The neuroendoscopy devices market is expected to escalate at a CAGR of 7.6% from USD 165.0 Million in 2022 to USD 343.2 Million through 2032.
Globally increasing brain tumour incidences and technological advancements in neuroendoscopic devices will lead to growth opportunities for the neuroendoscopic devices market.
In 2021, after delayed elective procedures are completed, and vaccines are available, the neuroendoscope devices market is expected to have a strong performance as patients feel safer about completing delayed screenings.
As per the American Society of Clinical Oncology (ASCO), an estimated 23,820 cases of brain tumors were reported in the United States in 2019. In addition, brain tumors account for close to 90% of all primary central nervous system tumors, thereby creating growth opportunities for the neuroendoscopy devices market, and about 3,720 pediatric tumour cases were reported in 2019.
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A major restraint to neuroendoscopy device market growth is the high cost of procedure & equipment.
In addition to an increase in the number of brain tumor cases around the globe, numerous risk factors, such as radiation exposure and family medical history, are expected to influence the global market for neuroendoscopy devices. Accordingly, the global neuroendoscopy devices market is projected to experience significant growth as brain cancer incidence increases.
Increasing prevalence of pituitary tumors throughout Europe is expected to drive the neuro endoscopy market in Europe. A number of major companies such as B Braun and Karl Storz are located in North America, which is driving regional growth. Meanwhile, increasing incidence of acute pediatric brain tumors will further expand market size. Furthermore, the rising demand for minimally invasive procedures among the population also contributes to the dominance of North America market shares during the analysis period.
In addition to growing brain tumor prevalences as well as increasing non-invasive biopsies at the medical facilities, Asia Pacific neuroendoscopy market growth will be strongly augmented by escalating healthcare expenditures of rapidly developing economies including India, Vietnam, and others.
People above the age of 65 years are particularly at risk of developing brain tumors, in fact, glioblastoma is the most common primary brain tumor prevalent among the geriatric population. The growing number of elderly people across countries like India and China will lead to significant market growth in neuroendoscopy devices.
KEY TAKEAWAYS:
- The neuroendoscopy devices market is predicted to develop at a CAGR of 7.5% in the intraventricular surgery section of the surgery type category.
- In the United States, the neuroendoscopy devices market is estimated to reach US$ 122.5 million by 2032, rising at a CAGR of 7.4% throughout the forecast period.
- By 2032, the neuroendoscopy devices market in the United Kingdom is expected to be valued US$ 14.1 million, with a CAGR of 6.3% through 2032.
- With a CAGR of 6.9% throughout the forecast period, China is expected to reach a market size of US$ 28.4 million in neuroendoscopy devices market by 2032.
- By 2032, the neuroendoscopy devices market in Japan is estimated to be worth US$ 20.0 million, growing at an annual rate of 5.9% through 2032.
- With a CAGR of 5.2% throughout the forecast period, South Korea is predicted to reach a market size of US$ 12.5 million in neuroendoscopy devices market by 2032.
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COMPETITIVE LANDSCAPE:
Companies that have developed new products to increase their market share among consumers are also adopted by leading companies. It is these strategies that have led to the development of the neuroendoscopy devices market.
Globally, B. Braun, Aesculap, and Karl Storz are few of the top companies in terms of neuroendoscopy devices sales.
Neuroendoscopy devices market is fragmented in nature as multiple startups have entered the market in recent years as well as major players such as B. Braun, Karl Storz, Olympus Corporation, Stryker, Medtronic, Ackermann Instruments GmbH, Adeor Medical AG, Clarus Medical LLC, Machida Endoscope, Tonglu WANHE Medical Instrument, Hawk, Schindlerendoskopie Technologie GmbH, and others.
RECENT DEVELOPMENT:
- One of Aesculap’s latest additions to its neuroendoscope line was the MINOP neuroendoscope. The company subsequently consolidated its position as a major force in the neuroendoscopy devices market.
- Due to its new product launch in December 2018, KARL STORZ was able to hold a strong position in neuroendoscopy with its new 4 mm endoscopic NIR/ICG fluorescence imaging system.
- The system is designed to help neurosurgeons enhance minimally invasive neurosurgery techniques, therefore, the new system assisted doctors to enhance their skills in this field.
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Key segments
By Surgery Type:
- Intraventricular
- Transcranial
- Transnasal
By Device Type:
- Rigid Neuroendoscopy
- Flexible Neuroendoscopy
By Application:
- Hospitals
- Medical Research Centers
About FMI:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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