Global Neurosurgical Products Market: Growing Healthcare Expenditure to Help North America Retain Dominance

The rising number of brain tumor cases is driving the global neurosurgical products market. Persistence Market Research states in a recent research study that the global neurosurgical products market will soar at a marked CAGR of 11.2% during the forecast period from 2015 to 2022. In 2015, the global neurosurgical products market was worth US$3,685.8 million and by the end of 2022, the market will be worth US$7,756.2 million.

Read Full Report: http://www.persistencemarketresearch.com/market-research/neurosurgical-product-market.asp

In the global neurosurgical products market, the regional segment of North America is expected to lead the market. On the other hand, Asia Pacific is projected to demonstrate the highest growth rate during the forecast period. Let’s look at the regional market dynamics in the global neurosurgical products market.

North America: Rising Government Initiatives Fueling Neurosurgical Products Market

  • Currently, North America is leading the global neurosurgical products market and is expected to continue its dominance in the coming few years. Aneurysm is the most prevalent neurosurgical condition in this region.

  • The North America neurosurgical products market is driven by the rising healthcare expenditure in this region. In addition to this, factors such as the rising geriatric population and the growing prevalence of brain tumor are fueling this market.

  • According to the American Brain Tumor Association, in 2015, the number of new cases of primary brain tumors that will be diagnosed will be around 70,000. Furthermore, there are currently around 700,000 people in the U.S. that have a brain tumor.

  • The North America neurosurgical products market will also benefit from the initiatives taken by several government associations in this region. These initiatives are helping spread awareness about advanced neurological products in this region.

Asia Pacific: Increasing Geriatric Population to Drive Neurosurgical Products Market

  • Asia Pacific is projected to experience the fastest growth in the global neurosurgical products market in the forecast period, driven by factors such as the rising geriatric population, expanding healthcare budgets, and rising awareness about neurological conditions.

  • According to UN reports, around 10% of the total population in China belongs to the age range of 60 and above and this figure is expected to reach 30% by the end of 2050.

  • Brain cancer cases are also rising in this region. According to GLOBOCAN, an international agency involved in research for cancer, a total of 5,510 people in Japan were affected with brain cancer in 2012 and this figure is projected to reach 5,960 by the end of 2020.

Europe: Growing Number of Neurosurgical Procedures to Boost Market

  • In Europe, the number of neurosurgical procedures is steadily growing. This in turn will drive the demand for neurosurgical products in the coming few years. According to the NHS Commissioning Board in England, neurosurgery is witnessing a growth of 2-5% annually.

  • Furthermore, factors such as elevated healthcare expenditure and growing awareness about neurological conditions will further support the growth of the Europe neurosurgical products market.

  • The Europe neurosurgical products market will also benefit from the accelerating population in this region. Germany had the highest aging population (60 years and above) among EU member states. Geriatrics in Germany accounted for nearly 20% of the total population of the country in 2011 and this figure is projected to reach around 50% by 2030.

Though the aforementioned regional neurosurgical products markets will witness healthy growth in the coming few years, the rising demand for minimally invasive procedures has the potential to suppress these markets.

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