Hyderabad, Telangana -- (SBWire) -- 02/20/2023 --Neurosurgical Products Market
The global neurosurgical products market is experiencing significant growth, driven by the increasing prevalence of neurological disorders, the aging population, and the growing demand for minimally invasive procedures. Neurosurgical products are used in the treatment of a wide range of neurological conditions, including brain tumors, stroke, epilepsy, and Parkinson's disease. The market is characterized by several key product categories, including neurostimulation devices, neurointerventional devices, and neurosurgical navigation systems.
Market Size and Future Apprehension:
According to the report published by USD Analytics, the global "Neurosurgical Products Market" is expected to grow at a CAGR of 14. 2% during the forecast period 2023-2030.
Market Drivers:
One of the key drivers of the neurosurgical products market is the increasing prevalence of neurological disorders. According to the World Health Organization, neurological disorders affect up to one billion people worldwide, with conditions such as Alzheimer's disease, Parkinson's disease, and multiple sclerosis among the most common. This has led to a growing demand for effective treatments, driving the growth of the neurosurgical products market.
Another key driver of the neurosurgical products market is the aging population. As the global population ages, the incidence of neurological disorders is expected to increase, driving the demand for neurosurgical products.
Market Opportunities:
One of the key opportunities in the neurosurgical products market is the growing demand for neurostimulation devices. Neurostimulation devices are used to deliver electrical impulses to specific areas of the brain or spinal cord, in order to treat a variety of neurological conditions, including chronic pain, epilepsy, and Parkinson's disease. The market for neurostimulation devices is expected to grow significantly in the coming years, driven by the increasing prevalence of these conditions and the growing demand for non-invasive treatments.
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Market Challenges:
Despite the many opportunities in the neurosurgical products market, there are also several challenges that could impact its growth in the coming years. One of the key challenges facing the market is the high cost of neurosurgical products. These products are often expensive, and may not be covered by insurance in some cases, making them inaccessible to some patients. This can limit the growth of the market, particularly in emerging economies where healthcare budgets may be limited.
Segmentation Analysis:
The global Neurosurgical Products Market is segmented based on Product Type,
By Product Type:
Shunts
Neurosurgical endoscopes
Stereo tactic radiosurgery systems
Embolization products
Aneurysm and AVM clips
Others
By Condition:
Aneurysms
Pituitary and Intracranial tumors
Arteriovenous malformations
Hydrocephalus
Others
By Surgery:
Minimally Invasive Surgery
Open Surgery
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Competitive Landscape:
The key players in Neurosurgical Products Market propel to the segment's growth include
- Medtronic,
- Abbott,
- Boston Scientific Corporation or its affiliates,
- Elekta,
- ALEVA NEUROTHERAPEUTICS,
- Machida Endoscope Co., Ltd.,
- Brainlab AG,
- Adeor medical AG.,
- LivaNova PLC,
- B. Braun SE,
- Optofine Instruments Pvt. Ltd.,
- Wallaby Medical,
Regional Analysis:
In terms of regional analysis, North America is currently the largest market for neurosurgical products, accounting for a significant share of the global market. This can be attributed to the high prevalence of neurological disorders in the region, as well as to the high level of healthcare expenditure and advanced healthcare infrastructure. Europe is another key market for neurosurgical products, driven by the increasing demand for minimally invasive procedures and the growing use of neurostimulation devices.
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Neurosurgical Products Market Volume, Value, and Growth Opportunities Report 2022-2030
Europe is another key market for neurosurgical products, driven by the increasing demand for minimally invasive procedures and the growing use of neurostimulation devices.