According to the new market research report “Neurosurgery Devices Market by Product (Neuromodulation (Spinal Cord Stimulation, Deep Brain Stimulation) Neuroendoscopy), Application (Chronic Pain, Depression, Parkinsons, Ischemia, Transnasal Neuroendoscopy), Region – Global Forecast to 2024“, published by MarketsandMarkets™, the global Neurosurgery Instruments Market is projected to reach USD 13.5 billion by 2024 from USD 7.3 billion in 2019, at a CAGR of 13.0% during the forecast period.
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The major factors driving the growth of the Neurosurgery Devices Market are the rising prevalence of neurological disorders, the benefits of neuroendoscopic surgeries over conventional brain surgeries, and the growing prevalence of neurological diseases.
The spinal cord stimulation devices segment accounted for the largest share of the internal neuromodulation devices market, by type, in 2018.
On the basis of product, the Neurosurgery Devices Market is segmented into neuromodulation devices and neuroendoscopy devices. The neuromodulation devices market is further segmented into internal neuromodulation devices and external neuromodulation devices. The internal neuromodulation devices market is further segmented into spinal cord stimulation devices, deep brain stimulation devices, and other internal neuromodulation devices (vagus nerve stimulators, sacral nerve stimulators, and gastric electrical stimulators). The spinal cord stimulation devices segment accounted for the largest share of the internal neuromodulation devices market in 2018. The large share of this segment can be attributed to the rising healthcare expenditure per capita, an increase in aging demographics, and a growing number of people suffering from FBSS, ischemia, and chronic pain.
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Ischemia segment to register the highest CAGR in the spinal cord stimulation applications market during the forecast period.
On the basis of application, the Neurosurgery Instruments Market is segmented into spinal cord stimulation, deep brain stimulation, and neuroendoscopy applications. The spinal cord stimulation applications market is further segmented into chronic pain, failed back surgery syndrome, and ischemia. The ischemia segment is expected to grow at the highest CAGR during the forecast period. The high growth of this segment can be attributed to the high incidence of ischemia and other cardiovascular diseases.
North America will continue to dominate the Neurosurgery Devices Market during the forecast period
On the basis of region, the Neurosurgery Instruments Market has been segmented into four major regions, namely, North America, Europe, the Asia Pacific, and the Rest of the World. In 2018, North America accounted for the largest share of the market. The large share of North America can be attributed to the high prevalence of neurological disorders, large number of neurosurgical procedures performed, and the presence of a favorable reimbursement structure.
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Major players operating in the Neurosurgery Devices Market include B. Braun Melsungen (Germany), Medtronic (US), Boston Scientific Corporation (US), Nevro Corporation (US), KARL STORZ (Germany), Abbott (US), Ackermann Instrumente (Germany), Hawk (China), Machida Endoscope (Japan), and adeor Medical (Germany).
Medtronic (US) is the leading player in the neurosurgery instruments market. The company offers a comprehensive range of neuromodulation products. Medtronic has a strong focus on innovation and invested USD 2.25 billion in research and development in 2018. Medtronic has also gained a major share in the neuromodulation market on account of its diversified product portfolio, widespread geographical presence, strong focus on R&D, and focused marketing & sales strategies.