Neuroendoscopy Devices Market : Growth Opportunities & Technology Developments by 2023
Endoscope is a medical device in which a small telescope-like instrument is equipped with high resolution video camera that allows the surgeon to navigate and access tumor. Endoscopy devices are utilized for the diagnosis of almost all kind of cancer. Neuroendoscopy is a minimally invasive procedure in which removal of tumor takes place through small hole in the skull or through nose. Neuroendoscopy is mostly preferred over traditional surgery due to the fact that it enables access in most parts of brain that cannot be done with traditional surgery. Moreover, it is able to remove the tumor without cutting or harming the other parts of skull. Some of the advantages of neuroendoscopy over tradition surgery include less pain than traditional surgery, minimal scarring and faster recovery than traditional surgery. Neuroendoscopy is widely utilized for the treatment of brain tumor that includes acoustic neuromas, skull base tumors, pituitary tumors and metastatic brain tumors.
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The global market for neuroendoscopy devices can be segmented as follows:
- By surgery type
- Intra ventricular neuroendoscopy
- Transcranial neuroendoscopy
- Transnasal neuroendoscopy
Intra ventricular neurosurgery is considered as the most promising segment in the global neuroendoscopy devices market. Currently, intra ventricular neuroendoscopy devices market constitutes the largest market share and highest CAGR among all the above mentioned segments. This dominance is witnessed due to large number of neurosurgical procedures performed with these devices, which consequently increases the demand of the devices globally.
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With growing number of people undergoing neuroendoscopy procedures the demand of neuroendoscopy devices is also increasing significantly. Moreover, technological advancement in neuroendoscopy devices will further accentuate the global neuroendoscopy devices market. Introduction of innovative devices such as HD camera and sophisticated instrument have triggered the demand for advanced endoscopy devices and this will continue in future. Safety and efficacy during surgery is also a significant market deriving factor associated with neuroendoscopy devices is acknowledged worldwide. Moreover, due to extensive advancement of neuroendoscopy assisted minimally invasive surgical procedure the global market of neuroendoscopy devices witnessing a significant growth. In addition, increasing prevalence of brain tumor also derives the demand of neuroendoscopy devices in the global market. Moreover, high cost associated with neuroendoscopy devices could pose a threat for the growth of the global endoscopy devices market.
North America and Europe contributed the largest market share in the global endoscopy devices market due to extensive technological advancement in neuroendoscopy devices in these regions. Moreover, strong demand of diagnostic tests accentuates the market growth in North American and European regions. Government initiatives are further expected to accentuate the market growth in these regions. Presently, Asia-Pacific and RoW are considered as untapped market due to lack of proper diagnostic facilities in some remote areas of Asian and African countries. However, Asia-Pacific is considered as an emerging market (forecast period) due to strong economic growth forecasted in some countries such as India, China, Japan and Malaysia which would increase the market share of neuroendoscopy devices in this region.
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Some of the major market players contributing in the global market share of neuroendoscopy devices include Boston Scientific Corporation, Fujifilm Holding Corporation, Hoya Corporation, Olympus Corporation, Boston Scientific Corporation, Karl Storz GMBH & CO. KG, Johnson & Johnson, Given Imaging Inc., Cook Medical Incorporated, Conmed Corporation, C.R. Bard Inc., Arthrex Inc., Aesculap Inc., Accellent Inc.
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