“Endovascular aneurysm repair replaces conventional therapy repair, which involves the prescription of aspirin, warfarin, and other blood-thinning agents to restore the normal flow of blood in patients with narrow arteries”
The research study covers the present scenario and growth prospects of the global neurosurgery market for 2016-2020. To calculate the market size, Technavio analysts consider the revenue generated from the sales of neurosurgery devices.
The increasing need for better patient care has resulted in robust guidelines from healthcare and medical organizations. An increase in the incidence of cerebral disorders that lead to a brain aneurysm is expected to fuel the market growth. The rising neurosurgical disorders such as subarachnoid hemorrhage, meningitis, intracerebral hemorrhage (ICH), and traumatic brain injury (TBI) are fueling the adoption of neurosurgery devices.
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Technavio healthcare and life sciences analysts highlight the following four factors that are contributing to the growth of the global neurosurgery market:
- Increase in prevalence of neurological disorders
- Advances in technology
- Increase in demand for MI surgeries
- Rise in recognition of innovative products and awareness among end-users
Increase in prevalence of neurological disorders
Worldwide, approximately 12% of deaths are caused by neurological disorders. People are affected by neurological disorders such as AD, brain injuries, epilepsy, PD, strokes, peripheral neuropathy, paralysis, brain aneurysm and other cerebral disorders. According to the CDC, it is the sixth leading cause of mortality in the US, causing 26.8 deaths per 100,000 population. An estimation by the Parkinson's Disease Foundation in 2016 shows that every year around 60,000 people are diagnosed with PD in the US.
Barath Palada, a lead orthopedics and medical devices research analyst at Technavio, says, “A brain aneurysm is a common neurological disorder. Cerebral aneurysms are more common in women and the prevalence of aneurysm increases if a first-degree of relative has an aneurysm.”
Advances in technology
Advances in technology for neurosurgeries have driven the market growth over the past decade. Advances in neurosurgical navigation, neurostimulation, and endovascular aortic repair have resulted in improving clinical accuracy, enabling less invasive treatments. The research is in progress with many of the neurostimulation devices to increase the efficiency of neurostimulation devices and develop innovative products.
“Endovascular aneurysm repair replaces conventional therapy repair, which involves the prescription of aspirin, warfarin, and other blood-thinning agents to restore the normal flow of blood in patients with narrow arteries,” adds Barath.
Increase in demand for MI surgeries
The rise in demand for MI neurosurgical procedures has fueled the growth of the global neurosurgery market. The growing incidences of complications for open surgeries and slow postoperative healing of the incision area have increased the adoption of MI techniques for performing many neurosurgeries. The increasing demand for MI techniques is due to fewer complications associated with the procedure.
Therefore, medical facilities worldwide are shifting toward MI procedures that involve the use of imaging technologies and radiotherapy and expanding the treatment options for cerebral aneurysms, such as bulge of blood vessels in the brain.
Rise in recognition of innovative products and awareness among end-users
The awareness about treating various neurological disorders such as an intracranial aneurysm with new technologies has brought knowledge to both surgeons and individuals. The technological advances in treating ruptured and unruptured aneurysm have driven the market growth over the past decade. The advent of flow diversion devices, liquid embolics, stents, and clot retrieval devices is replacing conventional treatment options such as pharmacological therapy and surgical clipping.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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