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Neurosurgery Devices Markets, 2024 Focus on by Product Neuromodulation (Spinal Cord Stimulation, Deep Brain Stimulation) & Neuroendoscopy

DUBLIN, Oct. 21, 2019 /PRNewswire/ -- The "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" report has been added to ResearchAndMarkets.com's offering.

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The Neurosurgery Devices Market is Projected to Reach USD 13.5 Billion by 2024 from USD 7.3 Billion in 2019, at a CAGR of 13.0%.

Growth in this market can be attributed to the rising prevalence of neurological disorders, efforts to develop the application base for neuromodulation, the benefits of neuroendoscopic surgeries over conventional brain surgeries, and the growing prevalence of neurological diseases. However, the high cost of neuroendoscopy procedures and equipment, along with a dearth of a trained workforce, is expected to limit market growth to a certain extent during the forecast period.

The internal neuromodulation devices segment accounted for the largest share of the neuromodulation devices market 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 segment accounted for the largest share of the neuromodulation devices market in 2018. The large share of this segment is attributed to the rising number of neurological disorders owing to the rising geriatric population globally.

The chronic pain applications segment will continue to dominate the spinal cord stimulation applications market during the forecast period. 

On the basis of application, the neurosurgery devices 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 chronic pain segment accounted for the largest share of the spinal cord stimulation applications market in 2018. The large share of this segment can be attributed to the growing geriatric population and the increasing incidence of age-related neurological disorders.

The neurosurgery devices market in the Asia Pacific region is expected to witness the highest growth rate during the forecast period. 

Geographically, the neurosurgery devices market is segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the World. The Asia Pacific market is expected to grow at the highest CAGR during the forecast period, primarily due to the large population in Asia (India and China account for over one-third of the global population) as well as the rising geriatric population in Asian countries.

Major players in this 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).

Market Dynamics

Drivers

  • Research Into Expanding Applications of Neuromodulation
  • Benefits of Neuroendoscopic Surgery Over Conventional Brain Surgery
  • Rising Prevalence of Neurological Diseases

Restraints

  • High Cost of Neuroendoscopy Procedures and Equipment

Opportunities

  • Emerging Economies

Challenges

  • Dearth of Trained Professionals

Companies Mentioned

  • Abbott
  • Ackermann Instrumente
  • Adeor Medical
  • B. Braun Melsungen
  • Boston Scientific Corporation
  • Hangzhou Hawk Optical Electronic Instruments
  • Karl Storz
  • Machida Endoscope Co., Ltd.
  • Medtronic
  • Nevro Corporation

For more information about this report visit https://www.researchandmarkets.com/r/ojg1rn

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