Neurosurgery Market

Market Study on Neurosurgery: Demand to Remain Highest for Neuro-interventional Devices

Neurosurgery Market Segmented By Neuro Interventional Devices, Neuroendoscopes, Neurosurgical Drills, Radiosurgery Systems, Dura Substitutes, Neurosurgical Ablation Devices, Neurosurgery Instruments Product

  • August-2022
  • PMRREP4790
  • 300 Pages
  • Healthcare
  • PPT, PDF, WORD, EXCEL

Neurosurgery Market Outlook (2022-2032)

Worldwide revenue from the neurosurgery market was US$ 4.9 Bn at the end of 2021, with the global market estimated to evolve at a value CAGR of 4.5% to reach US$ 7.9 Bn by the end of 2032.

As assessed by Persistence Market Research, neuro-interventional devices held a market value share of 60.8% in 2021. Overall, neurosurgery device sales accounted for just over 1% revenue share of the global medical devices market in 2021.

Neurosurgery Market Size (2022)

US$ 4.9 Bn

Projected Market Value (2032)

US$ 7.9 Bn

Global Market Growth Rate (2022-2032)

4.5% CAGR

Top 5 Companies’ Market Share

61.3%

Find Out More about the Report Coverage

Companies

  • 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.

Demand Analysis of Neurosurgery Products (2017 to 2021) Vs Market Outlook for 2022 to 2032

The global market for neurosurgery recorded a historic CAGR of 3.7% in the last 4 years from 2017 to 2021.

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.

The requirement for high-quality products is compelling manufacturers to launch products that provide efficient and error-free results. The market is focused on advancements in technologies such as robotics and minimally-invasive surgeries.

The development of next-generation products will help patients recover faster and go through hassle-free procedures, which will have a great impact on the growth of the market. Increased research and development in this sector to meet the minute needs of neurosurgery is a growing opportunity in the market.

Leading manufacturers of neurosurgery products have launched a diverse range of devices into the market as a result of receiving regulatory authorization in key geographic markets. The emphasis should be on new solutions in the market that introduce cutting-edge technology, optimize treatment processes, and improve patient outcomes.

In addition, a set of new factors, such as enhanced regulatory standards and an increasing incidence of neurological diseases has led to an increase in the adoption of advanced treatment protocols, and the assumption that such therapies will be available more widely. This has increased industry and government demand for zero deviations, which has driven the demand for neurosurgical services.

The global neurosurgery market is thus likely to exhibit steady growth over the coming years a value CAGR of 4.5% and reach a global market size of US$ 7.9 Bn by 2032.

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What are the Opportunities in the Neurosurgery Market for Manufacturers?

Technological Advancements in Neurosurgery Sector

Technological improvements have resulted in a typical shift away from traditional equipment and toward innovative technology-based equipment that uses less energy. Compared to traditional methods, currently, there are several advanced techniques that make the process of neurosurgery smoother.

The adoption of endoscopic techniques is a great advancement in the market. It requires only smaller incisions as compared to traditional open surgeries, leading to less scarring. The recovery time is also faster.

Among others, neurosurgical drills and flexible neuroendoscopes are being developed by companies such as Adeor Medical AG, Stryker Corp, and B. Braun Melsungen AG.

For example,

  • Elekta, in May 2022, launched Elekta Esprit, which offers significantly faster-automated treatment planning for clinicians and more personalized and patient-friendly treatments. Esprit also offers clinicians superior visualization, as well as remote accessibility and collaboration tools for the treatment team.
  • In 2021, Stryker Corpsaw continued growth in the adoption of the Surpass Evolve Flow Diverter, which redirects blood flow to promote aneurysm healing. Since its launch in Europe, Surpass Evolve has been approved in over 50 countries.

High adoption rates of new technologies are anticipated, which will fuel market expansion throughout the projection period.

Manufacturers are also devoting more resources to research and development to introduce cost-effective and advanced technology. Key companies' increased research and development operations will soon result in the introduction of new technologies. These factors are expected to improve the acceptance and adoption of neuro surgeries, resulting in steady market growth throughout the forecast period.

Market Research Methodology - Perfected through Years of Diligence

A key factor for our unrivaled market research accuracy is our expert- and data-driven research methodologies. We combine an eclectic mix of experience, analytics, machine learning, and data science to develop research methodologies that result in a multi-dimensional, yet realistic analysis of a market.

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Can Demand for Neurosurgery Products Be Affected in Any Way?

