Expansion in Emerging Economies in Asia Pacific, and Latin America to Create Opportunities for Neurosurgery Software Market
- Emerging economies are a major target for expansion of the neurosurgery software market due to a rapid increase in health care infrastructure
- Advanced neurosurgery techniques have substantial penetration rate in developed economies. However, emerging economies in Asia and Latin America have low adoption rate due to lack of awareness and expert neurologists in these regions.
- Economic development, rise in disposable income of patients, and increase in awareness in Asia and Latin America about neurological disorders are gradually attracting major players to expand their business in these regions. Similarly, rise in incidence rate of traumatic brain injury (TBI), stroke, and increase in prevalence of neurodegenerative diseases are expected to propel the demand for neurosurgery software market in these regions.
To Know More about TMRs Unique Offerings for Neurosurgery Software Market, Request a Brochure here
Key Drivers and Restraints of Global Neurosurgery Software Market
- Increase in prevalence of neurodegenerative diseases propels the neurosurgery software market. For instance, currently, around 48 million people worldwide are living with Alzheimer's disease (AD) and around 6 million people are living with Parkinson's disease (PD). Dementias are responsible for the greatest burden of neurodegenerative diseases with Alzheimer's disease representing approximately 60% to 70% cases.
- Approximately 5.2 million people in the U.S. of all ages had Alzheimer’s disease in 2014. One in nine people of age 65 years and older (11% of the population) has Alzheimer's disease. Population aged 65 years and above with Alzheimer's disease is anticipated to triple (13.8 million) by 2050, with frequency of one new case every minute.
- Increase in incidence and long-term consequences of traumatic brain injury (TBI) and concussions is expected to drive the market during the forecast period. According to the University of California, San Francisco (UCSF), approximately 1.7 million people withstand a traumatic brain injury (TBI) yearly. Traumatic brain injury is a leading cause of death and disability in children and young adults.
- High cost is involved in neurosurgery software as well as treatment. The installation cost of neurosurgery software is high. Hence, this factor is expected to restrain the market during the forecast period.
Visualization Software to Witness High Demand
- Based on product, the global neurosurgery software market can be divided into: Preoperative Planning Software, Recording Software, Visualization Software, Analysis Software, and Others
- The visualization software segment is expected to dominate the market during the forecast period, owing to advancements in technologies for treatment of neurodegenerative diseases and other prevalent diseases such as peripheral neuropathies, mitochondrial disorders, and toxic encephalopathy. Furthermore, increase in neurological surgeries is expected to drive the market during the forecast period.
Endoscopic Surgery has Significant Growth Potential
- Based on application, the global neurosurgery software market can be divided into: Functional Neurosurgery, Endoscopic Surgery, and Open Skull Surgery
- Increase in demand for minimally invasive neurosurgery has been observed as it only requires a small opening and less brain retraction compared to conventional type of brain surgery. Hence, increase in endoscopic surgery is expected to boost the demand for neurosurgery software used in endoscopic surgery, thereby driving the market.
Looking for Customized Insights to build your Business for Future, Ask for a Custom Report here
North America to Lead Global Neurosurgery Software Market
- In terms of region, the global neurosurgery software market can be divided into: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America is projected to account for major share of the global neurosurgery software market during the forecast period, owing to the presence of major neurosurgery software manufacturers in the region along with increase in focus on development of technologically advanced devices and software
- Growth of the market in the region is attributed to high rate of acceptance of new technology, rise in awareness about neurological diseases, and increase in health care infrastructure. Furthermore, increase in research activities and mergers & acquisitions are major drivers of the market.
Key Manufacturers Operating in Market
The global neurosurgery software market was highly fragmented in 2018. Key manufacturers operating in the global market are:
- Stryker Corporation
- Inomed Medizintechnik GmbH
- EMS Biomedical
- Touch Surgery
- Nextech Systems, LLC
- Monteris Medical
- Synaptive Medical
- Micromar Ind.
Global Neurosurgery Software Market, by Product Type
- Preoperative Planning Software
- Recording Software
- Visualization Software
- Analysis Software
Global Neurosurgery Software Market, by Application
- Functional Neurosurgery
- Endoscopic Surgery
- Open Skull Surgery
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.
TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.
Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:
Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.
Perfect Market Size Estimations: The report analyzes the demographics, growth potential, and capability of the market through the forecast period. This factor leads to the estimation of the market size and also provides an outline about how the market will retrieve growth during the assessment period.
Investment Research: The report focuses on the ongoing and upcoming investment opportunities across a particular market. These developments make the stakeholders aware of the current investment scenario across the market.
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.