Neurosurgery is a medical field
related to prevention, diagnosis, and treatment of nervous system disorders and
rehabilitation of patients suffering from the disorder post-surgery.
Neurosurgery is majorly performed for treating neuro-trauma and intracranial
hemorrhage.
Statistics:
The global Neurosurgical
Products Market is estimated to account for US$ 13,203.7 Mn in terms of
value by the end of 2027.
Global Neurosurgical Products
Market: Drivers
Approval and launch of new
products is expected to propel growth of the global neurosurgical products
market over the forecast period. For instance, in February 2019, Medtronic plc
received the U.S. Food and Drug Administration (FDA) approval on an expanded
indication for its Pipeline Flex embolization device, for the treatment of
small or medium, wide-necked brain aneurysms in the territory from the petrous
to the terminus of the internal carotid artery.
Global Neurosurgical Products
Market: Opportunities
R&D of new approaches in the
treatment of neurological disorders is expected to offer lucrative growth
opportunities for players in the global neurological products market. For
instance, in May 2020, researchers from Yonsei University College of Medicine,
South Korea, reported that gamma knife radiosurgery followed by embolization
can be effective in the treatment of ruptured brain arteriovenous malformations
that are at risk for obliteration failure and repeat hemorrhage during the
latency period after single-session gamma knife radiosurgery alone.
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Global Neurosurgical Products
Market: Restraints
Stringent regulatory requirements
and long approval time for new neurosurgical products is expected to limit
growth of the market. For instance, the approval process for stereotactic
radiosurgery systems is stringent and time consuming, which delays the entry of
new systems into the market. For instance, in the U.S., regulations are
implemented by the Food and Drug Administration (FDA), Safe Medical Device Act
(SMDA), and Nuclear Regulatory Commission (NRC) Act for radiation safety of
external beam therapies.
Key Takeaways:
The global neurosurgical products
market was valued at US$ 5,610.4 Mn in 2019 and is forecast to reach a value of
US$ 13,203.7 Mn by 2027 at a CAGR of 11.3% between 2020 and 2027. Approval and
launch of new products is expected to propel growth of the global neurosurgical
products market over the forecast period.
Aneurysms segment held dominant
position in the global neurosurgical products market in 2019, accounting for
36.6% share in terms of value, followed by Pituitary and Intracranial tumors,
respectively. Increasing research along with increasing patient population is
expected to drive the segment growth during the forecast period.
Market Trends
Major players in the market are
focused on investing in R&D to expand their product portfolio. For
instance, B. Braun Melsungen AG invested US$ 1,366.64 million in the expansion
or replacement of production facilities and in research and development in the
2019 fiscal year.
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Report: https://www.coherentmarketinsights.com/market-insight/neurosurgical-products-market-3909
Major players in the market are
also focused approval and launch of new products to expand their product
portfolio. For instance, in May 2020, Elekta launched Leksell Gamma Knife
Lightning, its next-generation stereotactic radiosurgery system.
Global Neurosurgical Products Market:
Competitive Landscape
Major players operating in the
global neurosurgical products market include, Integra LifeSciences Holdings
Corporation, KARL STORZ GmbH & Co. KG, Medtronic plc, Johnson & Johnson
Services, Inc., Stryker Corporation, Elekta AB, Terumo Corporation, Penumbra,
Inc., B. Braun Melsungen AG, and Varian Medical Systems, Inc.
Global Neurosurgical Products
Market: Key Developments
January 2020: MicroVention, Inc.,
a U.S. based subsidiary of Terumo Corporation announced the U.S. FDA Premarket
Approval for the FRED (Flow Re-Direction Endoluminal Device) device for the
treatment of brain aneurysms
January 2020: Terumo Corporation
received manufacturing and marketing approval of its Woven EndoBridge Device
(WEB) for the treatment of intracranial wide neck bifurcation aneurysms in
Japan
September 2018: Medtronic plc
launched the Infinity Occipitocervical-Upper Thoracic System designed to
simplify posterior cervical spine surgery
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