New York, Aug. 09, 2022 (GLOBE NEWSWIRE) -- The global neurosurgery market accounted for US$ 4.9 Bn in 2021 and is set to expand at a CAGR of 4.5% over the forecast period (2022-2032).
With the rising geriatric population, a large section of this group is getting affected by various neurological disorders such as stroke, Parkinson’s disease, brain tumors, epilepsy, brain injury, dementia, and multiple sclerosis. Increasing funding from governments and public healthcare agencies for the development of neurosurgical products to reduce the burden of neurological disorders on healthcare systems is also acting in favor of market growth. The availability of adequate funds will help researchers develop new treatments for neurological conditions.
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The elderly population is more susceptible to stroke and hemorrhage as compared to the younger population.
- As per the American Heart Association, the possibility of stroke is twofold among individuals above the age of 55 years.
Rising awareness about neurological disorders is also benefitting the neurosurgical products market. In several parts of the world, both governmental and non-governmental organizations are carrying out awareness programs for the early detection of neurological conditions.
- Brain Awareness Week is organized between March 11 and March 17 every year in New Zealand. The drive includes updates and developments from neuroscientists and clinicians in the field of neurology.
- In the U.S., the National Institute of Neurological Disorders and Stroke organizes a Know Stroke campaign each year to spread awareness about the symptoms of stroke and the available line of treatments.
- The European Academy of Neurology (EAN) has conducted a research project concluding that more than half of the European population (approx. 60%) suffers from a neurological disease. In Europe, 10.5 million people are living with dementia, and the number is expected to increase to 18.7 million by 2050.
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Manufacturers are focused on developing safe and effective surgical products with wide availability, and are thus expected to increase their respective market shares. Companies are also entering mergers and acquisitions to expand their market presence.
Key Takeaways from Market Study
- Neuro-interventional devices held 60.8% market share by product in 2021.
- By end user, hospitals are widely using neurosurgery products for surgeries, and the segment held a market share of 52.5% in 2021.
- Around 37.1% of the global market share, by region, was accounted for by North America in 2021.
- Germany accounted for 32.3% of the market share by value in Europe in 2021.
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“Rising focus on product innovation and creating unique solutions with the help of funding will drive market growth over the coming years,” says an analyst of Persistence Market Research.
Market Competition
Leading players are collaborating and acquiring manufacturers with a specific line of products to increase their offerings and also expand their global presence. This is having a positive impact on the neurosurgery market.
- B. Braun and its start-up Neuroloop concluded a cooperation agreement in 2021 with the Merck Group in Darmstadt to bundle expertise in bioelectronics devices and increase innovative capacity in the dynamic field of functional neurosurgery.
- In September 2018, Johnson & Johnson Medical GmbH acquired Emerging Implant Technologies GmbH to offer interbody spine implants.
- In June 2022, Radboudumc and Terumo Europe N.V. signed a collaboration agreement for strengthening their product portfolio of neurosurgery offerings.
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What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the neurosurgery market in its latest study, presenting a historical demand assessment of 2017 – 2021 and projections for 2022 – 2032.
The research study is based on the 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, gamma knife 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), end user (hospitals, ambulatory surgical centers, and specialized neurological institutes), and across seven key regions of the world.
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