Neurosurgical Product Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

The global neurosurgical products market has been rising at a healthy pace in recent years, and this trend is anticipated to continue in the foreseeable future. The significant growth in developed countries is attributed to advancements in medical science and an ultra-modern healthcare infrastructure. Efforts from medical device manufacturers for technological advances and product innovation have also played a crucial role in the market's growth.

Growing Geriatric Population Boosting Market Demand

The increasing geriatric population globally is a key factor behind the growth of the neurosurgical products market. Developing countries such as China and India are anticipated to account for a larger geriatric population base compared to developed nations such as the U.S. The elderly are more prone to hemorrhage and stroke as compared to their younger counterparts. The American Heart Association notes that the risk of stroke is twice as high among individuals above the age of 55 years. These factors are expected to drive the global neurosurgical products market significantly.

Governmental Funding and Awareness Programs for Neurological Conditions Fuels Growth

Increasing funding from governments and public healthcare agencies for the development of neurosurgical products aims to reduce the burden of neurological disorders on healthcare systems. Availability of adequate funds will help researchers develop new treatments for neurological conditions. For instance, the National Institute of Neurological Disorders and Stroke in the U.S. increased grants substantially, reflecting a commitment to advancing neurosurgical research.

Rising Incidence of Brain Tumors Driving Demand for Neurosurgical Products

The rising incidence of brain tumors is significantly stoking the demand for neurosurgical products. Neurosurgical products such as endoscopes and stereotactic radiosurgery systems find extensive application in detecting and removing brain tumors. Statistics from GLOBOCAN indicate a substantial increase in the number of brain tumor cases globally. Similarly, the American Brain Tumor Association reports a considerable number of new cases of brain tumors, with a notable percentage being malignant. This trend underscores the need for advanced neurosurgical products.

Awareness Campaigns Enhancing Market Growth

Rising awareness about neurological disorders is also benefiting the neurosurgical products market. In several parts of the world, both governmental and non-governmental organizations are carrying out awareness programs for the early detection of neurological conditions. For instance, Brain Awareness Week is organized annually in New Zealand, featuring updates and developments from neuroscientists and clinicians in neurology. In the U.S., the National Institute of Neurological Disorders and Stroke organizes the Know Stroke campaign each year to spread awareness about stroke symptoms and available treatments.

Preference for Non-surgical Therapies Posing Challenges

Despite the promising growth, the market faces challenges due to the availability of alternative treatments for neurological diseases. Drug therapies are often the first line of treatment for neurological conditions, with neurosurgery being considered only if non-surgical therapies prove ineffective. Additionally, stringent regulations and long approval processes for medical devices, especially stereotactic neurosurgical products, can delay their commercial availability, posing a challenge to market growth.

Competitive Analysis

• 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
• Varian Medical Systems, Inc.
• Other

Key Market Segmentation

By Condition

• Hydrocephalus
• Aneurysms
• Arteriovenous malformations
• Pituitary and intracranial tumors

By Procedure

• Open Neurosurgery
• Neurovascular and Minimally Invasive Surgery

By Product Type

• Shunts
• Neurosurgical Endoscope
• Stereotactic Radio-surgery System
• Embolization Products
• Aneurysm and AVM Clips

By Geography

• North America
• Europe
• Asia-Pacific

This product will be delivered within 1-3 business days.