Neurosurgery Device Market Size, Share & Trends Analysis Report By Product (Neuromodulation Devices, Neuroendoscopy Devices), By Application (Spinal Cord Stimulation, Deep Brain Stimulation, Neuroendoscopy), By End-User (Hospitals, Clinics, Research Centers) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2024-2032

Market Overview

The neurosurgery device market was valued at USD 7,280 million in 2019 and is expected to grow with a CAGR of 13.2% during the forecast period.

Neurosurgical instruments are used in surgical treatments of a variety of neurological conditions and disorders, including Parkinson's disease, Alzheimer's disease, traumatic brain injury, and severe spinal cord injuries. As reported by Neuro numbers in 2019, neurological disorders have one of the highest incidence rates in the world, with an estimate of 1 in 6 individuals expected to have one or more neurological conditions.

Market Dynamics

Surging Prevalence of Neurological Disorders to Prompt the Dire Need for Effective Neurosurgery Devices

The rising prevalence of neurological disorders, such as epilepsy and Alzheimer's disease, has surged the need for neurological devices globally. The World Health Organization (WHO) reports reveal that more than 6 million people die because of cerebral stroke each year; over 80% of these deaths take place in low and middle-socioeconomic countries.  Further, more than 50 million people have epilepsy, and 47.5 million people have dementia globally. Also, for years now, Alzheimer's disease has been the most common cause of dementia and contributes to 60–70% of cases, showing a trend in the catalyzed spread of these conditions throughout the globe.

The surging incidence rate of neurological diseases in North America and European regions drives the market growth. As per the CDC, neurological disorders became the sixth leading cause of mortality in the U.S. An estimate by the Parkinson's Disease Foundation showed that every year approximately around 60,000 people are diagnosed with Parkinson's Disease in the U.S., and the number of cases has gone up by many folds with years.  Similarly, in Europe, the National Health Service U.K. has witnessed such conditions leading to the expense of approximately USD 4 billion in the year 2017–2018 on people with severe neurological conditions.

Rising Awareness Regarding Technological Advancements and Safer Medical Practices to Drive the Market Growth

The prime factor driving the market growth is the rising awareness concerning the safer means of neurosurgery and treatments and surging demand among end-users who are influenced predominantly for opting for these products. One such influencer is the introduction of micro-invasive means of neurosurgery. Conventional brain surgeries are usually open surgeries, but with the advancement in biomedical engineering powered by technology, most surgeries are now micro-invasive, which has reduced risk factors by folds.  In August 2020, an Israel-based company, Rapid Medical was granted European regulatory clearance to introduce and commercialize its TIGERTRIEVER XL device for removing large ischemic stroke-causing clots from intracranial vessels.

Regional Analysis

High Occurrences of Neurological Diseases in North America to Drive the Market Growth

North America leads the neurosurgery device market as a significant population has discovered or is already suffering from neurological disorders that demand surgeries as well as the presence of safe and quality healthcare infrastructure. The North American market is driven by a number of factors, including high occurrences of neurological diseases, increasing healthcare expenditure, technological developments, and a surging aging population. A report published by the Global Burden of Diseases in the Lancet Neurology Journal reported that these neurological disorders were found to be the underlying cause of 9 million deaths or 16·5% of total global deaths in 2016. According to the World Health Organization, North America accounts for 7.02%ofthe global burden of neurological disorders. Alzheimer's Association data indicated that Alzheimer's disease is the sixth-leading cause of death in the U.S.

India and China to Bolster Asia-Pacific's Market Growth

Asia-Pacific is projected to unlock lucrative opportunities for the players in the neurosurgery device market on account of the rising population of geriatrics in China and India. Apart from this, surging consumer awareness, favorable government regulations, and growing medical tourism in developing nations contributed to market growth. Recently, Alzheimer's research was funded by the Bill and Milanda Gates Foundation, aimed to prevent or slow the degeneration. 

Segmental Analysis

Neurostimulation Device Market Dominates the Segment in Terms of Revenue

The neurostimulation devices segment dominates the market with the presence of advanced neurostimulation devices, supported by the availability of clinical data regarding the safety and efficacy of the devices. Also, these devices are approved by medical bodies before commercialization, enabling surgeons to prescribe and adopt these means for the treatment of several neurological disorders.

Most frequently sold neurosurgery instruments include curettes, which are used for precise and delicate microsurgery, such as neurosurgery, and dissectors. Apart from these, key players have also put forward huge innovations to put up a product portfolio that includes a wide variety of instruments suitable for a wide range of surgical procedures. A European company, Surgical Holdings, provides a product portfolio for all types of innovative neurosurgical instruments to perform safe and minimally invasive surgeries.

Parkinson's Disease Segment to Hold the Largest Market Share

The Parkinson's disease segment holds the largest market share on account of the rising numbers in the geriatric population that is affected by the disease and increasing R&D activities. The National Institute of Neurological Disorders and Stroke states that the U.S. has been funding Parkinson's disease-based research and clinical measures for prognosis. The American Brain Foundation with the state authorities is actively working to boost public awareness regarding the same.

Impact of covid-19

The COVID-19 pandemic has posed a severe threat to the global food system by disrupting its long supply chains and logistics. A diverse local agriculture network can help urban areas create a more resilient food system for its residents. Furthermore, the pandemic has impacted markets and farm prices, supply chain slowdowns and shortages, farmers' health, farm workforce, and worker safety, among other disruptions. The farming sector has witnessed a sharp dip in the business, including the dealership network, and the reluctance of farmers to purchase expensive high-powered farm equipment in light of the pandemic.

The governments are slowly lifting lockdowns after months of restrictions, which is anticipated to bring the farm equipment market opportunities to grow. The opening of manufacturing facilities, international borders, and favorable monsoon conditions in equatorial regions are expected to restore the global agriculture and farming industry. Government initiatives and support to farmers are also expected to encourage the farmer's morale. The U.S. government announced a USD 19 billion relief program to farmers, including USD 16 billion in direct payments to producers this year.

Recent Developments

• In 2020, researchers from the University of Pittsburgh developed and succeeded in achieving the feat of using existing spinal cord stimulators that are used to treat chronic pain in order to produce a sense of touch in the missing limbs of amputees.
• The U.S.-based Boston Scientific Corporation launched new products, VercisePrimary Cell (P.C.) and Vercise Gevia Deep Brain Stimulation (DBS) Systems. These new systems, which were recently approved by the United States Food and Drug Administration (FDA), feature technology designed to allow physicians to treat the symptoms of Parkinson's disease (P.D.) using electrical stimulations through highly-personalized therapy.
• Researchers at U.C. San Francisco using an electrocorticography (ECoG) implant developed a brain-computer interface that does not need to be recalibrated and retrained each time it is used, allowing an experienced user to begin from where he/she left using the system at any time. The technique is hypothesized to be useful in achieving human brain-controlled prosthetic limbs or wheelchairs for disabled people.