Major players in the neurosurgery devices and equipment market are Medtronic, Boston Scientific Corporation, Stryker, Conmed Corporation and Smith & Nephew. The global neurosurgery devices and equipment market is expected to decline from $3.
New York, Sept. 16, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Neurosurgery Devices And Equipment Global Market Report 2020-30: Covid 19 Impact and Recovery" - https://www.reportlinker.com/p05967838/?utm_source=GNW
7 billion in 2019 to $3.2 billion in 2020 at a compound annual growth rate (CAGR) of -16%. The decline is mainly because of worldwide supply and demand mismatches of resources due to the COVID-19 outbreak. There is an inadequate production of devices used in neurological disease treatment, due to the restrictions imposed by governments of various countries to shutdown factories or function with minimal staffing in order to contain the spread of virus and keep the staff safe. Additionally, the restrictions on non-essential medical services also hampered the market growth. The market is then expected to recover and grow at a CAGR of 10.3% from 2021 and reach $5.5 billion in 2023.
The neurosurgery devices and equipment market consists of sales of neurosurgery devices and equipment and related services. Neurosurgery devices and equipment are used to perform neurosurgical procedures that are concerned with diagnosis, prevention and treatment of disorders affecting any portion of the nervous system. Products include neurosurgical navigation systems, embolization devices, stereotactic devices, intracranial shunts, surgical clips, endoscopic devices, stereotactic radiosurgery systems, aneurysm and AVM clips.
The European Commission on 7th March 2017, adopted two new regulations for medical devices in order to enhance safety, take effective measures in the event of concerns, and improve traceability. These regulations provide the medical device manufacturers with a stronger mandate for assessment of medical devices by independent notified bodies, a unique identification number for improving traceability throughout the supply chain, availability of clinical data on devices, and provides a central database to provide patients, healthcare professionals and the public with comprehensive information on products. These rules help manufactures to meet the standards, safety requirements and to make better informed decisions.
Stringent US FDA approval process is restraining the Neurosurgery devices market. US FDA takes around 6 months to approve the premarket submissions to demonstrate that the device and check if the device is safe and effective. Most of the neurosurgery devices should get the premarket approval from the FDA before entering into the market. For example, In US, only 2,800 (31%) medical devices has cleared the FDA premarket submissions in 2016 and remaining 69% are rejected. However, the technical sections’ assessment is done simultaneously and therefore the manufacturers should identify the time taking steps and plan the work accordingly and plan an estimated date of approval. Also, the license validity and renewal of the application takes a toll on the manufacturer and adds to the existing regulatory burden. Therefore, the manufacturers of neurosurgical devices should plan well and communicate effectively in order to minimize the costs and reduce timelines.
Minimally invasive surgical procedures and approaches are the new frontier in neurosurgery as they result in less pain than open surgeries, shorter recovery times, less scarring, increase surgeon mobility and reduce equipment costs. Neuroendoscopy is a minimally invasive neurosurgical procedure performed through neurosurgery devices to correct hydrocephalus, remove tumors, treat vascular disease, and manage other disorders. Neurosurgery device manufacturers are innovating and integrating technologies for advanced endoscope-assisted neurosurgery in order to provide efficient minimally invasive surgeries, operative procedures, clinical advances, and new technological developments. For instance, end users such as hospitals, ambulatory surgical centers and others are using smartphones with endoscopes for performing safe and efficient endoscope-assisted neurosurgery. In New York-Presbyterian Hospital/Columbia University Medical Center, minimally invasive neurosurgeries are preferred over open surgeries with the help of specialized instruments and technologies such as camera assisted endoscope, high-powered operating microscope, computer-assisted navigation system and others to treat conditions in adults and children.
Rise in the neurological disorders are driving the neurosurgery devices market. A neurological disorder is caused due to the effect on the nervous system which includes spinal cord, and brain. These disorders include epilepsy and Alzheimer. According to an article on US Pharmacist, in 2018, out of the most common neurological disorders, stroke accounts to 51.3%, Alzheimer’s disease 21.4%, Epilepsy 11.6%, traumatic brain injury 6.8%, Parkinson’s disease 4.7% and brain tumor 2.8%. Furthermore, 1.2 million people are frequently diagnosed on adult-onset brain disorders. Increase in these disorders is driving the growth of the neurosurgery devices and equipment market. According to a report published on Annals of Neurology, a journal, in 2017, 100 million people in US are suffering from neurological disorders such as Alzheimer, multiple sclerosis, migraines, epilepsy and spinal cord injury, which is close to one-third of the total population.
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