Global Neurosurgery Market Worth US$7.9 Billion by 2032 — Exclusive Report by Persistence Market Research
Neurosurgery in the Age of Precision Medicine: Opportunities and Challenges Ahead
Market Study on Neurosurgery: Demand to Remain Highest for Neuro-interventional Devices
NEW YORK, NEW YORK, UNITED STATES, May 4, 2023/EINPresswire.com/ -- The Global Neurosurgery Market1 was valued at US$ 4.9 billion at the end of 2021, and it is anticipated to grow at a 4.5% CAGR to reach US$ 7.9 billion by the end of 2032. The market growth is attributed to the increasing prevalence of neurological disorders, the rise in the aging population, and the increasing demand for minimally invasive procedures.
Neurosurgery is a medical specialty that deals with the surgical treatment of diseases of the nervous system. This includes the brain, spinal cord, and nerves throughout the body. The neurosurgery market is a growing industry with a significant impact on healthcare worldwide. The market is driven by the increasing prevalence of neurological disorders and the growing demand for minimally invasive neurosurgery procedures.
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Neurosurgery Market Drivers
Increasing prevalence of neurological disorders: The prevalence of neurological disorders, such as brain tumors, stroke, and Parkinson's disease, is increasing globally. This is driving demand for neurosurgical interventions, as these conditions often require surgical intervention to manage or treat.
Technological advancements: The neurosurgery market is seeing rapid technological advancements, including advances in imaging technology, surgical tools, and minimally invasive procedures. These advancements are improving the accuracy and precision of surgical interventions, reducing patient trauma and recovery time, and expanding the range of conditions that can be treated with neurosurgery.
Rising demand for minimally invasive surgeries: Minimally invasive surgical techniques, such as endoscopic surgery and laser surgery, are becoming increasingly popular in neurosurgery. These procedures offer numerous benefits over traditional open surgery, including reduced scarring, shorter recovery times, and lower risk of complications.
Favorable reimbursement policies: Many countries have favorable reimbursement policies for neurosurgical procedures, which are driving demand for these interventions. In some regions, government programs and private insurance companies cover the costs of neurosurgery, making it more accessible to a wider range of patients.
Growing healthcare investments: Healthcare investments are increasing globally, particularly in emerging economies. These investments are driving demand for advanced healthcare services, including neurosurgery. Countries such as China, India, and Brazil are expected to see significant growth in the neurosurgery market in the coming years, as they continue to invest in healthcare infrastructure and expand access to care.
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Market Segmentation:
By product type, the market is categorized into neurostimulation systems, cerebrospinal fluid management devices, neuroendoscopes, aneurysm clips, and others. The neurostimulation systems segment dominated the market in 2020 due to the increasing demand for deep brain stimulation and spinal cord stimulation procedures.
By procedure type, the market is segmented into open neurosurgery and minimally invasive neurosurgery. The minimally invasive neurosurgery segment is expected to grow at a higher CAGR during the forecast period owing to the advantages such as less postoperative pain, shorter hospital stays, and quicker recovery time.
By end-user, the market is segmented into hospitals, neurology clinics, and ambulatory surgical centers. The hospitals segment dominated the market in 2020 due to the availability of advanced healthcare infrastructure and the presence of skilled healthcare professionals.
Regional Insights:
Geographically, North America dominated the neurosurgery market in 2020, owing to the presence of a large number of key players in the region, favorable reimbursement policies, and high healthcare expenditure. The Asia-Pacific region is expected to witness the highest growth rate during the forecast period, due to the increasing prevalence of neurological disorders and rising healthcare investments in countries like China and India.
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Competitive Analysis:
The major players operating in the neurosurgery market include Stryker Corp., B. Braun Melsungen AG, Medtronic plc, DePuy Synthes, Boston Scientific, Terumo Corporation, KARL STORZ GmbH & Co KG, Integra LifeSciences, Penumbra Inc, Adeor Medical AG, Elekta, Clarus Medical, MACHIDA ENDOSCOPE CO., LTD.
Recent Developments:
• In April 2023, Medtronic announced that it has received FDA clearance for its Stealth Autoguide System, a robotic guidance platform for neurosurgery. The system provides surgeons with real-time guidance during brain surgery, allowing for more precise and efficient procedures.
• In March 2023, Stryker Corporation announced that it has acquired a 90% stake in R&D Surgical Ltd., a UK-based company that develops surgical navigation technology for neurosurgery. The acquisition will enable Stryker to expand its portfolio of neurosurgical navigation systems.
• In February 2023, B. Braun Melsungen AG announced that it has received FDA clearance for its new ultrasonic aspirator, the Aesculap SonoSurg-X. The device is used in neurosurgery to remove brain tumors and other lesions using ultrasonic energy.
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1 https://www.persistencemarketresearch.com/market-research/neurosurgery-market.asp
2 https://www.persistencemarketresearch.com/market-research/robotic-surgery-market.asp
3 https://www.persistencemarketresearch.com/market-research/plastic-surgery-market.asp
