical products is mainly because of increasing healthcare expenditure in the region. According to 2014 statistics of the Organization for Economic Co-operation and Development, in 2012, healthcare spending in the U.S. were 16.9% of its GDP.
Apart from this, as per statistics of the World Health Organization, in 2000, almost 2.8 million individuals in the U.S. were inflicted by various forms of cancer such as brain cancer. In addition, as per statistics of Hindawi Publishing Corporation, almost 98,000 to 170,000 new brain metastases cases are reported every year in North America. Furthermore, initiatives undertaken by various governments to spread awareness about advanced neurosurgical products is also aiding the North America neurosurgical products market.
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Europe stands as the second-leading regional market for neurosurgical products. This is mainly because of high healthcare expenditure across various countries such as France, Austria, Denmark, Germany, and the Netherlands. The rising number of neurosurgical procedures in the region is also a key factor behind the growth of Europe neurosurgical products market. For example, as per the National Health Scheme, neurosurgery is rising at 2%- 5% annually in England.
In Asia Pacific, growing population along with rapidly growing geriatric population are key growth drivers of the neurosurgical products market.
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