Global Market Study on Neurosurgical Products: Demand in APAC to Surge, North America to Maintain Dominant Position over 2015-2022


  • Published On : Jul-2015 |
  • Pages : 86 Pages |
  • Format :

With more number of neurological disorders pronounced within the past decade, the market for neurosurgery is thriving. As a result, neurosurgical products are gaining greater traction on a global level. The global neurosurgical products market is estimated to witness an impressive double-digit CAGR in the near future. A recently published report on the global market for neurosurgical products by Persistence Market Research, studies the market condition in detail.

The report forecasts market values for a seven-year period, 2015-2022. It provides all the data pertaining to historic, current, and estimated market dynamics, which includes key market drivers, challenges that the market growth may face, important trends likely to impact the market growth, and lucrative growth opportunities within the aforementioned period.

PMR classifies the global market for neurosurgical products into three key segments on the basis of product type, procedure, and neurological condition. There are ample sub-segments following each of these key segments and the report offers exhausted analysis of each of them. The next section comprises regional segmentation of the global market on the basis of geography. The report examines North America, Europe, Asia Pacific, and key areas in all of the three regions. Precise analysis and graphical data facilitate the understanding of the significance and status of each region in the global neurological products market place.

Key market players are profiled in the last part of the report, which helps in understanding the activities and strategic developments of all the leading companies competing in the market on a global level. The report offers extensive information about their previous position, current financial status, product offerings, influential mergers, collaborations, and acquisitions, revenue shares, and upcoming ventures that may contribute to the growth of the global neurosurgical products market.

Research Methodology

To deduce the global neurosurgical products market size, the report considers various aspects based on secondary research. Furthermore, key data points such as region-wise split and market split by product type, condition, and procedure; and qualitative inputs from primary respondents have been incorporated to arrive at appropriate market estimates. The forecast presented in the report assesses the total revenue generated and expected revenue contribution in the global neurosurgical products market.

The report begins with sizing the market in terms of value and volume for the base year, which forms the basis for forecasting how the market is anticipated to take shape in the near future. Given the characteristics of the market, gathered data is triangulated via different analysis based on supply side and demand side drivers and other key dynamics of the global neurosurgical products market. To develop the market forecast, Persistence Market Research has also conducted a factor analysis to understand the impact of various forces/factors on the target market. The report provides forecasts not only in terms of CAGR but also presents a detailed analysis based on key parameters such as Year-on-Year (Y-o-Y) growth to understand market predictability and to identify the right opportunities.

Another key feature of this report is an analysis of the global neurosurgical products market and the corresponding revenue forecast in terms of absolute dollar opportunity, usually overlooked while forecasting the market. However, absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales perspective in the global neurosurgical products market. Further, to understand key segments in terms of their growth and overall global neurosurgical products market performance, Persistence Market Research has developed a market attractiveness index to help providers identify existing market opportunities in the global neurosurgical products market.

The neurosurgical branch of medicine addresses diagnosis, treatment, and prevention of disorders associated with nervous system. It also deals with post-surgical rehabilitation of patients. However, both surgery and post-surgery procedures demand a variety of neurosurgical products, which is a vast market operating globally. The global neurosurgical products market will swell exponentially over the next few years. PMR reports that the market is projected to attain a value worth US$ 7.75 Bn by the end of 2022, up from US$ 3.68 Bn registered in 2015. The compound annual growth rate (CAGR) is expected to be nearly 11.2%.

Key Market Dynamics

Research proves that elderly population is more prone to neurological disorders compared to other adults. Staggering rate of aging and a substantial population of elderly people remain the primary driver to the demand for neurosurgeries and eventually, neurosurgical products. Besides the surge in geriatric population, increasing consciousness about neurological disorders among people worldwide is providing a strong impetus to the market for neurosurgical products. Burgeoning incidences of brain tumors, hemorrhage, neuro-trauma, and neurodegenerative disorders are expected to play a key role in driving the demand over the next few years. People are increasingly preferring minimally invasive surgical procedures to treat health conditions, including nervous disorders. This will also be a major factor creating opportunities and thereby fueling the market growth. Moreover, several governments and government-allied bodies are augmenting funds and grants for neurological disorder treatment and research, as well as development of new, innovative neurosurgical products. This is another promising factor supporting the growth of the market.

However, a few alternative treatments are already available for some of the most common neurological disorders, which remains a longstanding challenge to widespread adoption of neurosurgical products. In addition, the average approval time for most of newly developed neurosurgical products is longer and they also have to face stringent regulatory measures. These factors are anticipated to pose a negative influence on the market growth.

Segment Analysis

The global market for neurosurgical products is segmented based on the type of product, condition, and procedure. By product type, the market has six key segments viz. shunts, neurosurgical endoscope, embolization products, aneurysm and AVM clips, stereotactic radio-surgery systems, and others. Embolization products will form the most preferred neurosurgical product, and stereotactic radiosurgery will be the fastest-growing product type segment through to 2022. Based on condition, aneurysms, hydrocephalus, pituitary and intracranial tumor, arterio-venous malformations, and others. The aneurysms segment will remain the most prominent segment that registered a value of US$ 1.32 Bn in 2015, and is likely to gain a slight uptick to reach US$ 2.86 Bn by the end of 2022. Whereas by procedure, the market is bifurcated into open surgery and neurovascular and minimally invasive surgery.

neurosurgical-product-market

Regional Analysis

The regional analysis breaks down the global neurosurgical products market into three key geographies viz. North America (the U.S. and rest of North America), Europe (France, Germany, the U.K., and rest of Europe), and Asia Pacific (China, India, Japan, and rest of APAC). As per the recently published data by the Brain Aneurysm Foundation, around 6 million people in the U.S. are inflicted by brain aneurysm that is unruptured, out of which nearly 30,000 suffer from brain aneurysm rupture, each year. These figures sufficiently highlight the potential for market growth in the U.S. and eventually, North America. Apart from growing geriatric population and higher healthcare expenditure, favorable government initiatives and awareness programs will drive the market in North America. This region will continue to dominate the market globally throughout 2015-2022. Europe will also be a major market for neurosurgical products, owing to substantial aging population and advancing healthcare infrastructure. Germany is identified to have the highest elderly population among all the European Union member states. On the other hand, market growth in Asia Pacific is attributed to rising prominence of brain tumor and hemorrhage, increasing awareness, and growing geriatric population. According to research, a substantial percentage of Chinese population is aged 60 years and above, whereas a sizeable cluster within Japanese population is suffering from brain cancer. The market thus has lucrative opportunities in APAC, which is expected to be the fastest growing region over the forecast period.

Key Market Players Analysis

The global market for neurosurgical products is operated by a number of competent players striving for better market positions and enhanced revenue shares. Some of the key companies include Johnson & Johnson Services, Inc., Medtronic plc, Integra LifeSciences Holdings Corporation, Stryker Corporation, Terumo Corporation, Karl Storz GmbH & Co. KG., Elekta AB, and B. Braun Melsungen AG.

Top companies profiled in this report are:

  • 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.
  • Other
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