The neurosurgery devices market is projected to reach USD 13.5 billion by 2024 from USD 7.3 billion in 2019, at a CAGR of 13.0% during the forecast period. Growth in the neurosurgery devices market is driven by the efforts to develop the application base for neuromodulation, the benefits of neuroendoscopic surgeries over conventional brain surgeries, and the growing prevalence of neurological diseases. On the other hand, the high cost of neuroendoscopy procedures and equipment, along with a dearth of a trained workforce, is expected to limit market growth to a certain extent during the forecast period.
The major players in the neurosurgery devices market are B. Braun (Germany), Medtronic (US), Boston Scientific Corporation (US), Nevro Corporation (US), KARL STORZ (Germany), and Abbott (US). An analysis of the market developments between 2016 and 2019 revealed that product launches, partnerships & agreements, expansions, and strategic acquisitions were adopted by market players to strengthen their product portfolios and maintain a competitive position in the neurosurgery devices market.
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Medtronic (US) is the leading player in the neurosurgery devices market. The company offers a comprehensive range of neuromodulation products. Medtronic has a strong focus on innovation and invested USD 2.25 billion in research and development in 2018. Medtronic has also gained a major share in the neuromodulation market on account of its diversified product portfolio, widespread geographical presence, strong focus on R&D, and focused marketing & sales strategies.
Boston Scientific Corporation (US) held the second position in the neurosurgery devices market in 2018. The company offers an extensive portfolio of neuromodulation products under various categories (including spinal cord stimulation and deep brain stimulation). The company’s Vercise range of Deep Brain Stimulation Systems is very popular among end users. The company’s stronghold in this market is primarily attributed to its continuous focus on customer base relationship.
Abbott (US) held the third position in the neurosurgery devices market in 2018. Abbott offers a number of products, such as Prodigy Chronic Pain System, Protégé Upgradeable SCS System, and Radiofrequency Ablation (RFA) solutions within its chronic management program. The Prodigy Chronic Pain System is the only implantable pulse generator (IPG) in the European market that offers both the Burst stimulation technology and conventional tonic stimulation for pain management.
Neurosurgery Devices Market by Product (Neuromodulation(Spinal Cord Stimulation, Deep Brain Stimulation) Neuroendoscopy), Application (Chronic Pain, Depression, Parkinsons, Ischemia, Transnasal Neuroendoscopy), Region - Global Forecast to 2024
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