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Neurosurgical Products Market is Expected to Account for US$7,756.2 Mn by 2022 Globally
The global neurosurgical products market is witnessing significant growth due to growing geriatric population. Moreover, increasing the incidence of brain tumors, growing government funding, and rising awareness about neurosurgical disorders are also driving the growth of the market. Furthermore, growing demand for minimally invasive surgeries is expected to create growth opportunities for the neurosurgical products market over the forecast period. However, stringent regulatory requirements, long approval times for new neurosurgical products, and availability of alternative treatment for neurosurgical diseases inhibit the growth of the market. The neurosurgical products market is anticipated to grow from an estimated US$3,685.8 Mn by the end of 2015 to US$7,756.2 Mn by 2022 at a CAGR of 11.2% during the forecast period.
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The North America market is growing at a significant rate due to increasing healthcare expenditure, rising geriatric population, and increasing the prevalence of brain tumor in the region. According to the Brain Aneurysm Foundation, approximately 6 million people in the U.S. have a unruptured brain aneurysm and annually around 30,000 people suffer from brain aneurysm rupture. Moreover, initiatives taken by various government associations are helping to spread awareness about advanced neurosurgical products in North America.
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In Europe, increasing aging population, high healthcare expenditure, and increasing awareness about neurological conditions are driving the growth of the neurosurgical products market. According to the European Commission, Germany had the highest geriatric population (60 years and above) base among all European Union member states, accounting for 20.6% of the total population of the country in 2011. This number is poised to reach approximately 50% by 2030. Moreover, according to the NHS Commissioning Board in England, the U.K., Great Britain, neurosurgery is witnessing an annual growth of 2%-5%. With increasing number of neurosurgical procedures, demand for neurosurgical products is also poised to rise over the next few years.
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Growth of the neurosurgical products market in Asia-Pacific is primarily attributed to rising geriatric population, increasing healthcare expenditure, and growing awareness of the neurological condition in the region. According to UN reports, 10.1% of the total population of China is aged 60 years and above and this is expected to reach 30% by 2050. Moreover, the incidence of brain cancer is also increasing in the region. According to GLOBOCAN-an international agency, for research on cancer-5,510 people in Japan suffered from brain cancer in 2012 and this number is poised to reach 5,960 by 2020.
Integra LifeSciences Holdings Corporation, KARL STORZ GmbH & Co. KG., Medtronic plc, Johnson & Johnson Services, Inc., Stryker Corporation, B. Braun Melsungen AG, Terumo Corporation, and Elekta AB. some of the major players of the neurosurgical products market.
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