The global neuroendoscopy devices market size was valued at USD 143.52 million in 2021, and is projected to reach USD 264.97 million by 2030, registering a CAGR of 7.05% from 2022 to 2030. Neuroendoscopy is a minimally invasive surgical treatment commonly used for tumour removal. The excision is performed through tiny pores in the skull, i.e. the mouth or nose. A compact telescopic gadget with a high-resolution video camera and an eyepiece is utilised in neuro endoscopy operations. This allows neurosurgeons to effectively explore and access areas of the brain that were previously inaccessible during conventional surgery. Other benefits of neuro endoscopy include rapid healing and minimal scarring, among others. The rising incidence of brain malignancies is a significant growth factor for the neuro endoscopy industry. A study published in the Neuro-Oncology Journal found that the global incidence rate for all types of brain tumours was approximately 10.82 per 100,000 people.
In addition, increased demand for minimally invasive surgical treatments, a growing geriatric population, and favourable reimbursement policies are anticipated to drive market growth over the projection period. According to the National Institute of Health, the worldwide elderly population is anticipated to triple between 2022 and 2030, rising from 126.5 million to 446.6 million by 2050. However, a shortage of physicians and the high price of neuro endoscopy procedures and equipment are expected to hinder market expansion throughout the forecast period. As per the Association of American Medical Institute, the demand for physicians continued to increase at a faster rate than the supply. The expected total physician shortage by 2030 is between 61,700 and 94,100.
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Globally Increasing Brain Tumor Incidence
The proliferation of aberrant cells in the brain is one of the defining characteristics of a brain tumour. There are types of brain tumours, some malignant while others are not. The American Society of Clinical Oncology (ASCO) estimates that there are 23,820 cases of people in the United States being diagnosed with brain tumours. In addition, brain tumours comprise anywhere from 86 % to 90 % of all primary tumours found in the central nervous system. As a result, the growing incidence of such conditions will create new prospects for the market for neuro endoscopy equipment. In addition, there were approximately 3,720 cases of paediatric tumours recorded. As a result, the aspect discussed earlier will play a key role in immensely stimulating the expansion of the market between the years 2022 and 2030. Another important reason contributing to the expansion of the neurology endoscopic equipment market is the rising prevalence of spinal cord injuries and other traumatic injuries.
Increasing Innovations in Neuroendoscopic Devices
One of the key drivers supporting market expansion is the rising demand for neuro endoscopy devices worldwide, primarily attributable to these devices' increasing technological improvements. Thanks to recent breakthroughs in imaging and fibre optics technology, incredible strides have been made in neuro endoscopy. As a result of these advancements in neuro endoscopy device technology, endoscopes are now used extensively in neurological treatments. In addition, developments in surgical equipment and techniques for neuroimaging have made neuroendoscopy less invasive, which has increased the demand for the product. As a result, the reasons mentioned above will serve as a significant driver for the growth of the neuroendoscopy devices market. In addition, the growing number of companies commercialising neuroendoscopes, coupled with the growing number of private players entering the neuroendoscopy devices business, will further boost the expansion of the market.
Neuroendoscopy procedures and equipment are costly
Neuroendoscopy procedures and equipment are exceedingly expensive, a significant market restraint. As the average list price for neuroendoscopy equipment is between $10,000 and $15,000, healthcare providers in developing nations like India, Brazil, and Mexico have fewer financial resources to invest in such costly, advanced technologies. In addition, healthcare personnel should undergo training to ensure the safe and efficient maintenance and management of neuroendoscopy systems. Due to the significant training expenditures associated with neuroendoscopy operations, only a small percentage of surgeons opt for neuroendoscopy training. In addition, neuroendoscopy operations are often expensive due to the high cost of equipment and the high cost of training and maintenance. We view this as a significant issue impeding the growth of the neuroendoscopy devices market.
An increase in cases of brain tumours worldwide
Due to a rise in brain tumour cases worldwide, the global neuroendoscopy devices market is anticipated to expand throughout the forecast period. Radiation orientation and a family history of brain tumours are risk factors that increase the likelihood of a brain tumour. In the United States alone, approximately 23,000 cases of brain cancer and over 165,000 cases of nervous system tumours have been reported. As a result, a rise in brain cancer prevalence would substantially impact the market for neuroendoscopy equipment, creating potential in this sector. In addition, the ageing population, susceptible to neurological problems, is anticipated to contribute to the growth of the worldwide neuroendoscopy devices market. In addition, there is a growing awareness among the general population regarding the availability of appropriate treatment choices for neurological diseases, bolstering market expansion. As a result, neuroendoscopy procedures are gaining popularity over traditional brain surgery. Several neurostimulation devices, for instance, can send electrical impulses to specific sacral nerves and conduct deep brain stimulation.
In 2021, the intraventricular segment was responsible for most of the revenue share. Some of the most reputable companies in this industry, such as B.Braun Medical Inc. and Medtronic, provide intraventricular neuroendoscopy devices. There has been an increase in the number of patients who have experienced intraventricular haemorrhage and bleeding. The availability of items that include advanced technological innovation is also contributing cause. During the period covered by the forecast, 2022-2030, it is anticipated that the transcranial sector will experience the highest CAGR growth. It is projected that an increase in the incidence of pituitary gland tumours, hydrocephalus, and macroadenomas will speed up the expansion of this market segment.
In the medical treatment of cystic lesions, hydrocephalus, and intraventricular malignancies, rigid neuroendoscopes are frequently utilized. As a result, the increasing prevalence of these disorders is a primary driver of market expansion. In addition, variants of these gadgets that are lighter and more compact are available to purchase. As a direct result, there is a greater need for such devices, particularly for interventricular procedures. Rigid neuroendoscopes hold the highest market share in terms of revenue. The majority of neuro endoscope manufacturers utilize rigid endoscopes in their products. In the medical treatment of conditions such as cystic lesions, hydrocephalus, and intraventricular malignancies, rigid neuroendoscopes are frequently utilized. The Hydrocephalus Association of the United States estimates that the condition affects one and two of every one thousand newborns. The increasing incidence of these disorders is the primary factor driving the demand for rigid neuroendoscopes.
Some of the reasons that are helping to the expansion of the market include the many initiatives that the government has taken on, the efforts of institutions to assist the use of neuroendoscopy, and the increasing research and development investment by major companies. When looking at all applications combined, hospitals have the most significant revenue share, making them the clear market leader. Neuroendoscopy is becoming increasingly popular in hospitals due to its several advantages, including minimally invasive procedures and exact access to the target region, which is located within the internal sections of the brain. In addition, hospitals report the highest number of neuroendoscopies performed in a given year. This is due to the accessibility of cutting-edge medical facilities in a medical emergency, highly trained personnel, and neurosurgeons. As a direct consequence, hospitals are the most critical source of revenue.
The most developed market in North America, while Europe comes second. The development of new technologies in the medical field, as well as an increase in the number of people diagnosed with pituitary tumours, are both factors that are driving the expansion of these markets. The market for neuroendoscopy in the United States is the largest in the world. The advantages of these operations, such as the use of a minimally invasive technique that allows patients to make a speedier recovery, are among the primary drivers driving their proliferation across the country.
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The Asia-Pacific market is anticipated to expand rapidly as a result of the availability of unrealized growth potential in the region, particularly in the countries of Japan, China, and India. In the Asia Pacific, some factors driving the market's expansion include the implementation of obligatory healthcare insurance, the acceleration of technical progress, and rising spending on healthcare.