High Cost of Complex Neurosurgeries and Lack of Reimbursement Policies

A significant increase has been seen in the cost of neurosurgical products, which end users such as hospitals and neurosurgical centers have to incur. Products such as neurovascular embolization devices, neurovascular coiling devices, and neuroendoscopes are quite costly.

Some complex neurosurgeries require extensive time as well as effort and are also quite risky. These complex procedures involve advanced techniques and skills, because of which, the cost increases. The maintenance of such facilities and continuous requirement of power supply add up to the cost of the service for providers.

  • For instance, the procedure of decompressive craniotomy uses a technique to relieve pressure inside the skull while maintaining a bone flap. This surgery costs around US$ 100,000 to US$ 115,000 in the U.S.

The cost of some neurosurgeries is high in the U.S. and Europe if not covered under insurance. The cost associated with neurosurgery procedures is a major factor expected to dent the growth of the neurosurgical market over the coming years.

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Country-wise Insights

Why is the U.S. Neurosurgery Market So Attractive?

The U.S. accounted for more than 91% market share in the North American neurosurgery market in 2021.

High growth of the U.S. neurosurgical products market is mainly because of increasing healthcare expenditure in the country. In 2019, the gross domestic product per capita in the U.S. was around 65,253.52 U.S. dollars. Thus, the United States is a key market with the largest GDP per capita in the world.

With the high demand for neurological products, manufacturers are more focused on working on advanced technology that would benefit neurological patients. Leading manufacturers of neurosurgical devices are focusing on research and developmental programs to develop novel products for the treatment of neurological diseases.

They are also focused on the FDA approvals of products. Thus, the demand for neurosurgery has increased in the U.S. in consideration of these innovations, thus promoting the value of the neurosurgery market in the country.

Will Germany Be a Lucrative Market for Neurosurgery Product Suppliers?

Germany held around 32.3% share of the Europe neurosurgery market in 2021.

In Germany, the healthcare industry is heavily involved in research and development and more than 70% of clinical trials get government organization funding.

Increased clinical trials in neurosurgery is a current trend. Increased clinical research results in several advantages such as safety, promptness, efficiency, and rapidness in the management of neurological disorders. Companies also use research to validate product safety and efficacy.

Clinical studies result in better patient outcomes and efficient procedures in the neurosurgery segment. Various initiatives and studies have been undertaken to prevent and manage incidents such as ischemic stroke or dementia and their adverse effects.

This increasing number of clinical trial results, testimonies, and doctor recommendations are expected to propel market growth in Germany.

How is the U.K. Emerging as a Prominent Market for Neurosurgery Services?

The U.K. held a share of 26.7% of the Europe neurosurgery market in 2021.

The U.K government is working to achieve self-sufficiency, and the country's top priority is to get a decent number of well-trained and specialized surgeons. The specialty makes up more than half of the workload, which can be attributed in part to an increase in the elderly population.

220 applications were received in 2020 for 26 specialty training positions. 362 consultant neurosurgeons were employed by the NHS in England as of May 2021.

To choose the top applicants for interviews, the national Neurosurgery Selection Board (NNSB) has a set of highly stringent shortlisting criteria. With the advancement of neurosurgery, particularly interventional radiology, microsurgery, and non-invasive procedures, surgeons are increasingly collaborating with specialists from other medical specialties.

Category-wise Insights

Which Neurosurgery Product Type is Driving Global Market Growth?

Neuro-interventional devices held 60.8% share of the neurosurgery market in 2021.

As more neurological disorders are being handled, there has been a significant increase in the adoption of neuro-interventional devices in recent years. Neurosurgeons and patients have embraced minimally-invasive tools and techniques. This is explained by the quicker recovery and less discomfort brought on by minimally-invasive procedures.

Which End User Setting Accounts for Greater Adoption of Neurosurgery Products and Services?

Hospitals held a large value share of 52.5% in 2021, under end users.

Increasing surgeon and hospital volumes are associated with better outcomes for a range of neurosurgical disorders, including mortality, complication rates, length of stay, hospital costs, and discharge disposition. By altering practice and referral patterns to regionalize care for certain illnesses at high-volume specialized treatment facilities, neurosurgeons can enhance patient outcomes at the population level.

Competitive Landscape

To strengthen their product lines around the world, leading manufacturers are developing technologically-advanced products. Similarly, several major competitors in the neurosurgery industry have engaged in gaining regulatory approvals.

Another significant approach noticed in the industry is the expansion of corporate collaborations and acquisitions to enhance neurosurgery services.

