In 2022, it is anticipated that the market for minimally invasive neurosurgical devices would be worth US$3,073.9 Million. Market expansion is driven by the steadily rising level of medical research in the neurological fields. There is also a large increase in the worldwide old population, which would benefit more from these less invasive neurosurgery surgeries.
The prevalence and prevalence of neurological issues among people has increased the demand for this therapeutic approach. The global market for minimally invasive neurosurgery equipment is anticipated to reach US$5,664.3 Million by 2032, growing at a CAGR of 6.3% between 2022 and 2032.
Minimally Invasive Neurosurgery Devices market is probably the last speciality to move to minimally invasive because of the complexity involved in the surgery however due to continuous advancement in medical technology for the treatment of neurological disorders have raised the demand of Minimally Invasive Neurosurgery Devices. Rise in the ageing population leading to increase in the incidence of neurological disorders are some major factors driving the growth of Minimally Invasive Neurosurgery Devices market. More awareness amongst the surgeons is helping the market to dwell in developed countries however the market of developed countries are more or less saturated and have a limited growth opportunity as compared to developing countries especially Asia Pacific countries where due to large population the market growth can be significant in the upcoming years. Lack of skilled professionals in the developing countries and poor or unstable reimbursement regulations are hampering the growth of Minimally Invasive Neurosurgery Devices in developing countries.
Minimally Invasive Neurosurgery Devices Market: Segmentation
Minimally Invasive Neurosurgery Devices market is classified on the basis of product type, surgery type and geography.
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Based on product type, the global Minimally Invasive Neurosurgery Devices market is segmented into the following:
- Fiber optic cables
- Miniature video cameras (Endoscopes)
- Special surgical instruments
- External video monitors
Based on surgery type, the global Minimally Invasive Neurosurgery Devices market is segmented into the following:
- Intracranial Surgery
- Endonasal Neurosurgery
- Spinal Surgery
Minimally Invasive Neurosurgery Devices Market: Overview
Minimally Invasive Neurosurgery Devices is a growing market due to various benefits offered like less recovery time, shortened hospital stay, greater accuracy, less pain and muscle sparring which is making minimally invasive neurosurgery a preferred option for the medical practitioners and surgeons. Proliferation of joint ventures and cross utilization of technology in minimally invasive surgical devices market is a plus for different market players as they don’t have to invest much on the research and development of different types of products. Introduction of robotic devices to perform the surgery is an alternative for better outcomes and increased accuracy.
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Minimally Invasive Neurosurgery Devices Market: Region-wise Outlook
Depending on geographic regions, global Minimally Invasive Neurosurgery Devices market is segmented into seven key regions: North America, South America, Eastern Europe, Western Europe, Asia Pacific, Japan, and Middle East & Africa. North America is the leading region in Minimally Invasive Neurosurgery Devices market due to the high volumes of surgical procedures being performed. Also, the availability of established healthcare infrastructure, high contribution of healthcare to economy, patient compliance are the reasons for the high demand in North America. Europe has the second largest Minimally Invasive Neurosurgery Devices market due to vast technological advancement in terms of healthcare sector. Asia Pacific market is expected to grow at a good rate as compared to NA and Europe as there is ample market opportunity in countries like India and China.
Minimally Invasive Neurosurgery Devices Market: Key Players
Some of the key market players in global Minimally Invasive Neurosurgery Devices market are Karl Storz GmbH & Co. KG, Olympus Corporation, Conmed Corporation, Richard Wolf GmbH, Boston Scientific Inc., Integra LifeSciences Holdings Corporation, Aesculap Division, Smith & Nephew Plc, Medtronic and NICO Corp. to name a few.
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Regional analysis includes
- North America (U.S., Canada)
- Latin America (Mexico. Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain, Rest of Western Europe)
- Eastern Europe (Russia)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Japan
- Middle East and Africa (GCC, S. Africa)
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