New York, Feb. 10, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Neurosurgery Devices And Equipment Global Market Report 2023" - https://www.reportlinker.com/p06277211/?utm_source=GNW
KG, and Richard Wolf GmbH.
The global neurosurgery devices and equipment market will grow from $7.17 billion in 2022 to $8.12 billion in 2023 at a compound annual growth rate (CAGR) of 13.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The neurosurgery devices and equipment market is expected to grow to $12.93 billion in 2027 at a CAGR of 12.3%.
The neurosurgery devices and equipment market consists of sales of neurostimulation devices, neuroendoscope, cerebrospinal fluid management devices, neurosurgical evacuation device, neurosurgery surgical power tools, ultrasonic aspirators, and surgical instruments.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Neurosurgery devices and equipment are used to perform neurosurgical procedures that are concerned with the diagnosis, prevention, and treatment of disorders affecting any portion of the nervous system.
North America was the largest region in the neurosurgery devices and equipment market in 2022.Asia Pacific was the second-largest region in the neurosurgery devices and equipment market.
The regions covered in the neurosurgery devices and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The main device types of neurosurgery devices and equipment are neuro endoscope, stereotactic systems, aneurysm clips, neurostimulation devices, cerebrospinal fluid management devices, neurosurgical evacuation devices, neurosurgical navigation systems, neurosurgery surgical power tools, and others (ultrasonic aspirators, surgical instruments).Neuroendoscope is a device that allows neurosurgeons to perform less invasive procedures and surgical approaches in a manner that minimizes disruption to surrounding tissues.
The surgery types are intracranial surgery, endonasal neurosurgery, and spinal surgery. The various end-users are hospitals and ambulatory surgical centres.
The rise in neurological disorders is driving the neurosurgery devices market.A neurological disorder is caused due to the effect on the nervous system which includes the spinal cord, and brain.
These disorders include epilepsy and Alzheimer’s. According to an article on US Pharmacist, out of the most common neurological disorders, stroke accounts for 51.3%, Alzheimer’s disease 21.4%, Epilepsy 11.6%, traumatic brain injury 6.8%, Parkinson’s disease 4.7%, and brain tumor 2.8%. Furthermore, 1.2 million people are frequently diagnosed with adult-onset brain disorders. An increase in these disorders is driving the growth of the neurosurgery devices and equipment market. According to the Alzheimers Association, millions of Americans have Alzheimer’s or other dementias. As the size and proportion of the U.S. population age 65 and older continue to increase, the number of Americans with Alzheimer’s will grow from 6.2 million in 2021 to 13.8 million by 2060 .
The stringent US FDA approval process is restraining the Neurosurgery devices market.US FDA takes around 6 months to approve the premarket submissions to demonstrate the device and check if the device is safe and effective.
Most of the neurosurgery devices should get premarket approval from the FDA before entering into the market.For example, In the US, only 2,800 (31%) medical devices have cleared the FDA premarket submissions, and the remaining 69% are rejected.
However, the technical sections’ assessment is done simultaneously and therefore the manufacturers should identify the time taking steps and plan the work accordingly and plan an estimated date of approval.Also, the license validity and renewal of the application take a toll on the manufacturer and add to the existing regulatory burden.
Therefore, the manufacturers of neurosurgical devices should plan well and communicate effectively to minimize the costs and reduce timelines.
Minimally invasive surgical procedures and approaches are the new frontiers in neurosurgery as they result in less pain than open surgeries, shorter recovery times, less scarring, increase surgeon mobility and reduce equipment costs.Neuroendoscopy is a minimally invasive neurosurgical procedure performed through neurosurgery devices to correct hydrocephalus, remove tumors, treat vascular disease, and manage other disorders.
Neurosurgery device manufacturers are innovating and integrating technologies for advanced endoscope-assisted neurosurgery to provide efficient minimally invasive surgeries, operative procedures, clinical advances, and new technological developments.For instance, end-users such as hospitals, ambulatory surgical centres, and others are using smartphones with endoscopes for performing safe and efficient endoscope-assisted neurosurgery.
In New York-Presbyterian Hospital/Columbia University Medical Center, minimally invasive neurosurgeries are preferred over open surgeries with the help of specialized instruments and technologies such as a camera-assisted endoscope, high-powered operating microscope, computer-assisted navigation system, and others to treat conditions in adults and children.
The European Commission adopted two new regulations for medical devices to enhance safety, take effective measures in the event of concerns, and improve traceability.These regulations provide the medical device manufacturers with a stronger mandate for assessment of medical devices by independent notified bodies, a unique identification number for improving traceability throughout the supply chain, availability of clinical data on devices, and provides a central database to provide patients, healthcare professionals and the public with comprehensive information on products.
These rules help manufacturers to meet the standards, safety requirements and to make better-informed decisions.
The countries covered in the neurosurgery devices and equipment market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the UK, the USA, and Australia.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The neurosurgery devices and equipment market research report is one of a series of new reports that provides neurosurgery devices and equipment market statistics, including neurosurgery devices and equipment industry global market size, regional shares, competitors with a neurosurgery devices and equipment market share, detailed neurosurgery devices and equipment market segments, market trends and opportunities, and any further data you may need to thrive in the neurosurgery devices and equipment industry. This neurosurgery devices and equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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