According to a new report available on Radiant Insights, Inc.; the global neurosurgery market is expected to grow at an estimated CAGR around 10% to 12% during the forecast period (from 2015 to 2019). Growing adoption of neurostimulators for the treatment of chronic pain, migraines, epilepsy, and other brain diseases is the latest trend. This factor is projected to boost market growth in the near future.
Neurosurgery is a complex procedure that includes diagnosis, therapy, and treatment of neurological ailments. Endovascular, oncological, craniotomy, stereotactic, and neuroendoscopy are some of the common types of neurosurgeries. Endovascular neurosurgeries utilize radiology & catheters to diagnose & treat the Central Nervous System (CNS) diseases.
Oncological neurosurgeries can treat both primary and metastatic spine & brain tumors. Stereotactic neurosurgeries are minimally invasive procedures that can remove brain tumors with the help of image guidance. Craniotomy is a surgical procedure that can remove and replace parts of the skull bone (bone flap. Neuroendoscopy is a minimally invasive surgical procedure and that can treat deep-seated tumors from the base of skull & brain.
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Prevalence of neurological disorders is expected to drive market expansion over the next few years. Apart from that, technological advancements and rising research & development for novel products can further support market growth. However, high cost associated with neurosurgical equipment may hamper growth of neurosurgery market during the forecast period. In addition, lack of reimbursement from insurance companies and expensive installation processes ca add to the upfront capital spending. This may restrain adoption of neurosurgeries from hospitals.
The global market for neurosurgery is segregated on the basis of product types and regions. According to products, the segments are neurosurgical navigation systems, neuro-interventional devices, neurostimulation services, cerebral spinal fluid (CSF) management devices, and others.
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On the basis of geographies, the global market is divided into Asia-Pacific (APAC), Europe and Middle East & Africa (EMEA) and Americas. North America is anticipated to dominate the overall market during the forecast period. It is expected to be followed by Europe. Factors that drive regional growth are availability of highly developed neurosurgery equipment, prevalence of various neurological disorders, impressive research & development (R&D) activities, improved healthcare infrastructure, and awareness.
Asia Pacific is anticipated to witness substantial growth during the forecast period. Growing governmental support & funding, strong R&D activities, availability of a wide range treatments, awareness about neurological ailments, and growing healthcare infrastructure can impel regional growth. Moreover, increasing economies & demographics of China, Japan, and India can further augment the regional market.
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Some of the key companies operating in the global neurosurgery market are Medtronic Public Ltd. Co., AdvanSource Biomaterials Corp., Integra LifeSciences Holdings Corp., Abbott Laboratories, The DePuy Synthes Companies, and B. Braun Melsungen AG.
Stimulated Raman scattering (SRS) microscope, a novel laser-based microscopic technology can help neurosurgeons distinguish between tumor tissue and healthy brain tissues in real-time. This technology can allow data-driven surgical decision-making. It can reduce dependency on human judgment and can increase accuracy & effectiveness of treatment. Experts that are developing this new technology hope to design an inexpensive microwave-sized product that can be cheaper than intra operative MRIs that are currently being used.
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