The global neuroendoscopy devices market is expected to reach USD 218.9 million by 2022 from USD 170.5 million in 2017, at a CAGR of 5.1%. Factors such as favorable government initiatives, rising prevalence of neurological disorders, and benefits of neuroendoscopic surgeries over conventional brain surgeries are driving the growth of this market. On the other hand, the high cost of neuroendoscopy procedures and equipment may hinder the growth of the market.
The neuroendoscopy devices market, by product, is segmented into rigid neuroendoscopes and flexible neuroendoscopes. In 2017, the rigid neuroendoscopes segment accounted for the largest share of the global neuroendoscopy devices market. This segment is also expected to grow at the highest CAGR during the forecast period. This large share and high growth can be attributed to the benefits of rigid neuroendoscopes such as superior optics, reusability due to autoclaving, and high device strength.
Based on application, the neuroendoscopy devices market is segmented into intraventricular neuroendoscopy, transcranial neuroendoscopy, and transnasal neuroendoscopy. The transcranial neuroendoscopy segment is expected to register the highest CAGR during the forecast period. The significant growth of this segment is owing to factors such as their wide application in the diagnosis and treatment of larger tumors with significant suprasellar extension and growing incidence of brain tumors.
Based on usability, the neuroendoscopy devices market is segmented into reusable and disposable neuroendoscopes. The reusable neuroendoscopes segment is expected to grow at the highest CAGR during the forecast period. This can be attributed to the cost-effectiveness of reusable devices as they can be used in multiple procedures after procurement.
Among the four regional segments covered in the neuroendoscopy devices market—North America, Europe, Asia, and the Rest of the World (RoW). Geographically, the neuroendoscopy devices market in the Asian region is expected to register the highest CAGR during the forecast period. Growth in this regional segment is largely driven by the increased spending on healthcare, presence of a huge population base, growing geriatric population, increasing medical tourism, and increasing prevalence of diseases in the region.