Neurosurgery Market is Likely to Upsurge CAGR of 14.2% by 2029
Global Neurosurgery Market report covers strategic profiling of key players in the market, comprehensively analyzing their core competencies, and their strategies such as new product launches, expansions, agreements, joint ventures, partnerships, and acquisitions which are applicable for the businesses with which they can take better steps to improve their strategies to sell goods and services. Market research presents actionable market insights which help create sustainable and money-spinning business strategies. An absolute way to forecast what future holds is to comprehend the trend today. Thus, with Global Neurosurgery Market business report, more important aspects of the HEALTHCAREindustry can be focused.
Technological innovation within healthcare may be defined as the introduction of a new technology that initiates a change in clinical practice. Neurosurgery is a particularly technologically intensive surgical discipline, and new technologies have preceded many of the major advances in operative neurosurgical techniques. The present focus is on developing minimally-invasive devices that could decrease the probability of complications during operative sessions. With the introduction of minimally-invasive techniques, doctors are using highly specialized surgical instruments such as power tools, neurovascular embolization devices, and radiosurgery systems such as gamma-knife.
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Data Bridge Market Research analyzes that the global neurosurgery market is expected to reach the value of USD 20,679.72 million by 2029, at a CAGR of 14.2% during the forecast period. “Product type” accounts for the largest type segment in the market due to the increasing patient population globally. This market report also covers pricing analysis, patent analysis, and technological advancements in depth.
According to the report of American Brain Tumor Association, approx. 80,000 new cases of brain tumor were diagnosed in 2017. Of this, almost 32% of central nervous system and brain tumors are malignant. In 2017, nearly 700,000 people were reported with primary central nervous system and brain tumor in the U.S. Therefore, the increase in prevalence and incidences of neurological conditions within the population is projected to increase the growth of the global neurosurgery market in the near future.
The growing prevalence of neurological conditions is expected to drive the market’s growth rate
The World Health Organization focuses on research in areas essential for public health promotion. Recently, WHO has been particularly interested in common and disabling neurological disorders that have a high global burden. Neurological disorders occur in different geographical regions and among all age groups. They considerably contribute to mortality and morbidity around the world. Neurological disease is expected to grow exponentially in low-income countries and middle-income countries.
The increasing prevalence of neurological conditions such as traumatic brain injury, chronic pain, depression, transnasal hemorrhage, intracerebral hemorrhage (ICH), and Parkinson’s is expected to drive the market’s growth rate. Thus, neurological conditions have become a significant public health crisis, likely increasing the growth of the global neurosurgery market.
Drivers
- Technological advancement in neurosurgery
Since the beginning of modern neurosurgery, technological advancements have paved the way for a more thorough and enhanced understanding of cerebral form and function to more effectively treat complex pathologies affecting patients. Technological advancements brought a transition from conventional equipment toward energy-efficient equipment based on novel technology. Several cutting-edge techniques help neurosurgeries quite easily. Neurosurgery is a particularly technologically intensive surgical discipline, and new technologies have preceded many of the major advances in operative neurosurgical techniques. Image guidance and neuromodulation devices demonstrated a highly correlated rapid rise in patents and publications, suggesting they are areas of technology expansion which is expected to boost the market growth.
With the growth in the prevalence of neurological conditions, the demand for neurosurgery is also increasing. The market is expected to grow in the forecast period.
Moreover, the adoption of endoscopic techniques’ is a significant market advancement. Additionally, recovery time is shorter in neurosurgeries. Thus, all these factors are expected to act as drivers for market growth.
- Rising prevalence of neurological conditions
The World Health Organization (WHO) focuses on research in areas that are important for public health promotion. Recently, WHO has been particularly interested in frequent and disabling neurological disorders with a high burden on the world. Neurological disorders occur among all age groups and different geographical regions. They significantly contribute to morbidity and mortality around the world. The neurological burden of disease is expected to grow exponentially in low- and middle-income countries (LMICs) in the next decade.
