The neurosurgical products market is anticipated to grow from an estimated US$3,685.8 Mn by the end of 2015 to US$7,756.2 Mn by 2022at a CAGR of 11.2% during the forecast period.
Albany, NY -- (SBWIRE) -- 06/16/2016 -- Neurosurgery is a branch of medicine that deals with prevention, diagnosis, and treatment of nervous system disorders and rehabilitation of patients suffering from the disorder post-surgery. Neurosurgery is mainly performed for treating neuro-trauma and intracranial hemorrhage. Brain stroke is one of the major causes of hemorrhage.The major reason for stroke is ischemia, wherein supply of blood to the brain is suddenly interrupted. Due to lack of proper blood supply, the brain starves of oxygen and glucose, which initiates various molecular reactions in the brain leading to brain damage. The extent of brain damage depends upon the duration of interruption of blood supply. Another cause of brain hemorrhage is a neural aneurysm. According to the American Heart Association, approximately 1.5%–5% people across the globe develop a cerebral aneurysm in their lifetime. Elderly people are more susceptible to neurological disorders as compared to other adults. With surging aging population, the incidence of neurodegenerative diseases is increasing, in turn, driving demand for effective neurosurgical products for their treatment.
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Among regions, North America dominates the global market for neurosurgical products due to a rapid rise in aging population, increasing healthcare expenditure, and developed healthcare infrastructure in the region. The neurosurgical products market in Asia-Pacific is expected to show high growth rates over the next five years, with China and India being the fastest-growing markets in the region. Key driving forces of the neurosurgical products market in developing countries are: large pool of patients, increasing disposable income, growing geriatric population, increasing incidence of brain tumor, rising healthcare awareness, growing healthcare expenditure, and improving healthcare infrastructure in these regions.
In addition, various government bodies are providing funds and grants for development of neurosurgical products, which is further fueling the growth of the global neurosurgical products market. On the other hand, availability of alternative treatment for neurological diseases, stringent regulatory requirements, and long approval time for new neurosurgical products are some of the factors inhibiting the growth of the global neurosurgical products market. However, growing demand for minimally invasive surgeries is projected to create significant growth opportunities for the global neurosurgical products market.
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This report provides in-depth analysis and estimation of the neurosurgical products market for the period 2015–2022, considering 2014 as the base year for calculation. Moreover, data pertaining to current market dynamics, including market drivers, restraints, trends, and recent developments, has been provided in the report.
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