CAGR: 5.7%Current Market Size: USD 5.39 BillionFastest Growing Region: APAC
Largest Market: North AmericaProjection Time: 2023-2030Base Year: 2022
The global Neurosurgery Surgical Power Tools market is expected to grow from USD 5.39 billion in 2022 to USD 8.39 billion by 2030, at a CAGR of 5.7% during the Projection period 2023-2030. The growth of the Neurosurgery Surgical Power Tools market is mainly driven by the increasing prevalence of neurological disorders.
In order to diagnose and treat neurological problems including Alzheimer's disease, Parkinson's disease, stroke, aneurysms, degenerative diseases, and injuries to the spinal cord and brain, surgeons use a method called neurosurgery. Power instruments for neurosurgery operations aid surgeons in precisely carrying out difficult procedures. The prevalence of neurological illnesses and the volume of neurosurgeries done are the two main factors driving the worldwide market for surgical power instruments used in neurosurgery. Additionally, surgeons are expected to expand the market due to the growing acceptability of minimally invasive neurosurgeries for a range of treatments, including brain tumor operations. Power tools for neurosurgery are available with attachments that assist in choosing the least dangerous paths. With less thermal warming and integrated motors, modern neurosurgical surgical power instruments have replaced the earlier models. To further improve surgical precision, market players are concentrating on releasing innovative electric Electrical Neurosurgical Drills. To increase the penetration of their products among end users, the makers are running campaigns to educate practitioners and surgeons about their products.
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Market Dynamics:
Drivers:
One of the main drivers of the market's growth is the rise in neurological illnesses throughout the world. Due to the increasing number of elderly people, the burden of neurological illnesses as a primary cause of mortality and disability has increased globally in recent years. Due to the severity of neurological problems, both the prevalence of individuals with the condition and the death rate is rising.
Restraints:
The development of the market is hampered by the complexity of the minimally invasive neurosurgical equipment when they are in use and the severe lack of competent workers to operate those instruments. Additionally, these devices are expensive, and some poor nations have unsatisfactory reimbursement rules for this form. This element has an impact on device demand, which hinders the expansion of the worldwide market as well.
Opportunities:
Over the Projection period, it is projected that demand for advanced neurosurgery surgical power tools would increase due to the increased survival rate of rise in neurological illnesses patients who get surgery. The main cause anticipated to enhance the usage of surgical power tools in neurosurgery is the need to improve procedures to prevent accidents, lessen post-operative discomfort, and prevent trauma and rise in R&D expenditures by significant companies. In order to expand the market for neurosurgical surgical power tools, the firms active in the sector are implementing strategic methods.
Challenges:
Equipment for testing transformers is more expensive than other electrical devices. This aspect is expected to impede the market expansion for transformer testing equipment. During the projected period, the high cost of equipment and a shortage of qualified professionals are anticipated to impede market expansion. Even if there are now more neurological illnesses and less invasive neurosurgeries are becoming more popular, several issues are impeding product acceptability. Adoption operations are being restricted by the high prices connected with neurosurgical surgical products, which are difficult for middle-class and lower-class individuals to buy. Additionally, the high risks involved with neurosurgical surgery present a significant danger and serve as a key barrier to the market's expansion.
Segmentation Analysis:
The global Neurosurgery Surgical Power Tools market has been segmented based on Tools Type, Power Type, and Region.
By Tools Type
The Tools Type segment includes Drill, Reamer, Saw, and Others. The Drill segment led the largest share of the Neurosurgery Surgical Power Tools market with a market share of around 35% in 2022. Because it is used in a growing number of minimally invasive surgical procedures, the drills segment dominated the market. During operations and craniotomies, the cranial drill, a tool for drilling burr holes to generate wider apertures in the skull, is discussed. In general, drills may be categorised depending on their uses and features. The electrical drill with rechargeable batteries falls under one of these categories.
By Power Type
The Power Type segment includes Pneumatic, Electric, and Battery Powered. The Electric segment led the largest share of the Neurosurgery Surgical Power Tools market with a market share of around 30% in 2022. Due to characteristics such as increased speeds, the electric sector has dominated the market. Medical devices include the Medtronic Midas Rex Legend Stylus, a surgical drill with a high torque capacity and a small size that makes it suitable for a variety of operations.