For instance:

  • In January 2022, Boston Scientific received FDA approval for its fourth-generation Vercise Genus Deep Brain Stimulation (DBS) System that is used to treat patients with advanced Parkinson’s disease.
  • Medtronic plc acquired Intersect ENT, expanding the company's comprehensive Cranial & Spinal Technologies division and Operating Unit’s product portfolio with innovative products used in sinus procedures to improve postoperative outcomes and to treat nasal polyps.
  • On March 15, 2022, Elekta and IBA collaborated to optimize quality assurance in radiation therapy.

Neurosurgery Industry Report Scope

Attribute

Details

Forecast Period

2022-2032

Historical Data Available for

2017-2021

Market Analysis

USD Billion for Value

Key Countries Covered

  • U.S.
  • Canada
  • Brazil
  • Mexico
  • Argentina
  • U.K.
  • Germany
  • Italy
  • Russia
  • Spain
  • France
  • BENELUX
  • Nordic Countries
  • India
  • Thailand
  • Indonesia
  • Malaysia
  • Japan
  • China
  • South Korea
  • Australia
  • New Zealand
  • Turkey
  • Egypt
  • GCC
  • Northern Africa
  • South Africa

Key Market Segments Covered

  • Product
  • End User
  • Region

Key Companies Profiled

  • B. Braun Melsungen AG
  • Medtronic plc
  • DePuy Synthes
  • Boston Scientific
  • Stryker Corp.
  • Terumo Corporation
  • KARL STORZ GmbH & Co KG
  • Integra LifeSciences
  • Penumbra Inc
  • Adeor Medical AG
  • Elekta
  • Clarus Medical
  • MACHIDA ENDOSCOPE CO., LTD.

Report Coverage

  • Market Forecast
  • Competition Intelligence
  • DROT Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives

Customization & Pricing

Available upon Request

Key Segments Covered in Neurosurgery Industry Research

Neurosurgery Market by Product:

  • Neuro Interventional Devices
    • Neurovascular Embolization Devices
      • Embolization Coils
      • Liquid Embolic Systems
      • Flow Diversion Stents
      • Aneurysm Clips
    • Neurovascular Coiling Assist Devices
      • Coiling Assist Stents
      • Coiling Assist Balloons
    • Neurovascular Thrombectomy Devices
      • Stent Retrievers
      • Aspiration Retrievers
    • Microguidewires
    • Microcatheters
    • Support Catheters
    • Intracranial Stents
  • Neuroendoscopes
    • Flexible Neuroendoscopes
    • Rigid Neuroendoscopes
  • Neurosurgical Drills
    • Pneumatic Neurosurgical Drills
    • Electrical Neurosurgical Drills
  • Radiosurgery Systems
    • Linear Accelerator Radiosurgery Systems
    • GammaKnife Radiosurgery Systems
  • Dura Substitutes
    • Biological Dura Substitutes
    • Synthetic Dura Substitutes
  • Neurosurgical Ablation Devices
    • MRI Guided Focused Ultrasound Systems
    • MRI Guided Laser Therapy Systems
    • MRI Guided RF Ablation Systems
  • Neurosurgery Instruments
    • Tissue Retractors
    • Forceps
    • Head Frames
    • Cervical Plating systems
    • Perforators

Neurosurgery Market by End User:

  • Hospitals
  • Ambulatory Surgical Centers
  • Specialized Neurological Institutes

Neurosurgery Market by Region:

  • North America Neurosurgery Market
  • Latin America Neurosurgery Market
  • Europe Neurosurgery Market
  • South Asia Neurosurgery Market
  • East Asia Neurosurgery Market
  • Oceania Neurosurgery Market
  • Middle East & Africa Neurosurgery Market

- FAQs -

The global neurosurgery market was valued at US$ 4.9 Bn in 2021.

Sales of neurosurgery devices are set to increase at 4.5% CAGR and be valued at US$ 7.9 Bn by 2032.

The neurosurgery market grew at 3.7% CAGR from 2017 to 2021.

The U.S., Germany, and U.K. drive the highest demand for neurosurgery products.

The U.S. accounted for 91.0% share of the North American neurosurgery market in 2021.

B. Braun Melsungen AG, Stryker Corporation, and Boston Scientific are the top three manufacturers of neurosurgery products.

Europe is one of the most lucrative markets for neurosurgery products and accounts for 26.8% share of the global market.

The U.K market held 26.7% share of the Europe neurosurgery market in 2021.

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