North America Neurosurgery Market is Grow at a CAGR of 14.3% by 2029
The Latest released North America Neurosurgery Market Research Report provides a detailed assessment of Key and emerging players showcasing company profiles, product/service offerings, market price, and sales revenue to better derive market size estimation. The most appropriate, exclusive, realistic, and admirable North America Neurosurgery Market research report is delivered with loyalty to all business needs.
Technological innovation within healthcare may be defined as the introduction of a new technology that initiates a change in clinical practice. Neurosurgery is a particularly technologically intensive surgical discipline, and new technologies have preceded many of the major advances in operative neurosurgical techniques. The present focus is on developing minimally-invasive devices that could decrease the probability of complications during operative sessions. With the introduction of minimally-invasive techniques, doctors are using highly specialized surgical instruments such as power tools, neurovascular embolization devices, and radiosurgery systems such as gamma-knife.
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In addition, a set of new factors, such as enhanced regulatory standards and an increasing incidence of neurological diseases, has led to an increase in the adoption of advanced treatment protocols and the assumption that such therapies will be available more widely. This has increased industry and government demand for zero deviations, which has driven the demand for neurosurgical services, and an increase in cross-industry alliances and collaborations is a major factor expected to boost the neurosurgery market. However, the higher costs involved in neuro endoscopy equipment and procedures, along with the lack of trained professionals, may restrain the market growth in the forecast period.
Data Bridge Market Research analyzes that the North America neurosurgery market is expected to reach a value of USD 9,332.21 million by 2029, at a CAGR of 14.3% during the forecast period. “Product type” accounts for the largest type segment in the market due to the increasing patient population in the North America region. This market report also covers pricing analysis, patent analysis, and technological advancements in depth.
Fundamental Aim of this Market Report
- Factors influencing This Market Size and growth rate.
- Major alterations to this market in the near future.
- Notable Market rivals around the world.
- Future Scope and Product Outlook
- Future-promising emerging markets.
- The Market Presents Difficult Challenges and Threats.
Drivers
- Technological advancement in neurosurgery
Since the beginning of modern neurosurgery, technological advancements have paved the way for a more thorough and enhanced understanding of cerebral form and function to more effectively treat complex pathologies affecting patients. Technological advancements brought a transition from conventional equipment toward energy-efficient equipment based on novel technology. Several cutting-edge techniques help neurosurgeries quite easily. Neurosurgery is a particularly technologically intensive surgical discipline, and new technologies have preceded many of the major advances in operative neurosurgical techniques. Image guidance and neuromodulation devices demonstrated a highly correlated rapid rise in patents and publications, suggesting they are areas of technology expansion which is expected to boost the market growth.
With the growth in the prevalence of neurological conditions, the demand for neurosurgery is also increasing. The market is expected to grow in the forecast period.
Moreover, the adoption of endoscopic techniques’ is a significant market advancement. Additionally, recovery time is shorter in neurosurgeries. Thus, all these factors are expected to act as drivers for market growth.
- Rising prevalence of neurological conditions
The World Health Organization (WHO) focuses on research in areas that are important for public health promotion. Recently, WHO has been particularly interested in frequent and disabling neurological disorders with a high burden on the world? Neurological disorders occur among all age groups and different geographical regions. They significantly contribute to morbidity and mortality around the world. The neurological burden of disease is expected to grow exponentially in low- and middle-income countries (LMICs) in the next decade.
The rising prevalence of neurological conditions such as transnasal hemorrhage, intracerebral hemorrhage (ICH), traumatic brain injury, chronic pain, depression, and Parkinson’s is expected to drive market growth.
Thus, increasing neurological disorders such as transnasal hemorrhage and intracerebral hemorrhage (ICH) are fueling market growth. Neurological conditions have become a major public health crisis which is expected to boost the growth of the North America neurosurgery market.
Restraint
- The high cost associated with neurosurgeries and equipment
A significant increase in the cost of neurosurgical products has been observed in recent years, which end users such as hospitals and neurosurgical centers have to incur. Products such as neurovascular embolization devices, neurovascular coiling devices, and neuroendoscopes are quite costly. Manufacturers are also giving more resources to research and development to introduce cost-effective and advanced technology. Some complex neurosurgeries require extensive time as well as effort, and they are also quite risky. These complex procedures need advanced techniques and skills, and because of this, the cost of equipment and neurosurgeries increases. The maintenance of such facilities and continuous requirement of power supply add up to the cost of the surgeries. Decompressive craniectomy for traumatic brain injury (TBI) is an expensive procedure that is also associated with high morbidity and mortality.
The cost associated with neurosurgery procedures is quite high, which is expected to act as a restrain for the market growth.
