Global Neurosurgical Products Market is predicted to expand at a CAGR of 11.32% During 2017 – 2022
The global neurosurgical products market is characterized by the presence of top notch medical devices companies that manufacture specific neurosurgical products. Competitive rivalry among market players is intense due to moderate degree of product differentiation. Among the key players in the global neurosurgical products, Johnson & Johnson Services Inc. and Braun Melsungen AG hold prominence due to their large product portfolio. Some other key names in the neurosurgical products market are Integra Lifesciences Holdings Corporation, Terumo Corporation, KARLSTORZ GmbH, Stryker Corporation, and Elekta AB among others.
The global neurosurgical products market is predicted to expand at a CAGR of 11.32% for the forecast period between 2017 and 2022, for the market’s valuation of US$4537.2 mn in 2017 to become US$7756.2 mn by the end of 2022.
Embolization Products to Contribute Significant Revenue Through 2022
The global neurosurgical products market is segmented on the basis of condition, product type, procedure, and geography. By condition, hydrocephalus, aneurysms, arteriovenous malformations, and pituitary and intracranial tumors are the segments into which this market is divided. Of them, in absolute numbers, aneurysms stood as the leading segment in this market in 2017.
In terms of product type, the segments into which the neurosurgical products market is divided are embolization products, neurosurgical endoscopes, stereo tactic radiosurgery systems, aneurysm and AVM clips, shunts, and others. Among them, embolization products is likely to contribute the leading US$3,012.2 mn revenue to the overall market in 2022.
Depending upon procedure, the global neurosurgical products market is bifurcated into open surgery and minimally invasive surgery. Of the two, minimally invasive surgery segment hold prominence in the neurosurgical products market. The minimally invasive surgery segment is anticipated to rise at 11.98% CAGR over the forecast period between 2017 and 2022.
Rapidly Rising Geriatric Population to Make Asia Pacific Significant
On the basis of geography, the key segments into which the global neurosurgical products market is divided are North America, Europe, Asia Pacific, and Rest of the World. North America is currently the leading regional market for neurosurgical products; the region is predicted to hold on to its leading position in the years ahead. The high growth of North America neurosurgical products is mainly because of increasing healthcare expenditure in the region. According to 2014 statistics of the Organization for Economic Co-operation and Development, in 2012, healthcare spending in the U.S. were 16.9% of its GDP.
Apart from this, as per statistics of the World Health Organization, in 2000, almost 2.8 million individuals in the U.S. were inflicted by various forms of cancer such as brain cancer. In addition, as per statistics of Hindawi Publishing Corporation, almost 98,000 to 170,000 new brain metastases cases are reported every year in North America. Furthermore, initiatives undertaken by various governments to spread awareness about advanced neurosurgical products is also aiding the North America neurosurgical products market.
Europe stands as the second-leading regional market for neurosurgical products. This is mainly because of high healthcare expenditure across various countries such as France, Austria, Denmark, Germany, and the Netherlands. The rising number of neurosurgical procedures in the region is also a key factor behind the growth of Europe neurosurgical products market. For example, as per the National Health Scheme, neurosurgery is rising at 2%- 5% annually in England.
In Asia Pacific, growing population along with rapidly growing geriatric population are key growth drivers of the neurosurgical products market.