(PharmaNewsWire.Com, May 11, 2020 ) Factors such as favorable government initiatives, rising prevalence of neurological disorders, and benefits of neuroendoscopic surgery over conventional brain surgery are driving the growth of neuroendoscopy market. However, the high cost of neuroendoscopy procedures and equipment may hinder the growth of the market.
The neuroendoscopy market is expected to reach USD 218.9 million by 2022 from USD 163.9 million in 2016, at a CAGR of 5.1%
Rising Prevalence of Neurological Disorders to Drive Market Growth:
Neuroendoscopy procedures are increasingly being used for the treatment of a number of neurological disorders, such as pineal region tumors, pituitary tumors, Rathke's cleft cysts, skull base tumors, and ventricular tumors. Its use is also growing in neuro-oncology, conducting brain biopsies, and the treatment of hydrocephalus.
According to GLOBOCAN 2012, the brain and nervous system cancer incidence rate was expected to increase by 6.6% from 2012 to 2015, globally. Similarly, according to the Global Burden of Disease Study 2015, neurological disorders were ranked as the leading cause group for disability-adjusted life-years (DALYs) in 2015 (approximately 250.7 million DALYs or 10.2% of global DALYs) and the second-leading cause group for deaths (~9.4 million or 16.8% of global deaths). Between 1990 and 2015, the number of deaths from neurological disorders increased by 36.7%, and the number of DALYs by 7.4%. As a result of the rising burden of neurological disorders, the number of neurosurgical procedures is growing across the globe. According to the NHS (2013), the number of neurosurgical procedures in the UK has been increasing steadily at an annual growth rate of 2–5%; in-patient hospital surgeries have reached 1,400 per million population in larger neurosurgical units, and operative caseload is typically 1,000 cases per million population.
As neuroendoscopy is considered as the gold standard for brain cancer diagnosis and treatment, the growing prevalence of neurological disorders and the subsequent growth in the number of neurosurgical procedures are expected to support the growth of the neuroendoscopy market in the coming years.
Geographical Growth Analysis:
The market is dominated by North America, followed by Europe, Asia, and the 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.
The neuroendoscopy market is duopolistic in nature, with two major players KARL STORZ (Germany) and B.Braun Aesculap (Germany). Other notable players in this market include Ackermann Instrumente (Germany), Adeor Medical (Germany), Hawk (China), Machida (Japan), Tonglu Wanhe Medical (China), Schindler (Germany), Clarus (US), LocaMed (UK), and Visionsense (US).
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