According to a report published by Grand View Research, Inc.; the neuroendoscopy devices market is likely to reach a valuation of around USD 203.9 million by 2025.
Increasing cases of brain injuries and neural surgeries, and high demand for minimally invasive surgeries can propel the market over the forecast period (2014 to 2025). Additionally, increasing efforts from the government and private institutions to support the acceptance of neuroendoscopy and growing investments for research and development activities by the major players are expected to create positive outlook for the market.
Conventional brain surgeries like craniotomy are mostly invasive and complex which involves complete opening of skull. These surgical procedures involve high risk of stroke or hemorrhage, deafness, blindness, and death in several cases. These conditions can be avoided by adopting minimally invasive procedures. Therefore, use of neuroendoscopy is increasing constantly. These devises are extensively used in the treatment of intraventricular hemorrhage and bleeding, hydrocephalus, and pituitary tumors. Thus, continuous rise in cases of pituitary tumors and intraventricular hemorrhage are likely to support the market growth in the coming years.
Full Research Report On Neuroendoscopy Devices Market Analysis: https://www.grandviewresearch.com/industry-analysis/neuroendoscopy-market
Worldwide neuroendoscopy devices market can be segmented on the basis of devices type, surgery, type, application, and region.
Based on devices type, the market can be classified into rigid and flexible.
Rigid segment is expected to show high growth in the years to come. Rigid neuroendoscopes are extensively used to treat disorders including hydrocephalus, intraventricular tumors, and cystic lesions. As per Hydrocephalus Association U.S., one to two of every 1000 babies born are diagnose with hydrocephalus. Therefore, high prevalence of these disorders is expected to drive the segment growth. These devices are available in light weight versions, therefore have high demand in interventricular surgeries. As per surgery type, the market can be bifurcated into intraventricular, transcranial, and transnasal. In 2016, Intraventricular segment estimated for the major revenue share owing to high prevalence of the intraventricular hemorrhage and bleeding. The, transcranial surgery segment is likely to display rapid growth during the forecast period due to technological developments and growing cases of pituitary gland tumors. On the basis of application, the market can be categorized into hospitals and medical research centers.
In 2016, the hospitals segment acquired the largest market share and likely to continue this trend over the forecast period. Several benefits offered by neuroendoscopy such as exact access at target site that is situated in the interior parts of brain and minimal incision have forced hospitals to adopt this procedure. Moreover, hospitals have reported the high number of neuro-endoscopic procedures due to availability of established healthcare facilities in case of emergencies and presence of skilled health care specialist and neurosurgeons.
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Geographically, the market can be divided into North America, Europe, Asia Pacific, Latin America, and MEA. North America is largest markets followed by the Europe. In 2016, these regions collectively acquired the major market share due to availability of advanced healthcare infrastructure and high use of advanced techniques, which has lead to high adoption of neuroendoscopy. In addition, technological developments in the healthcare and high prevalence of pituitary tumors are supporting the market growth in these regions. The U.S is considered as the major market for neuroendoscopy across the globe. Fast recovery of patients operated with minimally invasive procedure offered by these devices has increased the popularity of these devices in the country.
Asia Pacific market is expected to show rapid growth during the forecast period due to presence of unexploited growth opportunities in the region. Countries such as India, China and Japan have huge opportunities. Factors such as enforced healthcare insurance, growing technological advancements, and growing healthcare spending are expected to boost the market growth in this region.
Key companies operating in the market include B. Braun Medical Inc.; Olympus Corporation; Stryker, Medtronic; and Karl Storz. Major participants in the market are trying to strengthen their position in the market by adopting strategies like mergers and acquisitions, and strategic alliances.
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