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Neurosurgery Software Market Growth Probability, Key Vendors and Future Scenario Up To 2027
Neurosurgery Software Market
o Emerging economies are a major target for expansion of the neurosurgery software market due to a rapid increase in health care infrastructure
o Advanced neurosurgery techniques have substantial penetration rate in developed economies. However, emerging economies in Asia and Latin America have low adoption rate due to lack of awareness and expert neurologists in these regions.
o Economic development, rise in disposable income of patients, and increase in awareness in Asia and Latin America about neurological disorders are gradually attracting major players to expand their business in these regions. Similarly, rise in incidence rate of traumatic brain injury (TBI), stroke, and increase in prevalence of neurodegenerative diseases are expected to propel the demand for neurosurgery software market in these regions.
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Key Drivers and Restraints of Global Neurosurgery Software Market
o Increase in prevalence of neurodegenerative diseases propels the neurosurgery software market. For instance, currently, around 48 million people worldwide are living with Alzheimer's disease (AD) and around 6 million people are living with Parkinson's disease (PD). Dementias are responsible for the greatest burden of neurodegenerative diseases with Alzheimer's disease representing approximately 60% to 70% cases.
o Approximately 5.2 million people in the U.S. of all ages had Alzheimer's disease in 2014. One in nine people of age 65 years and older (11% of the population) has Alzheimer's disease. Population aged 65 years and above with Alzheimer's disease is anticipated to triple (13.8 million) by 2050, with frequency of one new case every minute.
o Increase in incidence and long-term consequences of traumatic brain injury (TBI) and concussions is expected to drive the market during the forecast period. According to the University of California, San Francisco (UCSF), approximately 1.7 million people withstand a traumatic brain injury (TBI) yearly. Traumatic brain injury is a leading cause of death and disability in children and young adults.
o High cost is involved in neurosurgery software as well as treatment. The installation cost of neurosurgery software is high. Hence, this factor is expected to restrain the market during the forecast period.
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Visualization Software to Witness High Demand
o Based on product, the global neurosurgery software market can be divided into: Preoperative Planning Software, Recording Software, Visualization Software, Analysis Software, and Others
o The visualization software segment is expected to dominate the market during the forecast period, owing to advancements in technologies for treatment of neurodegenerative diseases and other prevalent diseases such as peripheral neuropathies, mitochondrial disorders, and toxic encephalopathy. Furthermore, increase in neurological surgeries is expected to drive the market during the forecast period.
Endoscopic Surgery has Significant Growth Potential
o Based on application, the global neurosurgery software market can be divided into: Functional Neurosurgery, Endoscopic Surgery, and Open Skull Surgery
o Increase in demand for minimally invasive neurosurgery has been observed as it only requires a small opening and less brain retraction compared to conventional type of brain surgery. Hence, increase in endoscopic surgery is expected to boost the demand for neurosurgery software used in endoscopic surgery, thereby driving the market.
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North America to Lead Global Neurosurgery Software Market
o In terms of region, the global neurosurgery software market can be divided into: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
o North America is projected to account for major share of the global neurosurgery software market during the forecast period, owing to the presence of major neurosurgery software manufacturers in the region along with increase in focus on development of technologically advanced devices and software
o Growth of the market in the region is attributed to high rate of acceptance of new technology, rise in awareness about neurological diseases, and increase in health care infrastructure. Furthermore, increase in research activities and mergers & acquisitions are major drivers of the market.
Key Manufacturers Operating in Market
The global neurosurgery software market was highly fragmented in 2018. Key manufacturers operating in the global market are:
o Stryker Corporation
o Inomed Medizintechnik GmbH
o EMS Biomedical
o Touch Surgery
o Noraxon
o Nextech Systems, LLC
o Monteris Medical
o Synaptive Medical
o QIAGEN
o Micromar Ind.
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