The Neurosurgery Surgical Power Tools Market size was estimated at $1.18 billion in 2020, projected to grow at a CAGR of 4.4% during the forecast period 2021-2026. Neurosurgery is a medical procedure that specializes in the diagnosis and treatment of neurological disorders such as Alzheimer’s disease, Parkinson’s disease, stroke, aneurysms, degenerative diseases, as well as spinal cord and brain injuries. Surgical power tools for neurosurgery aid surgeons in conducting complex procedures with precision. Neurosurgery surgical power instruments and accessories are used to cut, form, fixate, and dissect bone as well as fragment, emulsify, and aspirate soft tissue in a procedures of neurosurgery.
The global neurosurgery surgical power tools market is being driven by an increase in the occurrence of neurological disorders, and an increase in the number of neurosurgeries performed. Moreover the increasing acceptance of minimally invasive neurosurgeries for a variety of procedures, including brain tumor surgeries, surgeons are further predicted to drive the market. However, the high costs associated with neurosurgery surgical product and the high risks associated with neurosurgery surgery could pose a threat to the market’s growth during the forecast period.
Neurosurgery Surgical Power Tools Market Segment Analysis – By Product
By Product, the global market can be classified into Drill, Reamer, Saw and Others. Neurosurgery Surgical drill segment account for the highest market share in 2020 owing to its use in a growing number of minimally invasive surgical procedures. The cranial drill, is mainly finds its application for drilling burr holes in the skull to create wider openings during surgeries and craniotomies. Drills are divided into many categories based on their roles and characteristics.
However, owing to the enhanced features in terms of power torque requirements for surgical procedures, the reamers segment is expected to rise at the fastest CAGR of 8.6% over the forecast period 2021-2026. Moreover, additional features such as magnetic coil design, which provides high peak torque to allow surgeons to perform complicated skull surgeries, is further predicted to rise reamers segment market.
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Neurosurgery Surgical Power Tools Market Segment Analysis – By Distribution channel
Based on Distribution Channel, the global market is segmented into Online Distribution Channel and Traditional Offline Retail. Traditional offline retail segment account for the highest market share in 2020 and is projected to grow at a CAGR of 3.7% during the forecast period 2021-2026. The dominance is due to higher owing to benefits such as the touch-and-feel experience before purchase, moreover the on-site guidance from a customer sales representative, and an immediate gratification instead of waiting for the delivery of the device are the major driving forces driving the traditional offline retail segment.
However, with evolving consumers and growing demand from tier I and II markets where ecommerce penetration is increasing rapidly the online distribution channel segment is set to grow at a faster CAGR. Along freedom they get to look at multiple options and compare for the best price & features, from the comfort of their home or on the go as per an individual’s preference is further poised to increase the online sale market of Neurosurgery Surgical Power Tools during the forecast period 2021-2026.
Neurosurgery Surgical Power Tools Market Segment Analysis – By Geography
Based on geography, North America dominated the Neurosurgery Surgical Power Tools Market with a region share of 34.2% in 2020 followed by Europe and APAC. Rising geriatric population, neurological disorders and increasing acceptance of minimally invasive neurosurgeries are the major factor propelling the growth in this region. Moreover, the presence of large number of medical device company that invest heavily on the research along with the easy availability of technologically advanced instruments is predicted to drive the market growth in this region. However, Asia Pacific is set to be the fastest growing region owing to the growing population, increased awareness about brain tumors and available treatment options, rising demand for a better healthcare structure and higher investment and funding by government in this region during the forecast period 2021-2026.
Neurosurgery Surgical Power Tools Market Drivers
Increasing Incidence of Neurological Disorders
The global neurosurgery surgical power tools market is being driven by an increase in the occurrence of neurological disorders, and an increase in the number of neurosurgeries performed. According to a new United Nations Up to 1 billion people, nearly one in six of the world’s population, suffer from neurological disorders, from Alzheimer and Parkinson disease, strokes, multiple sclerosis and epilepsy to migraine, brain injuries and neurological infections, with some 6.8 million dying of the maladies each year. Moreover the increasing acceptance of minimally invasive neurosurgeries for a variety of procedures is further poised to propel the global growth of the Neurosurgery Surgical Power Tools Market.
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Neurosurgery Surgical Power Tools Market Challenge
High Cost of the Product
Despite the increased neurological disorders and increasing acceptance of minimally invasive neurosurgeries, some factors are preventing product acceptance. The high costs associated with neurosurgery surgical product makes it difficult for the middle and lower class people to afford, which is limiting the adoption procedures. Moreover the high risks associated with neurosurgery surgery also poses a major threat thereby, acting as major impediment for market’s growth.
Due to the Covid-19 outbreak, the neurosurgery surgical power tools end-use companies are facing issues such as delays in receiving tools from the manufacturers, as the manufactures are themselves experiencing delays in receiving raw material and owing to restriction on import and export of commodities. In addition, the shipment orders are being heavily affected due to the non-availability of vessels and blank sailing, which is further which is further resulting in delayed shipments to the customer. With the decrease in production of tools, the demand for neurosurgery surgical power tools have significantly fallen, thereby acting as a major restrain to the market.
Neurosurgery Surgical Power Tools Market Landscape:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Neurosurgery Surgical Power Tools Market. Key companies of this market are Stryker Corporation, ADEOR MEDICAL AG, AYGUN CO., INC, B. Braun Melsungen AG, De Soutter Medical, Johnson & Johnson Services, Inc., ACRA-CUT Inc., KARL STORZ SE & Co. KG, and Medtronic plc.
In November 2019, Leading American consumables and equipment maker, Medtronic Inc, receives premarket notification of intent to market the Stealth Autoguide System, Midas Rex Legend Depth Stop System.
Geographically, the North American region held 34.2% of the total market share in 2020 owing to the rising geriatric population, neurological disorders and increasing acceptance of minimally invasive neurosurgeries.
Increase in the occurrence of neurological disorders, and an increase in the number of neurosurgeries major driving force for the Neurosurgery Surgical Power Tools Market during the forecast period 2021-2026.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Neurosurgery Surgical Power Tools Market.
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