Analysis of Increasing Demand of Neurosurgery Devices in Global Medical Devices
Posted by Dheeraj Shaha on February 7th, 2020
The major factors driving the growth of the neurosurgery devices market are the rising prevalence of neurological disorders, the benefits of neuroendoscopic surgeries over conventional brain surgeries, and the growing prevalence of neurological diseases.
The neurosurgery devices market is projected to reach USD 13.5 billion by 2024 from USD 7.3 billion in 2019, at a CAGR of 13.0%.
The neuromodulation devices market is segmented into internal neuromodulation devices and external neuromodulation devices. The internal neuromodulation devices market is further segmented into spinal cord stimulation devices, deep brain stimulation devices, and other internal neuromodulation devices (vagus nerve stimulators, sacral nerve stimulators, and gastric electrical stimulators).
The spinal cord stimulation devices segment accounted for the largest share of the internal neuromodulation devices market in 2018. The large share of this segment can be attributed to the rising healthcare expenditure per capita, an increase in aging demographics, and a growing number of people suffering from FBSS, ischemia, and chronic pain.
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Application of Neurosurgery Devices Market:
1. Spinal Cord Stimulation Market
2. Deep Brain Stimulation Market
3. Neuroendoscopy
The spinal cord stimulation applications market is further segmented into chronic pain, failed back surgery syndrome, and ischemia. The ischemia segment is expected to grow at the highest CAGR during the forecast period. The high growth of this segment can be attributed to the high incidence of ischemia and other cardiovascular diseases.
Regional Analysis:
North America accounted for the largest share of the neurosurgery devices Industry. The large share of North America can be attributed to the high prevalence of neurological disorders, large number of neurosurgical procedures performed, and the presence of a favorable reimbursement structure.
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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Major Players in 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).
