Studies reveal that over 17 million surgical operations happen every year. While surgeries have been life-saving, lengthy recovery time after surgeries have been an ongoing concern in the healthcare industry. Minimally invasive surgeries (MIS) are changing the way patients are treated. Moreover, the healthcare industry is accelerating its shift towards patient-centric model as convenience is becoming the top priority. Driven by these trends, the global minimally invasive neurosurgery devices market is anticipated to grow at a noticeable CAGR during the forecast period (2020-2030).
Minimally Invasive Neurosurgery Devices Market – Growth Drivers
Rise in caseloads of neurological disorders is primarily driving minimally invasive neurosurgery devices market. According to UN News, approximately 1 billion people are suffering from neurological disorders and about 6.8 million die of maladies every year. Alerted by the situation, governments across the globe are scaling up their healthcare spending. By 2022, the global healthcare expenditure of emerging nations will rise up to 30%.
Going forward, technological advancements in neurology such as robotic surgical systems, and surgical navigation systems is offering fertile breeding ground for market players. Moreover, players are increasingly focusing on integration of high-tech solutions such as augmented reality (AR) and mixed reality (MR) into minimally invasive neurosurgery devices.
Global Minimally Invasive Neurosurgery Devices Market – Growth Restraints
Minimally invasive neurosurgery devices carry immense complexity during their employment. Lack of skilled professionals, especially in developing and under-developed regions, are hindering the adoption of these devices. High costs associated with minimally invasive neurosurgery devices are again restricting their usage for treating patients. Further, slower regulatory uptake and lax reimbursement policies are a major concern for market players.
Impact of COVID-19 on Global Minimally Invasive Neurosurgery Devices Market
The COVID-19 pandemic is having modest impact on minimally invasive neurosurgery devices. Healthcare equipment are preserved for patients infected with the coronavirus. Neurosurgeons are kept away from frontline operations. The American College of Surgeons has issued a notice to neurosurgeons to keep down, stop or delay facultative scheduled operations.
Driven by high risk of getting infected during in-house surgeries, neurosurgeons have postponed all surgeries except emergency cases. According to NCBI, 52% elective surgeries have been cancelled by respective clinics and hospitals. Furthermore, neurosurgical procedures dropped to 55% in highly affected countries.
Global Minimally Invasive Neurosurgery Devices Market - Regional Analysis
North America continues to hold leading share in the minimally invasive neurosurgical devices market. About 25 million Americans are affected by neurological disorders, and this is recognized as an eminent cause of death in the country. Rapid technological advancements and better healthcare facilities in North America are attracting patients from all over the world for minimal invasive neurosurgery.
Going forward, Asia Pacific (APAC) is projected to be the most lucrative region in minimally invasive neurosurgery devices market in the coming years. Expanding patient pool undergoing surgical procedures and government initiatives towards improvising healthcare sector are critically propelling the regional market growth. Moreover, the rare neurological disease treatment market in APAC is growing at a robust pace. Manufacturers of minimally invasive neurosurgical devices are incorporating artificial intelligence (AI) for effective treatment of neurological disorders.
Global Minimally Invasive Neurosurgery Devices Market - Competitive Landscape
Market incumbents are focusing upon product launches and expansion activities to uphold their competitivess. For Instance,
- Karl Storz GmbH & Co. KG has installed six examination rooms specialized for ENT treatment at IPS Central hospital in Asunción, Paraguay.
- Olympus Corporation has launched EVIS X1, an advanced endoscopy system, that helps in improving the outcomes from endoscopic disorders
- Conmed Corporation has launched Ultra High Definition (UDH) Laparoscopes featuring enhanced image clarity and sharpness for improved viewing of anatomical structures.
Global minimally invasive neurosurgery devices market is fairly consolidated with few major players,
- Karl Storz GmbH & Co. KG
- Olympus Corporation
- Conmed Corporation
- Richard Wolf GmbH
- Boston Scientific Inc.
- Integra LifeSciences Holdings Corporation
- Aesculap Division
- Smith & Nephew Plc
- NICO Corp.
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Europe (Germany, U.K., France, Italy, Spain, Poland, Russia)
- East Asia (China, Japan, South Korea)
- South Asia (India, Thailand, Malaysia, Vietnam, Indonesia)
- Oceania (Australia, New Zealand)
- Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies
Minimally Invasive Neurosurgery Devices Market: Segmentation
Minimally Invasive Neurosurgery Devices market is classified:
By Device Type
- Surgical Devices
- Monitoring & Visualization Devices
- Endoscopy Devices
By Surgery Type
- Orthopedic Surgeries
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