Neurosurgery Market to Reach USD 6.8 Billion by 2034, Growth at CAGR 4.5% | Report by Transparency Market Research, Inc.

Increasing prevalence of conditions such as brain tumors, epilepsy, Alzheimer's disease, and Parkinson's disease is boosting the demand for neurosurgical interventions.

WILMINGTON, Del., July 30, 2024 /PRNewswire/ -- The neurosurgery market was projected to attain US$ 4.2 billion in 2023. It is likely to garner a 4.5% CAGR from 2024 to 2034, and by 2034, the market is expected to attain US$ 6.8 billion.

There is a growing trend towards minimally invasive neurosurgical techniques that offer reduced recovery times and lower risks of complications. The integration of artificial intelligence (AI) and robotics in neurosurgery is improving precision, efficiency, and patient outcomes.

Advances in genomics and personalized medicine are enabling tailored treatment plans based on individual patient profiles, leading to more effective neurosurgical interventions. The rise of telemedicine is facilitating remote consultations and follow-up care, making neurosurgery more accessible to patients in remote or underserved areas.

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There is an increasing emphasis on improving patient safety, reducing surgical errors, and enhancing postoperative care, which is driving innovation in neurosurgical practices. Continued innovation in neurosurgical devices and techniques, such as advanced neurostimulation devices and next-generation imaging technologies, presents new market opportunities.

Strategic collaborations between healthcare providers, technology companies, and research institutions can lead to the development of cutting-edge solutions and expanded market reach. Growing awareness about neurological disorders and advancements in neurosurgery is likely to drive demand for advanced treatment options and increase market growth.

The establishment and expansion of specialized neurosurgery centers and clinics can enhance access to advanced treatments and contribute to market growth. The increasing number of traumatic brain injuries due to accidents and sports-related incidents is driving demand for neurosurgical procedures.

Key Findings of the Market Report

• Continued improvements in neuroimaging technologies, such as functional MRI (fMRI) and diffusion tensor imaging (DTI), are enhancing the ability to diagnose and plan neurosurgical interventions.
• Development of advanced surgical tools, such as high-precision lasers and navigation systems, is improving surgical accuracy and patient outcomes.
• The increasing emphasis on neurorehabilitation and postoperative care is driving demand for comprehensive neurosurgical services.
• Growing investments in research and development are leading to the discovery of new treatments and technologies in neurosurgery.

Market Trends for Neurosurgery

• By product type, the neuro interventional devices segment is expected to boost the growth of the neurosurgery market. Continuous innovations and advancements in neurointerventional technology, such as improved catheter designs and enhanced imaging techniques, are enhancing the effectiveness and precision of these devices.
• The rising incidence of neurovascular conditions such as aneurysms, arteriovenous malformations, and ischemic strokes is driving the demand for neurointerventional procedures. Neurointerventional devices facilitate minimally invasive procedures, which offer reduced recovery times, fewer complications, and shorter hospital stays compared to traditional surgical methods.
• On the basis of indication type, the brain cancer segment is expected to augment the market growth. The rising number of brain cancer cases, including both primary brain tumors and metastatic brain tumors, is leading to a higher demand for neurosurgical interventions.

Neurosurgery Market Report Scope:

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Global Market for Neurosurgery: Regional Outlook

North America

• North America is home to numerous advanced healthcare facilities with cutting-edge neurosurgical technologies and equipment.
• The region's extensive network of hospitals and specialized neurosurgery centers ensures high accessibility to advanced care.
• The growing prevalence of neurological disorders such as brain tumors, epilepsy, and Parkinson's disease is driving the demand for neurosurgical procedures.

Asia Pacific

• Increased investments in healthcare facilities are leading to the adoption of advanced neurosurgical technologies and equipment.
• Adoption of advanced neurosurgical technologies, such as robotics, minimally invasive techniques, and high-definition imaging, is improving surgical precision and outcomes.
• The integration of artificial intelligence and machine learning in diagnostic and surgical tools is enhancing the efficiency and effectiveness of neurosurgical procedures.

Neurosurgery Market: Key Players

The competitive landscape of the neurosurgery market is characterized by a diverse and dynamic environment with several key players, each contributing to the market's growth and innovation.

The competition is driven by advancements in technology, increasing demand for advanced neurosurgical procedures, and the need for effective treatment solutions. The following companies are well known participants in the neurosurgery market:

• Medtronic plc
• Abbott Laboratories
• Boston Scientific Corporation
• Elekta
• Aleva Neurotherapeutics
• Machida Endoscope Co. Ltd.
• Brainlab
• adeor Medical AG
• LivaNova plc
• B. Braun
• Optofine Instruments Pvt. Ltd.
• Wallaby Medical LLC
• Terumo Medical Corporation
• Integra LifeSciences
• Stryker Tech

Key Developments

• In 2023, NeuroOne Medical Technologies introduced the OneRF Ablation System, a thin-film, sEEG-guided radiofrequency (RF) system designed for functional neurosurgical procedures. This innovative system is capable of creating RF lesions in nervous tissue while providing temperature control and recording electrical activity.
• In the same year, IIT Delhi, in collaboration with AIIMS New Delhi, unveiled a standalone Deep Learning System for neurosurgery at the 16th IITD Open House program. This system is designed to train and evaluate neurosurgeons in microscopic techniques, including endoscopic skills, micro-drilling, and micro-suturing.

Neurosurgery Market Segmentation

Product Type

• Neuro Interventional Devices
• Neuroendoscopes
• Neurosurgical Drills
• Radiosurgery Systems
• Dura Substitutes
• Neurosurgical Ablation Devices
• Neurosurgery Instruments

Indication Type

• Brain Cancer
• Spine and Skull base Tumors
• Traumatic Brain Injuries
• Craniofacial Trauma
• Parkinson's disease
• Tourette's syndrome
• Others (Craniosynostosis, etc.)

End User

• Hospitals & Specialty Clinics
• Ambulatory Surgical Centers
• Others (Academic and Specialized Neurological Institutes, etc.)

Region

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

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