Neurosurgery Device Market by Major Players, Volume, Subdivision, Market Dynamic forces & Forecast 2029

Neurosurgery Device Market

The neurosurgery device market was valued at USD 7,280 million in 2019 and is expected to grow with a CAGR of 13.2% during the forecast period.
Neurosurgical instruments are used in surgical treatments of a variety of neurological conditions and disorders, including Parkinson's disease, Alzheimer's disease, traumatic brain injury, and severe spinal cord injuries. As reported by Neuro numbers in 2019, neurological disorders have one of the highest incidence rates in the world, with an estimate of 1 in 6 individuals expected to have one or more neurological conditions.

The rising prevalence of neurological disorders, such as epilepsy and Alzheimer's disease, has surged the need for neurological devices globally. The World Health Organization (WHO) reports reveal that more than 6 million people die because of cerebral stroke each year; over 80% of these deaths take place in low and middle-socioeconomic countries.  Further, more than 50 million people have epilepsy, and 47.5 million people have dementia globally. Also, for years now, Alzheimer's disease has been the most common cause of dementia and contributes to 60–70% of cases, showing a trend in the catalyzed spread of these conditions throughout the globe.

The surging incidence rate of neurological diseases in North America and European regions drive the market growth. As per the CDC, neurological disorders became the sixth leading cause of mortality in the U.S. An estimate by the Parkinson's Disease Foundation showed that every year approximately around 60,000 people are diagnosed with Parkinson's Disease in the U.S., and the number of cases has gone up by many folds with years.  Similarly, in Europe, the National Health Service U.K. has witnessed such conditions leading to the expense of approximately USD 4billion in the year 2017–2018 on people with severe neurological conditions.

The prime factor driving the market growth is the rising awareness concerning the safer means of neurosurgery and treatments and surging demand among end-users who are influenced predominantly for opting these products. One of such influencers is the introduction of micro-invasive means of neurosurgery. Conventional brain surgeries are usually open surgeries, but with the advancement in biomedical engineering powered by technology, most surgeries are now micro-invasive, which has reduced risk factors by folds. Most frequently sold neurosurgery instruments include curettes, which are used for precise and delicate microsurgery, such as neurosurgery, dissectors. Apart from these, key players have also put forward huge innovations to put up a product portfolio that includes a wide variety of instruments suitable for a wide range of surgical procedures. A European company, Surgical Holdings, provides a product portfolio for all types of innovative neurosurgical instruments to perform safe and minimally invasive surgeries.

The Parkinson's disease segment holds the largest market share on account of the rising numbers in the geriatric population that is affected by the disease and increasing R&D activities. The National Institute of Neurological Disorders and Stroke states that the U.S. has been funding Parkinson's disease based research and clinical measures for prognosis. The American Brain Foundation with the state authorities is actively working to boost public awareness regarding the same.

A report published by the Global Burden of Diseases in Lancet Neurology Journal reported that these neurological disorders were found to be the underlying cause in 9 million deaths or 16·5% of total global deaths in 2016. According to the World Health Organization, North America accounts for 7.02%ofthe global burden of neurological disorders. Alzheimer's Association data indicated that Alzheimer's disease is the sixth-leading cause of death in the U.S.

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The Major Prominent Players Covered in this Report:
Braun Melsungen (Germany)
Nevro Corporation
Medtronic
Boston Scientific Corporation
KARL STORZ (Germany)
Abbott
Merck Groups and Co.
Ackermann Instrumente (Germany)
Hawk (China)
Machida Endoscope (Japan)

By Product
Implantable pacemakers
Single Chamber
Dual Chamber
Biventricular Chamber
External pacemakers

By Application
Arrhythmias
Atrial Fibrillation
Heart Block
Long QT Syndrome
Congestive Heart Failure

By End-user
Hospitals and Cardiac Centers
Ambulatory Surgical Centers

NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post the COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.

Geographically, this report is segmented into several key regions, with sales, revenue, market share and growth rate of Steerable Medical Devices in these regions, from 2021 to 2029, covering:
North America (United States, Canada and Mexico)
Europe (Germany, UK, France, Italy, Russia and Turkey etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)

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Key Neurosurgery Device Market Trends:
- The report identifies, determines, and forecasts the Global Neurosurgery Device Market segments based on their type, sub-type, technology used, applications, end-users, and regions.
- Industry to Industry Holds Largest Share in the Neurosurgery Device Market
- It examines the micro-markets based on their growth trends, development patterns, future prospects, and contribution to the overall market.
- Demand from Regional / geographical is Expected to Drive the Growth
- Rising Adoption of Market Segments in this Growth
- North American, Europe is Expected to Witness Higher Growth Rate over the Forecast Period
- It studies the competitive developments such as partnerships and collaborations, mergers and acquisitions (M&A), research and development (R&D) activities, product developments, and expansions in the Global Neurosurgery Device Market.

Recent Developments -
In 2020, researchers from the University of Pittsburgh developed and succeeded in achieving a feat of using existing spinal cord stimulators that are used to treat chronic pain in order to produce a sense of touch in the missing limbs of amputees.
The U.S. based Boston Scientific Corporation launched new products, VercisePrimary Cell (P.C.) and Vercise Gevia Deep Brain Stimulation (DBS) Systems. These new systems, which were recently approved by the United States Food and Drug Administration (FDA), feature technology designed to allow physicians to treat the symptoms of Parkinson's disease (P.D.) using electrical stimulations through highly-personalized therapy.
Researchers at U.C. San Francisco using an electrocorticography (ECoG) implant developed a brain-computer interface that does not need to be recalibrated and retrained each time it is used, allowing an experienced user to begin from where he/she left using the system at any time. The technique is hypothesized to be useful in achieving human brain-controlled prosthetic limbs or wheelchairs for disabled people.

Key Questions Answered in The Report:
What will the Neurosurgery Device market growth rate?
What are the key factors driving the global Neurosurgery Device market?
Who are the key manufacturers in the Neurosurgery Device market space?
What are the market opportunities, market risk, and market overview of the Neurosurgery Device market?
What are sales, revenue, and price analysis of top manufacturers of the Neurosurgery Device market?
Who are the distributors, traders, and dealers of the Neurosurgery Device market?
What are the market opportunities and threats faced by the vendors in the global Steerable Medical Devices Industry?
What are sales, revenue, and price analysis by types and applications of the Neurosurgery Device Industry?
What are sales, revenue, and price analysis by regions of Neurosurgery Device industry?
What are the driving factors contributing to market growth during the short, medium, and long term?

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