Market Value and Forecast
The global MRI Guided Neurosurgical Ablation market is expected to be worth US$ 216.3 Mn in 2028, it is projected to increase at a CAGR of 4.9% through 2028. North America is large market, which accounted for US$ 62.5 Mn in 2017, and is expected to grow at a CAGR of 4.3%.
- Amongst Product Type, Accessories contributed maximum market share in the global MRI Guided Neurosurgical Ablation market due to due to rise in number of neurosurgery. MRI Guided Neurosurgery also is expected to gain huge traction in the market over the forecast period due to its increasing adoption
- By End User, Hospitals dominate market share in the MRI Guided Neurosurgical Ablation market due high preference of patient to visit hospitals for the treatment of brain cancer.
- North America followed by Western Europe holds the maximum revenue share in the global MRI Guided Neurosurgical Ablation. Companies operating MRI Guided Neurosurgical Ablation focusing expand their business in China and Japan.
- China and Japan is the faster growing region for MRI Guided Neurosurgical Ablation market due incidences of brain tumor and expansion strategy followed by key manufacturer in this countries
- The growing awareness regarding minimally invasive surgery is expected to fuel the demand for MRI Guided Neurosurgical Ablation in the global market. The demand is primarily emanating from countries such as the U.S. Germany, U.K., Japan and Australia. Enhanced outpatient facilities coupled with affordability are factors contributing to growing demand MRI Guided Neurosurgical Ablation market.
Factors and Trends Impacting the Growth of the Market
MRI-guided minimally invasive neurosurgery has experienced major momentum in the recent years, propelled by technologies such as MRI Interventions neurosurgical navigation platform and MRI-guided laser ablation platforms developed by Visualase and Monteris. The vast majority of these MRI guided platforms are used within standard diagnostic MRI suites.
In a recent survey of neurosurgeons and neurologists, 80% of respondents expressed a belief that real-time MRI-guidance will or can become the future of functional neurosurgery. The utilization of these MRI-guided technologies is not limited to researchers and future applications.
Today, clinicians are performing an increasing number of MRI-guided neurosurgical ablation procedures as part of their regular clinical practice. MRI-guidance is enabling a variety of minimally invasive procedures for a broad range of patients, which has enable the future the growth of this market.
Additionally, The laser therapy system such as ClearPoint and Visualase by MRI Intervention and Medtronic; RF ablation therapy system such as RF3000 and Starbrust by Boston Scientific Corporation require at least small incision to perform the surgery.
Hence, The launch of MRI-guided system has is a revolved the field of neurosurgery, which is expected to contribute to the growth of the MRI guided neurosurgical ablation market.
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Market by Product Type
Accessories segment by product type is estimated to gain maximum revenue by product type for MRI guided neurosurgical ablation market. While, MRI Guided focused Ultrasound Systems is projected to grow with higher pace throughout the forecast period and it is projected to grow at CAGR of 5.8% throughout the forecast period of 2018-2028.
MRI Guided Laser Therapy System segment by product is expected to represent value share of 14.3% in 2028, from 15.5% in 2018 for MRI guided neurosurgical ablation market. The launch of MRI guided ultrasound focused system in 2016 has enable the significant growth opportunity for MRI guided neurosurgical ablation market.
On the basis of region, the MRI Guided Neurosurgical Ablation market has been segmented into North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific excluding Japan, China, Japan and Middle East & Africa. North America is estimated to dominate the global MRI Guided Neurosurgical Ablation market with maximum value share of the overall market in 2017.
The North America MRI Guided Neurosurgical Ablation market is estimated to increase at a CAGR of 4.3% over the forecast period to reach the value of US$ 98.9 Mn. Limited awareness among patient about the treatment brain tumor is responsible for the sluggish growth of Latin America and MEA region.
Some of the top players operating in the global MRI Guided Neurosurgical Ablation market such Medtronic plc, Boston Scientific Corporation, Insightec Lmt, AngioDynamics Inc, Monteris Medical Inc, and MRI Intervention Inc. Innovation and partnership are two major strategy followed by manufacturer of MRI guided neurosurgical ablation.
Leading manufacturer of MRI Guided Neurosurgical Ablation are focusing on collaboration to promote the use of MRI Guided Neurosurgical Ablation for the treatment of brain tumor.
Some companies are focusing collaborate directly with hospitals to promote their MRI Guided Neurosurgical Ablation system. On other hand, few players of MRI Guided Neurosurgical Ablation market are emphasis on collaboration with distributors to expand their regional presence.
The MRI Guided Neurosurgical Ablation Market is segmented as Follows:
MRI Guided Neurosurgical Ablation Market, by Product Type
- On the basis of product type, the market has been segmented as MRI guided laser therapy systems, MRI guided RF ablation systems, MRI guided focused ultrasound system and accessories.
MRI Guided Neurosurgical Ablation Market, by End User
- On the basis of end user, the market is segmented as hospitals, ambulatory surgical centers and research laboratories.
MRI Guided Neurosurgical Ablation Market, by Region
- The key regions assessed in this MRI Guided Neurosurgical Ablation market report include North America, Latin America, Europe, Asia Pacific excluding China and Japan, China, Japan and Middle East and Africa.