Worldwide revenue from the neurosurgery market was US$ 4.9 Bn at the end of 2021, with the global market estimated to evolve at a value CAGR of 4.5% to reach US$ 7.9 Bn by the end of 2032.
As assessed by Persistence Market Research, neuro-interventional devices held a market value share of 60.8% in 2021. Overall, neurosurgery device sales accounted for just over 1% revenue share of the global medical devices market in 2021.
With the rising geriatric population, a large section of this group is getting affected by various neurological disorders such as stroke, Parkinson’s disease, brain tumors, epilepsy, brain injury, dementia, and multiple sclerosis. Increasing funding from governments and public healthcare agencies for the development of neurosurgical products to reduce the burden of neurological disorders on healthcare systems is also acting in favor of market growth. The availability of adequate funds will help researchers develop new treatments for neurological conditions.
The elderly population is more susceptible to stroke and hemorrhage as compared to the younger population.
- As per the American Heart Association, the possibility of stroke is twofold among individuals above the age of 55 years.
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Rising awareness about neurological disorders is also benefitting the neurosurgical products market. In several parts of the world, both governmental and non-governmental organizations are carrying out awareness programs for the early detection of neurological conditions.
- Brain Awareness Week is organized between March 11 and March 17 every year in New Zealand. The drive includes updates and developments from neuroscientists and clinicians in the field of neurology.
- In the U.S., the National Institute of Neurological Disorders and Stroke organizes a Know Stroke campaign each year to spread awareness about the symptoms of stroke and the available line of treatments.
- The European Academy of Neurology (EAN) has conducted a research project concluding that more than half of the European population (approx. 60%) suffers from a neurological disease. In Europe, 10.5 million people are living with dementia, and the number is expected to increase to 18.7 million by 2050.
Companies:
- Stryker Corp.
- B, Braun Melsungen AG
- Medtronic ple
- DePuy Synthes
- Boston Scientific
- Terumo Corporation
- KARL STORZ GmbH & Co KG
- Integra LifeSciences
Manufacturers are focused on developing safe and effective surgical products with wide availability, and are thus expected to increase their respective market shares. Companies are also entering mergers and acquisitions to expand their market presence.
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Market Competition
Leading players are collaborating and acquiring manufacturers with a specific line of products to increase their offerings and also expand their global presence. This is having a positive impact on the neurosurgery market.
- B. Braun and its start-up Neuroloop concluded a cooperation agreement in 2021 with the Merck Group in Darmstadt to bundle expertise in bioelectronics devices and increase innovative capacity in the dynamic field of functional neurosurgery.
- In September 2018, Johnson & Johnson Medical GmbH acquired Emerging Implant Technologies GmbH to offer interbody spine implants.
- In June 2022, Radboudumc and Terumo Europe N.V. signed a collaboration agreement for strengthening their product portfolio of neurosurgery offerings.
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