The global burden of neurological disorders as a leading cause of death and disability has doubled in the recent years given the increasing number of older people, with potential contribution from longer disease duration. Environmental factors apart from demographic factors could further aggravate the future burden of neurological disorders, globally. Given the operative complexities associated with neurosurgeries, apart from orthopedic, cardiovascular, spine, and ENT surgeries, power tools are the current key advanced product in the medical devices industry, showing promising results due to its applicability in a number of procedures ranging from wound management to cutting/incision, drilling, removal and sawing of both hard and soft tissues and bone.
According to a recently released intelligence study by Future Market Insights (FMI), the neurosurgery surgical power tools market currently sits in a slow-moving growth-low value quadrant. As per the market assessment for a period of 2018-2028, the valuation of neurosurgery surgical power tools market will be over a billion dollar in 2023 and is likely to expand at a relatively moderate growth rate over the next three years.
The top two companies in the global neurosurgery surgical power tools market hold over 56 percent share of the current market revenue and the remaining market share is controlled by tier-2 and tier-3 companies. The neurosurgery surgical power tools market showcases a highly consolidated landscape, leading to a high pricing premium of neurosurgery surgical power tools.
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A majority players in neurosurgery surgical power tools market are focusing on launching technologically advanced products expanded product portfolio.
In addition, capacity expansion and emphasis on building strong distribution networkwill also be adopted as further growth strategies by the key players, according to FMI research.
The companies are also focusing on introducing new products to strengthen the product portfolio in the developing markets of Asia Pacific to expand their clientele and grab maximum market share in the emerging economies.
Geographically, North America Reigns Supreme in Global Neurosurgery Surgical Power Tools Landscape
North America and Europe represent a significant market share owing to higher install base, with an accumulative market share of approximately 64 percent.
Asia Pacific, on the other hand is anticipated to presentlucrative growth opportunities to neurosurgery surgical power tools manufacturers. The demand for neurosurgery surgical power tools in APAC is expected to grow at a moderate CAGR of 4.1 percent, through 2028.
Rapid sophistication of the healthcare and medical sector in gulf economies is identified to be the key factor driving growth of MEA market.
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FMI Identifies Key Trends Influencing Neurosurgery Surgical Power Tools Global Demand
Paradigm shift from invasive to minimally-invasive surgeries considering lesser side effects compared to conventional surgeries. Reduced post-operative pain and hospital stay and faster recovery are few of the factors supplementing to the growth of minimally-invasive surgeries, particularly neurosurgical procedures.
Another key trend identified is the automation of neurosurgery surgical power tools. The automated neurosurgical power tools are expected to increase the speed of cranial surgeries by almost 50 times compared to traditional techniques. Apart from reducing the procedure time from hours to minutes, such tools would also create lower risks of infection and damaging sensitive tissues.
Demand for smaller sized and light weight power tools will dominate all the branches of neurosurgery, considering its ability to produce high speed and penetrate into deeper regions of brain.