Neurosurgical Product Market

Neurosurgical Product Market is projected to attain a value worth US$ 7.75 Bn by the end of
2022
According to a new market report published by Persistence Market Research “Global Market Study
on Neurosurgical Products: AsiaPacific to Witness Highest Growth by 2022”, the global
neurosurgical products market is estimated to be valued at US$3,685.8Mn by the end of2015 and
expand at a CAGR of 11.2% from 2015 to 2022, to account forUS$7,756.2Mn by2022.
The global neurosurgical products market is witnessing significant growth due to growing geriatric
population. Moreover, increasing the incidence of brain tumors, growing government funding, and
rising awareness about neurosurgical disorders are also driving the growth of the market.
Furthermore, growing demand for minimally invasive surgeries is expected to create growth
opportunities for the neurosurgical products market over the forecast period. However, stringent
regulatory requirements, long approval times for new neurosurgical products, and availability of
alternative treatment for neurosurgical diseases inhibit the growth of the market. The neurosurgical
products market is anticipated to grow from an estimated US$3,685.8 Mn by the end of 2015 to
US$7,756.2 Mn by 2022 at a CAGR of 11.2% during the forecast period.
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The North America market is growing at a significant rate due to increasing healthcare expenditure,
rising geriatric population, and increasing the prevalence of brain tumor in the region. According to
the Brain Aneurysm Foundation, approximately 6 million people in the U.S. have a unruptured
brain aneurysm and annually around 30,000 people suffer from brain aneurysm rupture. Moreover,
initiatives taken by various government associations are helping to spread awareness about
advanced neurosurgical products in North America.
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In Europe, increasing aging population, high healthcare expenditure, and increasing awareness
about neurological conditions are driving the growth of the neurosurgical products market.
According to the European Commission, Germany had the highest geriatric population (60 years
and above) base among all European Union member states, accounting for 20.6% of the total
population of the country in 2011. This number is poised to reach approximately 50% by 2030.
Moreover, according to the NHS Commissioning Board in England, the U.K., Great Britain,
neurosurgery is witnessing an annual growth of 2%-5%. With increasing number of neurosurgical
procedures, demand for neurosurgical products is also poised to rise over the next few years.
Growth of the neurosurgical products market in Asia-Pacific is primarily attributed to rising
geriatric population, increasing healthcare expenditure, and growing awareness of the neurological
condition in the region. According to UN reports, 10.1% of the total population of China is aged 60
years and above and this is expected to reach 30% by 2050. Moreover, the incidence of brain cancer
is also increasing in the region. According to GLOBOCAN-an international agency, for research on
cancer-5,510 people in Japan suffered from brain cancer in 2012 and this number is poised to reach
5,960 by 2020.
Integra LifeSciences Holdings Corporation, KARL STORZ GmbH & Co. KG., Medtronic plc,
Johnson & Johnson Services, Inc., Stryker Corporation, B. Braun Melsungen AG, Terumo
Corporation, and Elekta AB. some of the major players of the neurosurgical products market.
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