Neurology Endoscopy Devices Market: Knowing the Present and Predicting the Future
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Significant rise in neurological disorders has posed a considerable challenge to the healthcare sector including the governments of developed as well as developing nations. According to National Institute of Neurological Disorders and Stroke (NINDS) it is estimated that approximately 50 million Americans are affected due to these disorders leading to incalculable economic costs for medical expenses coupled with loss of productivity. The ever increasing geriatric population has consequently led to rise in neurological disorders such as Alzheimer’s, Parkinsonism, stroke, brain cancer and others. Moreover, ineffective drugs owing to the blood brain barrier and causing serious side effects has positively triggered the growth of neurological devices market. All the aforementioned factors have boosted the growth of neurology endoscopy devices market.
The global neurology endoscopy devices market has been fragmented on the basis of product, disease indication, end-user and geography. The product segment of global neurology endoscopy devices market is further sub-segmented in to endoscopes, visualization system, operative devices, and accessories. The operative devices segment is expected to hold highest market share during forecast period of 2017-2025 followed by accessories segment. Growing number of people undergoing neuroendoscopy procedures, rising acceptance for minimal invasive surgeries and technological advances in the market are driving the market of the segment. Minimally-invasive surgeries entail shorter hospital stay, minimal incision, less post-surgery complications, and shorter recovery time. These advantages attract patients and help increase the number of patients opting for minimally invasive surgeries. It is one of the most frequently performed surgeries in the operation room of most of the hospitals in comparison with open surgeries.
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On the basis of disease indication, global neurology endoscopy devices market further divided into nervous system disease, Alzheimer’s disorders, brain tumour, brain cancer and other. According to an estimation by the U.S. census board, persons older than 65 represented around 13% of the total population in the U.S. in 2009 and the percentage is expected to grow to an estimated 20% by 2030. Some other countries aging at a rapid pace are Japan and Germany. Old age brings about some chronic illnesses such as Parkinson’s and Alzheimer’s. Moreover, the developed part of the world rapidly aging acts as an effective driver for this market, as it is easier to capitalize on the market opportunities available in developed countries due to the presence of high customer awareness, high disposable incomes and the presence of a robust healthcare infrastructure.
Geographically, global neurology endoscopy devices market is classified into five regional markets, namely, North America (United States and Canada), Europe (Germany, France, United Kingdom, etc.) and Asia-Pacific (Australia, China, Japan, India, etc.), Latin America and Middle East and Africa. North America was observed as the largest market, in terms of revenue for global neurology endoscopy devices market. North America was followed by Europe and is expected to register higher growth.
Emerging markets such as Asia Pacific, Latin America and the Middle East and Africa are expected to record robust growth during the forecast period 2017-2025 due to growing health care industry, and aging population which consequently would lead to increased patient population in these countries. India, China and Brazil are expected to drive strong growth among the emerging countries, owing to increasing investments by government bodies in order to enhance healthcare facilities.
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The major players operating in this market include Johnson & Johnson, Karl Storz GMBH & CO. KG, Olympus Corporation, Hoya Corporation, Medtronic, C.R. Bard, Boston Scientific, Arthrex Inc, Fujifilm Holding Corporation, and other.
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