Albany, NY -- (SBWIRE) -- 05/20/2019 -- Neurosurgery is a medical specialty that deals with the treatment of patients afflicted with injury or diseases of brain, spinal cord, and peripheral nervous system. Neurosurgery devices are widely used for the treatment of various neurological disorders that cannot be cured just with therapeutic drugs. Common neurological disorders include stroke, Parkinson's disease, Alzheimer's disease, Epilepsy, and multiple sclerosis. Different types of neurosurgical devices have been developed to address the unmet needs in the neurology field. Large numbers of devices are still under development. Commonly used neurosurgical devices include neurostimulation devices, CSF management devices, and neurosurgical navigation devices.
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The global neurosurgery devices market is projected to be driven by the high prevalence and rise in incidence rates of various neurological disorders across the world. More than 46.8 million people across the globe suffered from Alzheimer's disease in 2015. This number crossed 50 million by the end of 2017. According to Parkinson's News Today, around 7 to 10 million people across the globe are currently suffering from Parkinson's disease. Neurological disorder is one of the leading causes of disability and morbidity across the world. In 2015, neurological disorder was ranked as the leading cause of group of DALYs (Disability Adjusted Life Years). It constituted 10.2% share of the global DALYs in the year. Technological advancements in neurosurgery devices such as minimally invasive surgical devices, development of neurosurgery software, and advancements in neurostimulation devices are estimated to fuel the neurosurgery devices market during the forecast period. On the other hand, high cost of neurosurgical devices and lack of skilled professionals in developing and underdeveloped countries are likely to restrain the neurosurgery devices market.
The global neurosurgery devices market can be segmented based on product, end-user, and region. In terms of product, the global market can be divided into neurointerventional devices, neurostimulation devices, neurosurgical navigation systems, neurosurgery surgical power tools, CSF management devices, and other neurosurgery devices. Neurostimulation devices are electrical stimulation devices used to deliver electrical stimulation to specific parts of the brain, and central and peripheral nervous system for the treatment of various neurological disorders. The neurostimulation devices segment can be bifurcated into implantable neurostimulators and transcutaneous neurostimulators. The neurostimulation devices segment is projected to account for significant share of the market during the forecast period. Rise in demand for transcutaneous neurostimulators and availability of technologically advanced products are expected to boost the segment during the forecast period. Neurointerventional devices are increasingly used for the treatment of different intracranial pathologies. In terms of end-user, the global neurosurgery devices market can be divided into hospitals and ambulatory surgery centers. The hospitals segment is anticipated to dominate the global market during the forecast period.
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Geographically, the global neurosurgery devices market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is estimated to account for major share of the global market owing to the significant increase in number of patients with neurological disorders, especially Parkinson's and Alzheimer's diseases; well-established health care facilities and infrastructure; and favorable medical reimbursement policies in the region. Europe is also anticipated to hold key share of the global neurosurgery devices market by 2026. Increase in geriatric population in the region, which is likely to be afflicted with neurological disorders, and high prevalence of neurological disorders are expected to drive the neurosurgery devices market in the region during the forecast period. The market in Asia Pacific is anticipated to expand at a fast-paced CAGR during the forecast period owing to the rapid improvement in health care infrastructure in countries such as India and China, rise in awareness about various neurological disorders, increase in per capita health care expenditure, and presence of large number of geriatric population in Japan.
The global neurosurgery devices market is highly consolidated; a small number of manufacturers hold prominent share. Key players operating in the global neurosurgery devices market include Medtronic plc, Boston Scientific Corporation, Stryker Corporation, Johnson & Johnson, Brainlab, Terumo Corporation, Integra lifesciences, B. Braun Melsungen AG, BIOTRONIK, and Abbott.
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