The rising prevalence of neurological conditions such as transnasal hemorrhage, intracerebral hemorrhage (ICH), traumatic brain injury, chronic pain, depression, and Parkinson’s is expected to drive market growth.
Thus, increasing neurological disorders such as transnasal hemorrhage and intracerebral hemorrhage (ICH) are fueling market growth. Neurological conditions have become a major public health crisis which is expected to boost the growth of the global neurosurgery market.
Market Development
- In March 2022, Medtronic announced their first patient implants in the TITAN 2 pivotal study. The aim was to evaluate the safety and efficacy of Medtronic’s investigational implantable tibial neuromodulation (TNM) device. This is effective amongst people with overactive bladder (OAB). This will help the company to evaluate the safety and efficacy of its products
- In April 2022, Abbott declared that they had launched an advanced version of its NeuroSphere myPath digital health app with improved functionality. This advancement will help doctors to more closely address chronic pain in their patients. This advancement is the main part of the Abbott’s commitment because this technology helps the people to take care of their health and provide better communication with their doctors. This has aided the company to increase its product portfolio by using the app
- In April 2022, Boston Scientific Corporation or its partners announced that they had received approval from U.S. Food and Drug Administration (FDA) for its latest image-guided programming software, Vercise Neural Navigator with STIMVIEW XT. They also collaborated with Brainlab AG, a leading software-driven medical technology company. This has also aided the company in enhancing its product portfolio
- In October 2020, Accuray Incorporated announced a collaboration with Brainlab AG, a leading company in precision radiotherapy and digital surgery that will help expand and enhance the Accuray CyberKnife treatment platform for the neuro-radiosurgery market. Both companies are collaborated to deliver the neuro-radiosurgery community with access to Brainlab Elements planning software. This has helped the company to expand its business
Major Players
Data Bridge Market Research recognizes the following companies as the major neurosurgery market players in neurosurgery market Medtronic (Ireland), Abbott (U.S.), Boston Scientific Corporation (U.S.), Elekta, ALEVA NEUROTHERAPEUTICS (Switzerland), Machida Endoscope Co., Ltd. (Japan), Brainlab AG (Germany), adeor medical AG (Grmany)., LivaNova PLC (U.K.), B. Braun SE (India), Optofine Instruments Pvt. Ltd. (India), Wallaby Medical (U.S.), Terumo Medical Corporation (Japan), NEVRO CORP. (U.S.), Integra LifeSciences (U.S.),
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Segment Analysis:
The neurosurgery market is segmented on the basis of product type, age group, end user and distribution channel.
- On the basis of product type, the global neurosurgery market is segmented into neurosurgery devices, neurosurgery software, and consumables. In 2022, the neurosurgery device segment is expected to dominate the global neurosurgery market with 59.37% market share due to the growing demand for spine and brain surgeries globally.
- On the basis of application, the global neurosurgery market is segmented into aneurysms, arteriovenous malformation (AVM), brain tumors, carotid artery blockage/stenosis, cerebrovascular surgery, cortical mapping, epilepsy, functional neurosurgery, intraoperative angiography, Parkinson’s disease and tremors, peripheral nerve surgery, pituitary tumors, radiosurgery, skull base surgery, spine surgery, stereotactic neurosurgery, trauma surgery, trigeminal neuralgia, and others.
In 2022, the brain tumor segment of application segment is anticipated to dominate the neurosurgery market
The brain tumor segment is expected to dominate the global neurosurgery market with 11.76% market share due to the rising number of brain disorder patient population. Neurosurgical products such as stereotactic, endoscopes , and radiosurgery systems find wide applications for identifying and removing brain tumors.
- On the basis of age group, the global neurosurgery market is segmented into a pediatric, adult, and geriatric. In 2022, the adult segment is expected to dominate the global neurosurgery market with 39.89% market share due to the increasing incidences of brain disorders and injuries.
