Increasing Number of Neurological Disorder
Rising cases of neurological disorder has become a major factor affecting the people’s health. Also, the increase cases have resulted in advancement in neurosurgery. The developed neurosurgery software helps in removing pain in small period of time from nerves of the human body. Moreover, the software has the ability to cure long term pain among patients. Rising demand for advanced medical equipment with latest technologies is expected to propel the growth of neurostimulation devices market around the world. According to the survey of World Health Organization (WHO), it has been found that around one billion people have been affected from neurological disorder ranging from epilepsy to Alzheimer disease, from stroke to headache.
Research & Development
Over the last few years, dynamic research & development in biomedical engineering has resulted in in the development of new medical devices and software. The software that are currently used in physical therapy treatments often replace traditional treatment methods. These software has advantages such as rare adverse effects, shorten treatment period and reduce therapy costs. Manufacturers are investing in more R&D for the development of advanced products and technologies such as cyber knife.
Growing Chronic Diseases
Chronic diseases such as diabetes and obesity has become a major challenge for medical industries. Besides medicine, various other treatment options are also available for curing chronic diseases permanently. The neurosurgery software has the capability to cure such diseases with its better performance than traditional methods. Increasing utilization of advanced medical services such as functional MR imaging is estimated to foster the market growth.
The medical field has introduced many advanced treatment options but these are not still in the reach of people. They are still dependent over the traditional treatment options. Additionally, these smart equipment will not only decrease down the cost of treatment but will provide them permanent solution for their diseases. Further, government is not able to make proper provisions so that these healthcare facilities could be provided to the citizens. Low awareness among people is among the key factors which is restraining the growth of neurosurgery software market across the globe.
The neurosurgery software market is anticipated to record a CAGR of around 9.36% over the forecast period. The market is segmented by applications into functional neurosurgery, endoscopic surgery & open skull surgery; by product types into preoperative planning software, recording software, visualization software, analysis software & others. Endoscopic surgery segment is projected to hold the largest market share owing to rising incidence and procedures of cerebrospinal spinal fluid (CSF) management surgery, spinal cord surgery and other endovascular surgeries.
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Our-in depth analysis of the neurosurgery software market includes the following segments:
By Product Types
On the basis of regional analysis, the neurosurgery software market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Asia Pacific market is anticipated to capture the largest market share in the neurosurgery software market owing to increasing neurological diseases such as epilepsy, migraine, Parkinson’s disease and incontinence. With emerging technologies in the market Asia Pacific region is expected to observe a substantial to reach USD 15404million by 2027.
The neurosurgery software market is further classified on the basis of region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.