Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Neurosurgery Surgical Power Tools market.
Trusted Business Insights presents an updated and Latest Study on Neurosurgery Surgical Power Tools Market. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Neurosurgery Surgical Power Tools market during the forecast period.
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Industry Insights, Market Size, CAGR, High-Level Analysis: Neurosurgery Surgical Power Tools Market
The global neurosurgery surgical power tools marketsize was valued at USD 1.09 billion in 2018 and is anticipated to grow at a CAGR of 3.6%. Increasing adoption of minimally invasive neurosurgeries and increasing prevalence of cerebral disorders are key factors driving market growth.
Neurosurgery surgical power tools market is segmented on the basis of tool and power type. The tool type segment includes drills, reamers, saws, and other medical equipment. The power type segment includes pneumatic, electric, and battery-powered medical equipment. These medical instruments help neurosurgeons perform skull base surgeries and craniotomies. Adoption of neurosurgical power tools is increasing due to advantages such as improved reliability and better performance than conventional tools.
Rising adoption of minimally invasive neurosurgeries is currently driving the market. Surgeons are increasingly preferring minimally invasive techniques for a certain range of applications, including brain tumor surgeries. Patients also prefer minimally invasive neurosurgeries as they have significantly lower recovery time than traditional surgeries, minimize incision length, trauma & tissue disruption, and reduce morbidity.
Increasing number of neurosurgeries, such as skull base surgeries and craniotomies are primarily driving the market growth. These surgeries are performed to remove abnormalities in the bone surface of the brain. Technological advancements, such as power equipment, have improved accessibility of neurosurgical procedures.
Craniotomy-which involves surgical removal of bone flap from the skull to treat hematomas, brain tumors, traumatic brain injury, swelling, and removal of foreign objects-can also be performed more efficiently using advanced neurosurgical power instruments. Thus, the use of powered equipment to lower risks while performing these complicated neurosurgeries has boosted growth.
Type Insights of Neurosurgery Surgical Power Tools Market
The drills segment dominated the market, owing to its use in increasing number of minimally invasive surgical procedures. This segment includes the cranial drill, which is a tool for drilling burr holes to create larger openings in the skull during surgeries and craniotomies. Drills can be broadly classified based on their functions and characteristics. One such classification is the electrical drill powered by rechargeable batteries.
The reamers segment is expected to grow at the highest CAGR over the forecast period, owing to its enhanced features in terms of power torque requirements for surgical procedures. The need for reamers is increasing due to features such as magnetic coil design, which offers high peak torque to enable surgeons to perform complicated skull surgeries.
Type Insights of Neurosurgery Surgical Power Tools Market
The electric segment dominated the market owing to features such as higher speeds. Instruments such as the Medtronic Midas Rex Legend Stylus, which is a surgical drill that offers high torque capacity within a compact size, making it suited for a wide range of surgeries. Power surgical tools are designed while keeping the toughest procedures in mind. They are built to offer reliable performance and minimal vibrations, heat, & noise, thus, increasing their preference and driving market growth.
The battery-powered segment is expected to grow at highest CAGR over the forecast period, owing to their ergonomic design and higher degree of efficiency over conventional tools. This segment includes the bone drill, which is a battery-operated device used by surgeons during neurosurgeries. Due to the improved accuracy and efficiency these tools provide, they are being increasingly adopted by surgeons globally.
Regional Insights of Neurosurgery Surgical Power Tools Market
North America dominated the market, owing to increasing prevalence of brain injuries & other neurological disorders and the availability of skilled neurosurgeons. Moreover, increasing demand for neurosurgical procedures, increasing FDA approvals, and the subsequent launch of products by key players are also contributing to growth. The growing number of minimally invasive neurosurgical procedures and the increasing use of advanced power tools are likely to continue driving the market over the coming years.
Asia Pacific is expected to grow at the highest CAGR in the coming years due to increasing establishment of nursing centers in this region, which arrange a range of programs including motivational programs and educational seminars. These help increase awareness about brain tumor and available treatment options. Launch of new and innovative products in the region is further increasing the preference for power tools. Thus, increasing awareness among consumers and launch of innovative products by key players are boosting demand for neurosurgery surgical power tools in this region.
Market Share Insights of Neurosurgery Surgical Power Tools Market
Some of the major players are Medtronic, B. Braun Melsungen AG, Aygun Co., Inc., Zimmer Biomet, and Stryker. A majority of the key players focus on launch of innovative neurosurgery surgical power tools, growth strategies, and technological advancements. For instance, Medtronic Midas Rex MR7, which is a high-speed pneumatic drill with an ergonomic design. It enables efficient and easy maneuvering during neurosurgical procedures. Similar advancements are anticipated to boost market growth over the forecast period.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Neurosurgery Surgical Power Tools Market Research Report
This report forecasts revenue growth at global, regional, & country levels and provides an analysis on the latest industry trends in each of the sub-segments from 2015 to 2026. For the purpose of this study, this market research report has segmented the global neurosurgery surgical power tools market report on the basis of tools type, power type, and region:
Tools Type Outlook (Revenue, USD Million, 2019 – 2030)
Power Type Outlook (Revenue, USD Million, 2019 – 2030)
Quick Read Table of Contents of this Report @ Neurosurgery Surgical Power Tools Market Size, Market Research and Industry Forecast Report, 2026 (Includes Business Impact of COVID-19)
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