- On the basis of end user, the global neurosurgery market is segmented into hospitals, neurosurgery centers, research centers, ambulatory surgical centers, and others.
In 2022, the hospital segment of end user segment is anticipated to dominate the neurosurgery market
The hospitals segment is expected to dominate the global neurosurgery market with 38.22% market share due to the growing number of government initiatives and rising application areas of neurosurgery.
- On the basis of distribution channel, the global neurosurgery market is segmented into direct tender, third party distributors, and others. In 2022, the direct tender segment is expected to dominate the global neurosurgery market with a 43.90% market share due to the high level of competition and transparency.
Top Key Topics Covered:
- Strategic Imperatives
- Factors Creating Pressure on Growth
- The Strategic Imperative
- Growth Opportunities Fuel the Growth Pipeline Engine
- Research Methodology
- Scope and Segmentation
- Research Context and Scope of Analysis
- Segmentation
- Other Techniques for This Research Report Management
- Growth Opportunity Analysis
- Growth Drivers
- Growth Restraints
- Introduction
- The Impact of the COVID-19 Pandemic and Post
- Future Growth
- Innovation Ecosystem
Continued…
Fundamental Aim of this Market Report
- Notable Market rivals around the world.
- Future Scope and Product Outlook
- Future-promising emerging markets.
- The Market Presents Difficult Challenges and Threats.
Key highlights of this Market report:
- Major restraints
- Market drivers
- Regional bifurcation
- Competitive hierarchy
- Current market tendencies
- Market concentration analysis
Table of Content:
1 INTRODUCTION
1.1 OBJECTIVES OF THE STUDY
1.2 MARKET DEFINITION
1.3 OVERVIEW OF THE GLOBAL NEUROSURGERY MARKET
1.4 CURRENCY AND PRICING
1.5 LIMITATIONS
1.6 MARKETS COVERED
2 MARKET SEGMENTATION
2.1 MARKETS COVERED
2.2 GEOGRAPHICAL SCOPE
2.3 YEARS CONSIDERED FOR THE STUDY
2.4 DBMR TRIPOD DATA VALIDATION MODEL
2.5 PRIMARY INTERVIEWS WITH KEY OPINION LEADERS
2.6 MULTIVARIATE MODELLING
2.7 MARKET APPLICATION COVERAGE GRID
2.8 SOURCE LIFELINE CURVE
2.9 DBMR MARKET POSITION GRID
2.1 VENDOR SHARE ANALYSIS
2.11 SECONDARY SOURCES
2.12 ASSUMPTIONS
3 EXECUTIVE SUMMARY
4 PREMIUM INSIGHT
4.1 PESTEL ANALYSIS
4.2 PORTER’S FIVE FORCES
4.3 INDUSTRIAL INSIGHTS:
4.4 CONCLUSION
5 REGULATIONS OF THE GLOBAL NEUROSURGERY MARKET
6 MARKET OVERVIEW
7 GLOBAL NEUROSURGERY MARKET, BY PRODUCT TYPE
8 GLOBAL NEUROSURGERY MARKET, BY AGE GROUP
9 GLOBAL NEUROSURGERY MARKET, BY APPLICATION
10 GLOBAL NEUROSURGERY MARKET, BY END USER
Continued…
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Critical Insights Related to the adalimumab biosimilar Included in the Report:
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- Exclusive graphics and Illustrative SWOT analysis of some of the leading companies in this market
- Value chain analysis of prominent players in the market
- Current trends influencing the dynamics of this market across various geographies
- Recent mergers, acquisitions, collaborations, and partnerships
- Revenue growth of this industry over the forecast period
- Marketing strategy study and growth trends
- Growth-driven factor analysis
- Emerging recess segments and region-wise market
- An empirical evaluation of the curve of this market
- Ancient, Present, and Probable scope of the market from both prospect value and volume
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