The neuroendoscopy devices market is expected to reach USD 218.9 million by 2022 from USD 163.9 million in 2016, at a CAGR of 5.1% during the forecast period. Factors such as favorable government initiatives, rising prevalence of neurological disorders, and benefits of neuroendoscopic surgery over conventional brain surgery are driving the growth of this market. However, the high cost of neuroendoscopy procedures and equipment may hinder the growth of the market.
Market Dynamics
Drivers
- Favorable Government Initiatives
- Rising Prevalence of Neurological Disorders
- Benefits of Neuroendoscopic Surgery Over Conventional Brain Surgery
Restraints
- High Cost of Neuroendoscopy Procedures & Equipment
Opportunities
- Growing Healthcare Market in Emerging Economies
Challenges
- Dearth of Trained Neurologists and Endoscopists
Neuroendoscopy procedures are increasingly being used for the treatment of a number of neurological disorders, such as pineal region tumors, pituitary tumors, Rathke’s cleft cysts, skull base tumors, and ventricular tumors. Its use is also growing in neuro-oncology, conducting brain biopsies, and the treatment of hydrocephalus.
Various types of neuroendoscopes are available in the market such as rigid neuroendoscopes and flexible neuroendoscopes. However, rigid neuroendoscope dominates the market, due to the benefits of rigid neuroendoscopes such as superior optics, reusability due to autoclaving, and high device strength.
The global Neuroendoscopy devices market size is projected to reach USD 218.9 million by 2022, largely due to the favorable government initiatives, rising prevalence of neurological disorders. The benefits of neuroendoscopic surgery over conventional brain surgery are likely to propel further growth of Neuroendoscopy devices in the long-term forecast.
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