Neurosurgery is a medical field related to prevention, diagnosis, and treatment of nervous system disorders and rehabilitation of patients suffering from the disorder post-surgery. Neurosurgery is majorly performed for treating neuro-trauma and intracranial hemorrhage.
The global neurosurgical products market is estimated to account for US$ 13,203.7 Mn in terms of value by the end of 2027.
Global Neurosurgical Products Market: Drivers
Approval and launch of new products is expected to propel growth of the global neurosurgical products market over the forecast period. For instance, in February 2019, Medtronic plc received the U.S. Food and Drug Administration (FDA) approval on an expanded indication for its Pipeline Flex embolization device, for the treatment of small or medium, wide-necked brain aneurysms in the territory from the petrous to the terminus of the internal carotid artery.
Global Neurosurgical Products Market: Opportunities
R&D of new approaches in the treatment of neurological disorders is expected to offer lucrative growth opportunities for players in the global neurological products market. For instance, in May 2020, researchers from Yonsei University College of Medicine, South Korea, reported that gamma knife radiosurgery followed by embolization can be effective in the treatment of ruptured brain arteriovenous malformations that are at risk for obliteration failure and repeat hemorrhage during the latency period after single-session gamma knife radiosurgery alone.
Global Neurosurgical Products Market: Restraints
Stringent regulatory requirements and long approval time for new neurosurgical products is expected to limit growth of the market. For instance, the approval process for stereotactic radiosurgery systems is stringent and time consuming, which delays the entry of new systems into the market. For instance, in the U.S., regulations are implemented by the Food and Drug Administration (FDA), Safe Medical Device Act (SMDA), and Nuclear Regulatory Commission (NRC) Act for radiation safety of external beam therapies.
The global neurosurgical products market was valued at US$ 5,610.4 Mn in 2019 and is forecast to reach a value of US$ 13,203.7 Mn by 2027 at a CAGR of 11.3% between 2020 and 2027. Approval and launch of new products is expected to propel growth of the global neurosurgical products market over the forecast period.
Aneurysms segment held dominant position in the global neurosurgical products market in 2019, accounting for 36.6% share in terms of value, followed by Pituitary and Intracranial tumors, respectively. Increasing research along with increasing patient population is expected to drive the segment growth during the forecast period.
Major players in the market are focused on investing in R&D to expand their product portfolio. For instance, B. Braun Melsungen AG invested US$ 1,366.64 million in the expansion or replacement of production facilities and in research and development in the 2019 fiscal year.
Major players in the market are also focused approval and launch of new products to expand their product portfolio. For instance, in May 2020, Elekta launched Leksell Gamma Knife Lightning, its next-generation stereotactic radiosurgery system.
Global Neurosurgical Products Market: Competitive Landscape
Major players operating in the global neurosurgical products market include, Integra LifeSciences Holdings Corporation, KARL STORZ GmbH & Co. KG, Medtronic plc, Johnson & Johnson Services, Inc., Stryker Corporation, Elekta AB, Terumo Corporation, Penumbra, Inc., B. Braun Melsungen AG, and Varian Medical Systems, Inc.
Global Neurosurgical Products Market: Key Developments
January 2020: MicroVention, Inc., a U.S. based subsidiary of Terumo Corporation announced the U.S. FDA Premarket Approval for the FRED (Flow Re-Direction Endoluminal Device) device for the treatment of brain aneurysms
January 2020: Terumo Corporation received manufacturing and marketing approval of its Woven EndoBridge Device (WEB) for the treatment of intracranial wide neck bifurcation aneurysms in Japan
September 2018: Medtronic plc launched the Infinity Occipitocervical-Upper Thoracic System designed to simplify posterior cervical spine surgery
“*” marked represents similar segmentation in other categories in the respective section.