Global Neurosurgery Surgical Power Tools Market- Sales Analysis.
The sale of the Neurosurgery Surgical Power Tools market expanded at a CAGR of 2.6% from 2016 to 2022.
Neurosurgeons use medical tools to perform craniotomies and procedures on the skull base. Because they perform better than conventional instruments and have enhanced dependability, neurosurgical power tools are becoming more and more popular.
The market for neurosurgical surgical power tools is expanding quickly as the major market players are concentrating on expanding their product portfolio by creating new products with improved functionality and cutting-edge features. The market is expanding primarily due to the use of minimally invasive neurosurgeries and the frequency of brain illnesses.
The number of neurosurgeons choosing current gadgets and rising product approvals for neurosurgery surgical power tools is also anticipated to support the market's expansion. Power tools for neurosurgery are available with attachments that assist in choosing the least harmful paths. With less thermal warming and integrated motors, modern neurosurgical surgical power instruments have replaced the earlier models and are significantly more dependable.
Thus, owing to the aforementioned factors, the global Neurosurgery Surgical Power Tools market is expected to grow at a CAGR of 5.7% during the Projection period from 2023 to 2030.
By Regional Analysis:
The regions analyzed for the Neurosurgery Surgical Power Tools market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America region dominated the Neurosurgery Surgical Power Tools market and held a 43% share of the market revenue in 2022.
Global Neurosurgery Surgical Power Tools Market - Country Analysis:
Germany's Neurosurgery Surgical Power Tools market size was valued at USD 0.19 billion in 2022 and is expected to reach USD 0.47 billion by 2030, at a CAGR of 3.2% from 2023 to 2030. The biggest market for producers of cancer vaccines is in Germany. Due to the existence of well-known market companies such as GlaxoSmithKline, IO Biotech, ViciniVax, ImmuneTune, Treos Bio Limited, CureVac AG, DCPrime, and Vaximm AG, among others, and a well-developed infrastructure.
China’s Neurosurgery Surgical Power Tools market size was valued at USD 0.24 billion in 2022 and is expected to reach USD 0.73 billion by 2030, at a CAGR of 4.5% from 2023 to 2030. Because of an increase in healthcare costs. Additionally, due to the numerous vendors of innovative technology
India's Neurosurgery Surgical Power Tools market size was valued at USD 0.20 billion in 2022 and is expected to reach USD 0.53 billion by 2030, at a CAGR of 4.3% from 2023 to 2030. The popularity of neurosurgery as a treatment option and rising R&D spending are two factors that are anticipated to accelerate market expansion.
Key Industry Players Analysis:
To increase their market position in the global Neurosurgery Surgical Power Tools market business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2022-2030 |
Base year |
2022 |
CAGR (%) |
5.7% |
Market Size |
5.39 billion in 2022 |
Projection period |
2023-2030 |
Projection unit |
Value (USD) |
Segments covered |
By Tools Type, By Power Type, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
Medtronic, Braun Melsungen AG, Stryker, Brainlab AG, Integra LifeSciences, Scopis GmbH, Boston Scientific Corporation, Elekta, Cyberonics, Inc, Micromar Ind. e Com. LTDA, Neuros Medical, SPR Therapeutics, Synapse Biomedical Inc, KARL STORZ, and Abbott. |
By Tools Type |
|
By Power Type |
|
Regional scope |
|
Scope of the Report
Global Neurosurgery Surgical Power Tools Market By Tools Type:
Global Neurosurgery Surgical Power Tools Market By Power Type:
Global Neurosurgery Surgical Power Tools Market By Region:
Global Neurosurgery Surgical Power Tools market is expected to grow from USD 5.39 billion in 2022.
Leading market players active in the global Neurosurgery Surgical Power Tools market are AstraZeneca PLC, Bristol-Myers Squibb, GlaxoSmithKline, Roche, Merck & Co. Inc., OSE Immunotherapeutics, Sanofi, and Moderna among other
The Neurosurgery Surgical Power Tools market is projected to have a CAGR of 5.7%.
