According to a recent Future Market Insights (FMI) intelligence analysis, the neurosurgical surgical power tools market is currently in a slow-moving growth-low value quadrant. According to market forecasts for the years 2018 to 2028, the neurosurgical surgical power tools market will be worth more than a billion dollars in 2023 and is expected to develop at a very moderate rate over the next three years.
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Because of the growing number of elderly people, the worldwide burden of neurological illnesses as a significant cause of death and disability has more than doubled in recent years, with a potential impact from extended disease duration. Aside from demographic issues, environmental variables may exacerbate the worldwide burden of neurological illnesses in the future. Power tools are the current key advanced product in the medical devices industry, showing promising results due to their applicability in a variety of procedures ranging from wound management to cutting/incision, drilling, removal, and sawing of both hard and soft tissues and bone, given the operative complexities associated with neurosurgeries, apart from orthopaedic, cardiovascular, spine, and ENT surgeries.
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.
- The majority of companies in the neurosurgical surgical power tools market are focusing on the introduction of technologically sophisticated items and expanding their product range.
- According to FMI research, important firms will also pursue capacity expansion and a focus on creating a robust distribution network as additional growth initiatives.
- Companies are also working on releasing new items to boost their product range in Asia Pacific’s developing markets in order to expand their clientele and capture the largest market share in the emerging economies.
“As per FMI analysis, the manufacturers of neurosurgery surgical power tools are also expected to gain from increasing regulatory approvals. Over the last few years, leading players have received regulatory approvals across major geographic markets, which has enabled them to launch various products in the market”, Senior Analyst, FMI.
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Geographically, North America Reigns Supreme in Global Neurosurgery Surgical Power Tools Landscape
North America and Europe have a major market share due to their larger installed base, accounting for around 64 percent of the total market.
Asia Pacific, on the other hand, is expected to give lucrative growth potential for makers of neurosurgical surgical power tools. Through 2028, APAC demand for neurosurgical surgical power tools is predicted to expand at a moderate CAGR of 4.1 percent.
The rapid sophistication of the healthcare and medical sectors in the Gulf economies has been cited as a key driver fueling the expansion of the MEA market.
FMI Identifies Key Trends Influencing Neurosurgery Surgical Power Tools Global Demand
Invasive procedures are giving way to minimally invasive surgeries, which have fewer adverse effects than traditional surgery. Few of the factors contributing to the expansion of minimally invasive surgeries, particularly neurosurgery treatments, are reduced post-operative pain and hospital stay, as well as speedier recovery.
Another significant trend discovered is the automation of neurosurgical surgical power instruments. When compared to traditional approaches, the automated neurosurgical power instruments are predicted to accelerate the speed of cranial surgeries by over 50 times. Aside from cutting operation time down from hours to minutes, such gadgets would also reduce the danger of infection and damage to sensitive tissues.
Because of their potential to create high speed and enter deeper regions of the brain, demand for smaller sized and light weight power tools will dominate all branches of neurosurgery.
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