Opportunity
- Rising awareness about neurological disorders
With the rising North America population, a large portion of the geriatric section is getting affected with neurological disorders such as epilepsy, Parkinson’s disease, stroke, brain tumor, dementia, and multiple sclerosis, among others. So, understanding neurological disorders is important, and awareness about neurological conditions can lead to seeking medical attention, which results in proper diagnosis and effective treatment. All neurological disorders account for 82.8%. The massive fold increases the burden of neurological disorders that can be attributed to a lack of awareness about neurological disorders and treatment, which lead to delayed detection, and lack of access to quality healthcare and rehabilitation centers. Rising healthcare programs and increasing funding from governments and public healthcare agencies help reduce the burden of neurological disorders and develop neurological products that act in favor of market growth.
Rising awareness about neurological disorders is beneficial for the neurosurgery market. In most regions, many governmental and non-governmental are carry some awareness programs for the early detection of neurological conditions.
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Some of the major players operating in the North America neurosurgery market are Medtronic, Abbott, Boston Scientific Corporation, Elekta, ALEVA NEUROTHERAPEUTICS, Brainlab AG, adeor medical AG, LivaNova PLC, B. Braun SE, Terumo Medical Corporation, Integra LifeSciences, Stryker, Penumbra, Inc., KARL STORZ SE & Co. KG, Renishaw plc., Inomed Medizintechnik GmbH, ANT Neuro, and Leica Microsystems among others.
Recent Developments
- In March 2022, Medtronic, a leader in healthcare technology, announced their first patient implants in the TITAN 2 pivotal study that evaluated the safety and efficacy of Medtronic’s investigational implantable tibial neuromodulation (TNM) device in people with overactive bladder (OAB). Implantable TNM has the potential to give relief to millions who suffer from bladder incontinence through a new approach that provides greater convenience and more options for physicians and patients. This will help the company to evaluate the safety and efficacy of its products
- In April 2022, Abbott announced that it had launched an upgraded version of its NeuroSphere myPath digital health app with enhanced functionality that will help doctors more closely track their patients as they trial Abbott neurostimulation devices to address their chronic pain. This upgrade is part of Abbott’s commitment to connected care technology and is intended to put people in control of their health and facilitate better communication with their doctors. This has helped the company to enhance its product use by launching the app
Key highlights of this Market report:
- Growth rate
- Remuneration prediction
- Consumption graph
- Market concentration ratio
- Secondary industry competitors
- Competitive structure
- Major restraints
- Market drivers
- Regional bifurcation
- Competitive hierarchy
- Current market tendencies
- Market concentration analysis
What benefits does the DBMR study is going to provide?
- Latest industry influencing trends and development scenario
- Open up New Markets
- To Seize powerful market opportunities
- Key decision in planning and to further expand market share
- Identify Key Business Segments, Market proposition & Gap Analysis
- Assisting in allocating marketing investments
Table of Contents:
- Introduction
- Market Segmentation
- Executive Summary
- Premium Insights
- Market Regulations
- Market Overview
Continued…
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North America Neurosurgery Market Scope
The North America neurosurgery market is segmented into product type, application, age group, end user, and distribution channel. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
By Product Type
- Neurosurgery devices
- Neurosurgery software
- Consumables
On the basis of product type, the North America neurosurgery market is segmented into neurosurgery devices, neurosurgery software, and consumables.
By Application
- Aneurysms
- Arteriovenous malformation (AVM)
- Brain tumors
- Carotid artery blockage/stenosis
- Cerebrovascular surgery
- Cortical mapping
- Epilepsy
- Functional neurosurgery
- Intraoperative angiography
- Parkinson’s disease and tremors
- Peripheral nerve surgery
- Pituitary tumors
- Radiosurgery
- Skull base surgery
- Spine surgery
- Stereotactic neurosurgery
- Trauma surgery
- Trigeminal neuralgia
- Others
On the basis of application, the North America neurosurgery market is segmented into aneurysms, arteriovenous malformation (AVM), brain tumors, carotid artery blockage/stenosis, cerebrovascular surgery, cortical mapping, epilepsy, functional neurosurgery, intraoperative angiography, Parkinson’s disease and tremors, peripheral nerve surgery, pituitary tumors, radiosurgery, skull base surgery, spine surgery, stereotactic neurosurgery, trauma surgery, trigeminal neuralgia, others.
By Age Group
- Pediatric
- Adult
- Geriatric
On the basis of end user, the North America neurosurgery market is segmented into pediatric, adult, and geriatric.
By End User
- Hospitals
- Research centers
- Neurosurgery centers
- Ambulatory surgical centers (ASCS)
- Others
On the basis of end user, the North America neurosurgery market is segmented into hospitals, neurosurgery centers, research centers, ambulatory surgical centers, and others
By Distribution Channel
- Direct tender
- Third party distributors
- Others
Key Benefits of the Report:
- This study presents the analytical depiction of this industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of this market share.
- The current market is quantitatively analyzed to highlight the market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed this industry analysis based on competitive intensity and how the competition will take shape in the coming years.
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