Based on the Power Type, the Neurosurgery Surgical Power Tools market is segmented into hospitals and ambulatory care centers.
The development of superior cancer vaccines by pharmaceutical companies and factors like rising cancer prevalence and awareness of technologically sophisticated cancer treatments are propelling the market's expansion.
Political Factors- The demonstrations by pressure groups, social and environmental activists, and labour unions should be carefully examined by the neurosurgery surgical power tools market because they have a significant impact on how policies are made. Close cooperation with these organisations may improve the neurosurgery surgical power tools market's capacity for community engagement and the accomplishment of long-term business objectives. Additionally, a well-developed governance structure and a democratic political climate improve the business climate for markets like the neurosurgery surgical power tools market. The business climate is badly impacted by bureaucracy and corruption. The business environment for the neurosurgery surgical power tools market is becoming increasingly uncertain due to operating in nations with high levels of corruption and lax law enforcement.
Economic Factors- The effectiveness of the financial markets has an impact on the neurosurgery surgical power tools market's strategies for international expansion because operating in highly efficient financial markets improves one's liquidity position and strengthens one's capacity to join new markets. The ability of the neurosurgery surgical power tools market to raise capital at reasonable prices will depend on the state and effectiveness of the financial markets. The current economic structure has an impact on the neurosurgery surgical power tools market's business operations. A monopolistic or oligopolistic structure will have a different economic and regulatory climate than one with perfect or monopolistic competition.
Social Factors- The purchasing power of customers' money affects their spending habits. Analyzing consumer interests and spending habits requires analysing and predicting consumer purchasing power based on pertinent economic data. Consuming the supplied commodity is seen as a prestige symbol in some cultures, while others use it for practical purposes. The neurosurgery surgical power tools market should make an effort to comprehend the social trends and consumption reasons that shape this behaviour. To ascertain how local consumers view imported goods, the neurosurgery surgical power tools market should also make an effort to comprehend the extent of consumer ethnocentrism and take into account the nation-of-origin effect. Last but not least, if consumers favour experiential items over standard product offers, the neurosurgery surgical power tools market should research consumers' leisure interests and concentrate more on improving the customer experience.
Technological Factors- To understand how new technologies affect the firm's value chain and current cost structure, the neurosurgery surgical power tools market must take into account the investments made by rivals on a micro and global level. In a setting where creative disruption is prevalent, research and development efforts are crucial. To maximise earnings in such a situation, the neurosurgery surgical power tools market should invest in disruptive technologies and reinvest the money in even more disruptive technologies in the future. The adoption of new technology has shortened the lifecycle of developing new products. New products are created swiftly today, and supply chain partners have more clout as well. It puts pressure on the neurosurgery surgical power tools market to create new goods fast, diversify its product line, incorporate flexibility into the value chain, and cultivate positive commercial relationships with partners in the value chain.
Environmental Factors- The use of green/eco-friendly items is becoming more popular. The neurosurgery surgical power tools market might seize the chance and implement eco-friendly business strategies to gain the confidence of stakeholders. Priorities for product innovation are changing as a result of regulatory organisations' emphasis on ensuring conformity with environmental standards. The promotion of the neurosurgery surgical power tools market's products' environmental friendliness must take precedence over their usual value propositions. A negative reaction from the media, environmental protection organisations, customers, and the general public may result from the neurosurgery surgical power tools market's excessive resource consumption. In order to determine whether resources (such as water, power, etc.) are scarce or which animals are threatened with extinction due to overuse, the neurosurgery surgical power tools market must research the country's unique environmental rules.
Legal Factors- The privacy and security concerns of consumers have made data protection a crucial issue. To protect client data, the neurosurgery surgical power tools market must research data protection laws. Laws are also in place to limit prices, guarantee a particular level of quality, and shield customers from deceptive marketing promises. To achieve compliance with consumer protection regulations, the neurosurgery surgical power tools market must take into account these variables. Regulations governing intellectual property are intended to safeguard businesses' valuable ideas and patents. Lack of IP protection can lead to a loss of competitive advantage, which could harm the neurosurgery surgical power tools market's position relative to other market participants.
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