Newark, New Castle, USA, March 14, 2023 (GLOBE NEWSWIRE) — According to the deep-dive market assessment study conducted by Growth Plus Reports, the global neurological devices market was valued at US$ 9.1 billion in 2021 and is expected to register a revenue CAGR of 13.7% to reach US$ 29.1 billion by 2030.
The global neurosurgery devices market has been analyzed from four perspectives: product, application, end-user, and region.
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Global Neurosurgery Devices Market Scope
|Market size value in 2021||US$ 9.1 billion|
|Revenue forecast in 2030||US$ 29.1 billion|
|Growth Rate||CAGR of 13.7% from 2022 to 2030|
|Base year for estimation||2021|
|Segments covered||Product, Application, End User, and Region|
|Regional scope||North America, Europe, Asia Pacific, and the Rest of the World (ROW)|
The increasing incidence of neurological diseases is the primary factor that is driving the neurosurgery devices market. The rising geriatric population that is more susceptible to neurological disorders is the key growth factor for the global neurosurgery devices market. Along with this, continuous technological advancements in the market with the rapid assessment of the injury to swift treatment procedures ultimately help the market to grow. Moreover, increased funding from the top companies in research & development is eventually resulting in the improvement of the neurological treatment space, thus boosting the market growth. Initiatives from the different government organizations for spreading awareness about neurological disorders that include Parkinson’s disease, Alzheimer’s disease, Bell’s palsy, cerebral palsy, neuromuscular issues, ataxia, and several others are making more people familiar with the treatment methods, thereby stimulating demand for treatments.
The global neurosurgery devices market has been analyzed from four perspectives: Product, Application, End-user, and Region.
Excerpts from ‘By Product Segmentation’
Based on product type, the global neurosurgery devices market is segmented into:
- Neurointerventional Devices
Neurostimulation devices dominate the global market with the largest revenue share. An increasing number of patients suffering from neurological disorders along with the rising geriatric population are the primary factors driving this segment. Geriatric individuals are more likely to suffer from neurological disorders. According to the WHO report of 2022, by 2050, the population aged 60 years and above will be 2.1 billion, and people aged 80 and above will triple to reach 426 million. They have also included that by 2030, 1 out of 6 people will be of age 60 or above, which will increase the market potential for several neuro-muscular devices and treatment segments, including neurosurgery devices.
Excerpts from ‘By Application Segmentation’
Based on application, the global neurosurgery devices market is segmented into:
- Spinal Cord Stimulation
- Deep Brain Stimulation
The neuroendoscopy segment dominates the market with the largest revenue share. Rising cases of brain and CNS tumors, Parkinson’s disease, Alzheimer’s disease, and other related disorders are the major reason behind fueling the market growth. For instance, according to WHO’s report of June 2022, deaths, and dysfunction due to Parkinson’s disease are rising more quickly than any other neurological condition. As per the estimates in 2019, there were about 8.5 million individuals with Parkinson’s disease. A person suffering from Parkinson’s usually is affected by symptoms associated with the brain that include motor and non-motor symptoms. Thus, the further rise in the patient pool will lead to an increase in the market size.
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Excerpts from ‘By Region Segmentation’
Geographically, the global neurosurgery devices market has been segmented into:
- North America
- Asia Pacific
- Rest of the World
North America dominated the global neurosurgery devices market. The prominent rise in cases of neurological disorders along with a strong healthcare system is the major factor for North America being the geographical leader in the neurosurgery devices market. Moreover, continuous improvements in the healthcare system are resulting in the market rising. For instance, the U.S. Department of Agriculture (USDA) in October 2022 announced that they are awarding US$ 110 million in grants for improving healthcare facilities in rural towns. With this, 5 million people from 43 states will benefit through the 208 rural healthcare organization’s expansion. The funds will be used in increasing the staff to administer COVID-19 vaccines, purchase new medical supplies, and nutrition assistance programs and implement telehealth. Thus, will help on boosting the market simultaneously.
Excerpts from ‘Competitive Landscape’
Some prominent players operating in the global neurosurgery devices market are:
- Medtronic plc
- Stryker Corporation
- B. Braun SE
- Boston Scientific Corporation
- Integra LifeScience
- Olympus Corporation
- Johnson & Johnson Services, Inc.
- Smith & Nephew
- Penumbra, Inc.
- Conmed Corporation
- Clarus Medical
- Adeor Medical AG
- Machida Endoscope Co. LTD.
Table of Content
- Market Ecosystem
- Timeline Under Consideration
- Historical Years – 2020
- Base Year – 2021
- Forecasted Years – 2022 to 2030
- Currency Used in the Report
- RESEARCH METHODOLOGY
- Research Approach
- Data Collection Methodology
- Data Sources
- Secondary Sources
- Primary Sources
- Market Estimation Approach
- Bottom Up
- Top Down
- Market Forecasting Model
- Limitations and Assumptions
- PREMIUM INSIGHTS
- Current Market Trends (COVID-19 Perspective)
- Key Players & Competitive Positioning (2021)
- MARKET DYNAMICS
- GLOBAL NEUROSURGERY DEVICES MARKET – ANALYSIS & FORECAST, BY PRODUCT
- Neuromodulation Devices
- Neuroendoscopy Devices
- Neurostimulation Devices
- Neurointerventional Devices
- GLOBAL NEUROSURGERY DEVICES MARKET – ANALYSIS & FORECAST, BY APPLICATION
- Spinal Cord Stimulation
- Deep Brain Stimulation
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