Minimally Invasive Neurosurgery Device MarketIncreasing Incidence of Neurological Disorders Increases the Growth of the Minimally Invasive Neurosurgery Device Market.
Minimally Invasive Neurosurgery Device Market size is estimated to reach $32,700 million by 2026, growing at a CAGR of 8.5% over 2021-2026. Minimally Invasive Neurosurgery procedure is used to treat diseases occurs in various parts of brain, spinal cord or skull base. Endoscope is a kind of neurosurgical device used for the visualization purpose inside the human brain or spinal cord and helps in magnifying critical anatomical structure and support the surgeon in the treatment. Minimally invasive surgeries include adrenalectomy which is used to remove adrenal gland through small incisions in the abdomen. During minimally invasive neurosurgery, fluoroscopy helps to provide clear view of imaging that produces real-time moving X-ray images. Growing incidence of neurological disorders and rising technological advancement is the major factor driving the growth of this market. Furthermore, increasing geriatric population is set to further enhance the overall market demand for Minimally Invasive Neurosurgery Device Market for the period 2021-2026.
Minimally Invasive Neurosurgery Device Segment Analysis – By Product
The global Minimally Invasive Neurosurgery Device Market based on Product can be further segmented into Fiber Optics Cables, Miniature Video Cameras, Special Surgical Instruments, and External Video Monitors. The Fiber Optics Cables segment is the major segment generated highest revenue in 2020. This is owing to its small size, immunity to electromagnetic interference (EMI), enhanced sensitivity, robustness and geometrical versatility. The Miniature Video Cameras segment is estimated to register the fastest CAGR of 1.9% for the period 2021-2026. Miniature Video Cameras are endoscopic that helps in magnifying critical anatomical structure and assist the surgeon in the treatment and are increasing the growth of this segment.
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Minimally Invasive Neurosurgery Device Segment Analysis – By Surgery Type
The global Minimally Invasive Neurosurgery Device Market based on Surgery Type can be further segmented into, Intracranial Surgery, Endonasal Neurosurgery, and Spinal Surgery. The Intracranial Surgery segment registers for the Minimally Invasive Neurosurgery Device highest market share in 2020. This is mainly owing to increasing number of surgeries on the brain and rising brain disease. According to National Cancer Institute, about 23,890 adults have brain tumor in 2020 that increases the demand of intracranial surgery and are rising the market growth. The Endonasal Neurosurgery segment is estimated to register the fastest CAGR of 2.4% over 2021-2026. This is mainly owing to fast recovery time and reduced risk of neurological damage and are increasing the growth of this market.
Minimally Invasive Neurosurgery Device Segment Analysis – By Geography
North America dominated the Minimally Invasive Neurosurgery Device Market with major share of 40% in 2020. This is owing to increasing number of surgical procedure and rapid technology development in healthcare. Moreover, increasing adrenalectomy surgery for patients with tumors increases the demand of Minimally Invasive Neurosurgery Device Market. However, Asia Pacific is estimated to outpace all the regions by clocking the highest CAGR of 4.25% during the forecast period 2021-2026 owing to rising disposal income and increasing government initiatives towards improvising healthcare sector.
Minimally Invasive Neurosurgery Device Market Drivers
Growing Incidence of Neurological Disorders
Increasing incidence of neurological disorders increases the growth of the Minimally Invasive Neurosurgery Device Market. According to National Institute of Health, about 276 million people are suffering from neurological disorders in 2016 that increases the use of fluoroscopy and are increasing the growth of the Minimally Invasive Neurosurgery Device Market over 2021-2026.
Rising Technological Advancement
Increasing technological advancement in minimally invasive surgical procedures is increasing the growth of the Minimally Invasive Neurosurgery Device Market. Moreover, recent advancement in endoscope design produced endoscopes that are compact, more efficient with improved resolution and better illumination that increases the growth of Minimally Invasive Neurosurgery Device Market over 2021-2026.
Covid-19 Impact:
COVID-19 pandemic had greatly affected the Minimally Invasive Neurosurgery Device Market. Owing to pandemic, healthcare equipment are preserved for patients infected with the coronavirus that increasing delays in neurosurgeries owing to high risk of getting infected and are negatively affected the growth of this market.
Minimally Invasive Neurosurgery Device Market Challenges
High Cost associated with Minimally Invasive Neurosurgery Devices
The factors that is set to impede the growth of the Minimally Invasive Neurosurgery Device Market are the high cost of surgical devices and treatment cost is expensive is set to create hurdles for the Minimally Invasive Neurosurgery Device Market.
Minimally Invasive Neurosurgery Device Landscape
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Minimally Invasive Neurosurgery Device Market. Minimally Invasive Neurosurgery Device top 10 companies include, Abbott Laboratories, GE Healthcare, Karl Storz GmbH & Co. KG, Koninklijke Philips NV, Medtronic PLC, Olympus Corporation, Siemens Healthineers, Smith & Nephew, Stryker Corporation, and Zimmer Biomet.
Developments
In October 2020, Olympus Corporation has launched EVIS X1, an advanced endoscopy system that helps in improving the outcomes from endoscopic disorders.
In March 2020, Karl Storz GmbH & Co. KG has installed six examination rooms specialized for ENT treatment that increases the demand of minimally invasive procedures.
Key Takeaways
Geographically, in 2020, North America dominated the Minimally Invasive Neurosurgery Market owing to increasing number of surgical procedure and rapid technology development in healthcare.
Growing incidence of neurological disorders and rising technological advancement are likely to aid in the market growth of the Minimally Invasive Neurosurgery Device.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Minimally Invasive Neurosurgery Device Market report.
High cost associated with minimally invasive neurosurgery devices is set to create hurdles for the Minimally Invasive Neurosurgery Device Market.
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