Neurosurgery is a medical fieldrelated to prevention, diagnosis, and treatment of nervous system disorders andrehabilitation of patients suffering from the disorder post-surgery.Neurosurgery is majorly performed for treating neuro-trauma and intracranialhemorrhage.
Statistics:
The global NeurosurgicalProducts Market is estimated to account for US$ 13,203.7 Mn in terms ofvalue by the end of 2027.
Global Neurosurgical ProductsMarket: Drivers
Approval and launch of newproducts is expected to propel growth of the global neurosurgical productsmarket over the forecast period. For instance, in February 2019, Medtronic plcreceived the U.S. Food and Drug Administration (FDA) approval on an expandedindication for its Pipeline Flex embolization device, for the treatment ofsmall or medium, wide-necked brain aneurysms in the territory from the petrousto the terminus of the internal carotid artery.
Global Neurosurgical ProductsMarket: Opportunities
R&D of new approaches in thetreatment of neurological disorders is expected to offer lucrative growthopportunities for players in the global neurological products market. Forinstance, in May 2020, researchers from Yonsei University College of Medicine,South Korea, reported that gamma knife radiosurgery followed by embolizationcan be effective in the treatment of ruptured brain arteriovenous malformationsthat are at risk for obliteration failure and repeat hemorrhage during thelatency period after single-session gamma knife radiosurgery alone.
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Global Neurosurgical ProductsMarket: Restraints
Stringent regulatory requirementsand long approval time for new neurosurgical products is expected to limitgrowth of the market. For instance, the approval process for stereotacticradiosurgery systems is stringent and time consuming, which delays the entry ofnew systems into the market. For instance, in the U.S., regulations areimplemented by the Food and Drug Administration (FDA), Safe Medical Device Act(SMDA), and Nuclear Regulatory Commission (NRC) Act for radiation safety ofexternal beam therapies.
Key Takeaways:
The global neurosurgical productsmarket was valued at US$ 5,610.4 Mn in 2019 and is forecast to reach a value ofUS$ 13,203.7 Mn by 2027 at a CAGR of 11.3% between 2020 and 2027. Approval andlaunch of new products is expected to propel growth of the global neurosurgicalproducts market over the forecast period.
Aneurysms segment held dominantposition in the global neurosurgical products market in 2019, accounting for36.6% share in terms of value, followed by Pituitary and Intracranial tumors,respectively. Increasing research along with increasing patient population isexpected to drive the segment growth during the forecast period.
Market Trends
Major players in the market arefocused on investing in R&D to expand their product portfolio. Forinstance, B. Braun Melsungen AG invested US$ 1,366.64 million in the expansionor replacement of production facilities and in research and development in the2019 fiscal year.
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Major players in the market arealso focused approval and launch of new products to expand their productportfolio. For instance, in May 2020, Elekta launched Leksell Gamma KnifeLightning, its next-generation stereotactic radiosurgery system.
Global Neurosurgical Products Market:Competitive Landscape
Major players operating in theglobal neurosurgical products market include, Integra LifeSciences HoldingsCorporation, KARL STORZ GmbH & Co. KG, Medtronic plc, Johnson & JohnsonServices, Inc., Stryker Corporation, Elekta AB, Terumo Corporation, Penumbra,Inc., B. Braun Melsungen AG, and Varian Medical Systems, Inc.
Global Neurosurgical ProductsMarket: Key Developments
January 2020: MicroVention, Inc.,a U.S. based subsidiary of Terumo Corporation announced the U.S. FDA PremarketApproval for the FRED (Flow Re-Direction Endoluminal Device) device for thetreatment of brain aneurysms
January 2020: Terumo Corporationreceived manufacturing and marketing approval of its Woven EndoBridge Device(WEB) for the treatment of intracranial wide neck bifurcation aneurysms inJapan
September 2018: Medtronic plclaunched the Infinity Occipitocervical-Upper Thoracic System designed tosimplify posterior cervical spine surgery
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