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IN THE NEWSFebruary, 2020: Baxter International, Inc. launched new adhesive sealant ‘Peri-Strips Dry’ for reliable staple line reinforcement for post-surgical procedures.
The global intracerebral hemorrhage surgical devices market is estimated to garner significant revenue by growing at a robust CAGR over the forecast period, i.e., 2022–2030. The growth of the market can be attributed to the increasing incidences of spontaneous intracerebral hemorrhage, which is a deadly condition with high mortality and disability rate. It is caused by bleeding inside the brain parenchyma, and it is twice as common as intracerebral hemorrhage. Spontaneous intracerebral hemorrhage is responsible for over 15% of all types of strokes annually. Surgery is the only treatment for this condition, which is estimated to drive the growth of the market.
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The global intracerebral hemorrhage surgical devices market is segmented by surgery type into open craniotomy, decompressive craniectomy, neuro endoscopy, and others, out of which, the open craniotomy segment is anticipated to hold the notable share in the market during the forecast period as it is the most studied and performed surgery. Although open craniotomy has a lot of exposure to brain cells, benefits, such as, rapid recovery time and less tissue scarring, make it the most common surgery for intracerebral hemorrhage.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Regionally, the global intracerebral hemorrhage surgical devices market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America region is estimated to garner largest share over the forecast period on the back of rising healthcare expenditure and investment in R&D activities, along with the presence of major market players in the region. Moreover, adoption of advanced health technology in the countries, such as, U.S. and Canada are estimated to further boost the market growth.
The market in the Asia Pacific region is estimated to witness highest CAGR over the forecast period owing to increasing geriatric population, advancing healthcare system, and rising individual disposable income is developing economies. According to the data by the World Bank, the population above 65 years of age in India crossed 90,719,952 in 2020, while, it crossed 167,808,567 in China. This is estimated to boost the market growth.
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The global intracerebral hemorrhage surgical devices market is further classified on the basis of region as follows:
Our in-depth analysis of the global intracerebral hemorrhage surgical devices market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Rising prevalence of spontaneous intracerebral hemorrhage and growing R&D investment for medical research are the major factors driving the market growth.
The market is anticipated to attain a robust CAGR over the forecast period, i.e., 2022-2030.
High cost of treatment and post-surgical complications are the major factors estimated to hamper the market growth.
The market in the North America is estimated to provide most growth opportunities owing to the high healthcare expenditure and R&D activities in the region during the forecast period.
The major players in the market are Stryker Corporation, Abbott Laboratories, General Electric Company, Johnson & Johnson Services, Inc., Terumo Corporation, Becton, Dickinson and Company, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by surgery type, end-user, and by region.
The ambulatory surgical centers segment is anticipated to hold largest market size on the back of focused and specific treatment facilities.
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