The key factors that propel the global neurosurgical products market are the high incidence of brain tumor, growing geriatric population, and greater awareness amongst the masses about neurological disorders. Substantial government funding also plays a prominent role in driving this market.
The growing popularity of minimally invasive surgeries is anticipated to stimulate the demand for neurological products market in the years to come. Growing at a CAGR of 11.2% from 2015 to 2022, the global neurosurgical products market is estimated to reach US$7,756.2 million by 2022, from US$3,685.8 million in 2015. The area of medicine that deals with the diagnosis, treatment, and prevention of nervous system anomalies is known as neurosurgery. The treatment of intracranial hemorrhage and neuro-trauma calls for neurosurgery.
Hemorrhages are mainly caused by brain stroke, which in turn is caused by ischemia, a condition that involves a sudden interruption in the flow of blood to the brain. Due to the interrupted flow of blood to the brain, several adverse molecular reactions get initiated within the brain because of the scarcity of glucose and oxygen.
Government Aid: A Key Factor Contributing to the Growth of the Global Neurological Products Market
There are four key parameters based on which the global neurosurgical products market is segmented, namely the type of condition, procedure, product type, and geography. Based on type of condition, this market is segmented into pituitary and intracranial tumors, arteriovenous malformations, aneurysms, and hydrocephalus. Neurological disorders mainly affect the aged. As per the findings of the American Heart Association, between 1.5 to 5% of the global population is likely to be affected by cerebral aneurysm during their lifetime.
On the basis of procedure, the global neurosurgical products market is categorized into neurovascular and minimally invasive surgery, and open neurosurgery. Product-wise, this market is segmented into aneurysm and AVM clips, embolization products, stereotactic radio-surgery system, neurosurgical endoscope, and shunts.
Presently, the global neurosurgical products market is characterized by frequent inflow of funds in the form of grants from government bodies that support and encourage the development of improved neurosurgical products. However, factors such as long approval time for launching the latest neurological products, strict regulatory requirements, and alternative treatment options for neurological diseases are the major restraints on the neurosurgical products market.
High Demand from Developing Economies to Stimulate Market Performance
Geographically, the global neurosurgical products market is segmented into Asia Pacific, North America, and Europe. Owing to a well-developed medical infrastructure, a large geriatric population, and surging expenditure on healthcare, North America holds the highest share in the global neurosurgical products market. The Asia Pacific neurosurgical products market is anticipated to be the fastest growing in the forthcoming years because of high demand for neurological products from economies such as India and China.
The main factors that drive the neurological products market in developing economies are increasing healthcare awareness, surging income levels, high incidence of brain tumor, a large patient population, improving medical infrastructure, growing geriatric population, and increasing expenditure on healthcare and medical services.
The prominent companies operating in the global neurosurgical products market are Varian Medical Systems Inc., B. Braun Melsungen AG, Terumo Corporation, Elekta AB, Stryker Corporation, Johnson & Johnson Services, Inc., Medtronic plc, and Integra LifeSciences Holdings Corporation.
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