Global Neuroendoscopy Market - Segmented by Product, Application, Usability and Geography - Growth, Trends, and Forecast (2018 - 2023)
The neuroendoscopy devices market is expected to grow at a CAGR of 5.1% during the forecast period. Neuroendoscopy is a minimally invasive surgical procedure in which the neurosurgeon removes the tumor through small holes (about the size of a dime) in the skull or through the mouth or nose. Factors such favorable government initiatives, rising prevalence of neurological disorders, and benefits of neuroendoscopic surgery over conventional brain surgery are driving the growth of this market. The report segments the global neuroendoscopy devices market by product, application, usability, and region.
Benefits of Neuroendoscopic Surgery Over Conventional Brain Surgery
Neuroendoscopy is performed using an endoscope on the end to allow the neurosurgeon to navigate and access the tumor. To remove a tumor or take a sample of it (a biopsy), neurosurgeons attach special instruments to the endoscope, often an additional endoscope with forceps and scissors on the end, as opposed to conventional open brain surgery, which requires more time for healing post-surgery and induces less pain. Also, neuroendoscopic procedures cause minimal scarring in patients. These benefits are being considered widely in the medical community and therefore, these procedures are becoming more common worldwide. This will lead to the growth of the market in the upcoming years. Other factors that will affect the growth of this market include rising prevalence of neurological disorders and favorable government initiatives.
High Cost of Neuroendoscopy Procedures & Equipment
Neuroendoscopy is a procedure that is under constant development as research continues to make it more effective to suit the needs of more indications. Being a novel technology, this can be expensive for the patients to use. Also, as there are less number of trained professionals in the healthcare industry and a high demand for trained professionals, and as a result, the cost for the overall procedure goes up substantially. This will act as a major restraint for the growth of this market.
Asia-Pacific to Emerge as the Fastest Growing Region
The market is dominated by North America, followed by Europe, Asia, and Rest of the World (RoW). The dominance of the North American market is attributed to factors such as favorable government initiatives, rising prevalence of neurological disorders, increasing investments by hospitals to purchase new neuroendoscopy equipment, and increasing research activities.
Key Developments in the Market: