SEATTLE, May 17, 2021, (MEDGADGET) — Hydrocephalus, aneurysms, arteriovenous malformations, and pituitary and intracranial tumors are major neurological conditions treated with neurosurgical products.
The global neurosurgical products market was estimated at US$ 5,610.4 million in 2019 and is expected to grow at a CAGR of 11.3 percent to US$ 13,203.7 million by 2027.
The increasing occurrence of neurological issues is expected to drive the global neurosurgical product market over the forecast period. For instance, as per the examination, ‘Commonness and clinical relationship of excessively amplified subarachnoid space hydrocephalus, an imaging highlight of idiopathic ordinary pressing factor hydrocephalus’, distributed in Fluids and Barriers of the CNS, in 2019, the pervasiveness of Disproportionately Enlarged Subarachnoid space Hydrocephalus was 1.1% in the memory facility and 1.0% locally, which expanded with age.
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Besides, expanding the geriatric populace is also expected to help in the development of the market. As per the Office of National Statistics, U.K. 2018, there are almost 12 million individuals matured 65 or more in the U.K. of which 5.4 million individuals are matured more than 75, 1.6 million are matured more than 85, more than 500,000 individuals are more than 90, and 14,430 are centenarians.
North America held a dominant position in the global neurosurgical products market in 2019, accounting for 41.6% share in terms of value, followed by Europe and the Asia Pacific, respectively
The market’s growth is expected to be hampered by the availability of alternatives. The availability of alternative treatments for neurological conditions, such as opioid therapies, restricts the adoption of neurosurgical products.
Furthermore, product recalls are likely to restrict business growth. Medtronic plc, for example, recalled pipeline flex embolization devices in March 2020 due to a risk of device fracture.
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Growing interest in negligibly intrusive medical procedures is projected to offer new openings for the key players in the global neurological products market. Negligibly obtrusive medical procedures either require a little cut or are totally noninvasive. Insignificantly intrusive medical procedures, for example, radiosurgery, can be finished in only a couple of meetings and include next to no quiet recuperation time. Furthermore, negligibly obtrusive medical procedures are generally financially savvy when contrasted with open medical procedures.
Additionally, the rising public perception of hydrocephalus is expected to boost the market growth. In September 2019, for example, The WALKs kicked off Hydrocephalus Awareness Month in the United States.
Market Trends/Key Takeaways:
Central participants in the market are focused on adopting M&A techniques to grow their item portfolio. For example, in September 2019, Integra LifeSciences Holdings Corporation gained Rebound Therapeutics, an engineer of single-utilized clinical gadgets that empower insignificantly intrusive access in neurosurgery.
Central participants in the market are engaged in the endorsement and dispatch of new items to extend their item portfolio. For example, in April 2019, Insera Therapeutics, Inc. received CE Mark endorsement for its CLEAR Aspiration System, for the desire of blood clumps, and is demonstrated for use in patients with intense ischemic stroke optional to intracranial huge vessel occlusive sickness.
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In February 2020, Digital Surgery, a privately-owned provider of surgical artificial intelligence, data and analytics, and digital education and training solutions, was purchased by Medtronic plc.
In July 2019, Arkis Biosciences Inc., a privately owned firm that provides a range of neurosurgical instruments, was purchased by Integra LifeSciences Holdings Corporation.
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