Market Analysis - Neurosurgery 2020
Recent developments and product approvals in the field of minimally invasive surgical procedures for the treatment of diseases associated with nervous system stimulate the growth of this market. For instance, in October 2016 Lars Leksell Gamma Knife Center in the University Health System became the first in the state, and one of the first in the country, to attain Gamma Knife, a technology that enables completely noninvasive brain surgery.
According to the latest survey conducted by WHO, it is revealed that Neurological Disorders encompassing Stroke, Alzheimer & Dementia, Epilepsy and many more accounts for more than 40% of deaths worldwide on an average and it is also predicted that the number of disability –adjusted life years vanished due to Neurological disorders are expected to accelerate from 95 million globally in 2015 to 107 million by 2024. Neurological disorder occurs approximately 152,000 times a year in the UK; that is stroke occurs every 3 minutes 27 seconds, where brain stroke plays vital criteria. First-time incidence of neurological disorder occurs almost 17 million times a year worldwide. There are over 1.2 million stroke survivors in the UK. Neurological disorder is the fourth single largest cause of death in the UK and second in the world. By the age of 75, 1 in 5 women and 1 in 6 men will have a Brain-stroke.
Neurosurgery involves the diagnosis and treatment of disorders that affect the nervous system including organs such as brain, peripheral nerves, spinal cord, and extra-cranial cerebrovascular system. Neurosurgery includes micro-vascular anastomosis, aneurysms clipping, spine surgery, microdiscectomy, artificial discs, laminectomy, craniopharyngiomas, endoscopic endonasal surgery, and stereotactic surgery. A range of surgical equipment, such as electrosurgical devices, forceps, and surgical sutures are used during the surgical treatment of neurological disorders.
The UK neurosurgery surgical equipment market was valued at $30 million in 2016, and is projected to reach $55 million by 2024, growing at a CAGR of 7.3% from 2016 to 2024. North America was the highest contributor to this market, with $35 million in 2016, and is anticipated to reach $63 million by 2024, registering a CAGR of 8.7%. Asia-Pacific is anticipated to reach $40 million by 2024 at a CAGR of 6.4%. North America and Europe segments collectively accounted for about 7.3% share of the neurosurgery surgical equipment market in 2016, with the former constituting around 6.5% share. Asia-Pacific and LAMEA segments are expected to witness significant growth rates at a CAGR of 6.7% and 7.5% respectively, during the forecast period. The cumulative share of these two segments was 7% in the neurosurgery surgical equipment market in 2016, and is anticipated to reach 8.4% by 2024.