NEUROSURGICAL PRODUCTS MARKET ANALYSIS

Neurosurgical products are used in the treatment of neurological disorders such hydrocephalus, aneurysms, arteriovenous malformations, and pituitary and intracranial tumors.

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

Increasing prevalence of neurological disorders is expected to propel growth of the global neurosurgical products market over the forecast period. For instance, according to the study, ‘Prevalence and clinical associations of disproportionately enlarged subarachnoid space hydrocephalus, an imaging feature of idiopathic normal pressure hydrocephalus’, published in Fluids and Barriers of the CNS, in 2019, the prevalence of Disproportionately Enlarged Subarachnoid space Hydrocephalus was 1.1% in the memory clinic and 1.0% in the community, which increased with age.

Moreover, increasing geriatric population is also expected to aid in growth of the market. For instance, according to Office of National Statistics, U.K. 2018, there are nearly 12 million people aged 65 and above in the U.K. of which 5.4 million people are aged over 75, 1.6 million are aged over 85, over 500,000 people are over 90, and 14,430 are centenarians. 

Statistics:

North America held dominant position in the global neurosurgical products market in 2019, accounting for 41.6% share in terms of value, followed by Europe and Asia Pacific, respectively

Figure 1: Global Neurosurgical Products Market Share (%) Value, By Region, 2019

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Global Neurosurgical Products Market: Restraints

Availability of alternatives is expected to hinder growth of the market. The presence of alternative treatments such as drug therapies for the treatment of neurological disorders limits adoption of neurosurgical products.

Moreover, product recalls are also expected to limit growth of the market. For instance, in March 2020, Medtronic plc recalled pipeline flex embolization devices due to risk of device fracture.

Global Neurosurgical Products Market: Opportunities 

Increasing demand for minimally invasive surgeries is expected to offer lucrative growth opportunities for players in the global neurological products market. Minimally invasive surgeries either require small incision or are completely noninvasive. Minimally invasive surgeries, such as radiosurgery, can be completed in just a few sessions and involve very little patient recovery time. In addition, minimally invasive surgeries are relatively cost effective as compared to open surgeries.

Moreover, increasing awareness regarding hydrocephalus is also expected to aid in growth of the market. For instance, in September 2019, The WALKs kick off Hydrocephalus Awareness Month was observed in the U.S.

Statistics:

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.

Figure 2: Global Neurosurgical Products Market Value (US$ Bn), 2016 – 2027

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Market Trends/Key Takeaways

Major players in the market are focused on adopting M&A strategies to expand their product portfolio. For instance, in September 2019, Integra LifeSciences Holdings Corporation acquired Rebound Therapeutics, a developer of single-use medical devices that enable minimally invasive access in neurosurgery.

Major players in the market are also focused approval and launch of new products to expand their product portfolio. For instance, in April 2019, Insera Therapeutics, Inc. received CE Mark approval for its CLEAR Aspiration System, for the aspiration of blood clots, and is indicated for use in patients with acute ischemic stroke secondary to intracranial large vessel occlusive disease.

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

Major players in the market are focused on adopting M&A strategies to expand their product portfolio. For instance, in February 2020, Medtronic plc acquired Digital Surgery, a privately-held provider of surgical artificial intelligence, data and analytics, and digital education and training solutions.

Similarly, in July 2019, Integra LifeSciences Holdings Corporation acquired Arkis Biosciences Inc., a privately-held company that offers a portfolio of neurosurgical devices