According to the latest market report published by Future Market Insights (FMI) titled ‘MRI-Guided Neurosurgical Ablation Market: Global Industry Analysis 2013–2017 and Opportunity Assessment 2018–2028’, the global MRI-guided neurosurgical ablation market is projected to expand at a compound annual growth rate (CAGR) of 4.9% during the 2018–2028 forecast period and reach $216.3m by the end of 2028.
Global MRI-guided neurosurgical ablation market dynamics
The per capita healthcare expenditure is currently following an uptrend across both developed and developing economies, which has made possible to implement quality patient care treatment options.
The growing awareness regarding minimal surgery is expected to fuel the demand for the MRI-guided neurosurgical system in the global market. The demand for the MRI-guided neurosurgical system is primarily emanating from countries such as the US, Germany, the UK and Australia due to factors such as enhanced emergency room services coupled with affordability.
According to a study published by the Oxford University in 2017, the overall incidence of brain cancer worldwide was 264,241 with a prevalence of 5.57 per 100,000 people. The MRI-guided neurosurgical ablation system is more often used for the treatment of brain cancer, hence the rising prevalence of brain cancer is expected to boost the growth of the market over the next decade.
The MRI-guided neurosurgical ablation system requires a skilled neurosurgeon to perform the surgery efficiently, thereby shortage of neurosurgical workforce is a factor expected to hamper the growth of the MRI-guided neurosurgical ablation market.
Global MRI-guided neurosurgical ablation market forecast
The global MRI-guided neurosurgical ablation market is segmented on the basis of product type, end users and regions.
On the basis of product type, the market has been segmented into MRI-guided laser therapy systems, radiofrequency (RF) ablation systems, and focused ultrasound systems and accessories. The MRI-guided ultrasound focused system segment is expected to grow at a significant rate as the use of the system omits the need of an incision, which is required during the surgical procedure.
The accessories segment is expected to dominate the global MRI-guided neurosurgical ablation market due to increasing adoption of minimally invasive surgery throughout the globe, while the MRI-guided laser therapy systems segment is projected to witness significant growth compared with the MRI-guided RF ablation systems segment, reaching market value of $30.9m by 2028 with a CAGR of 4.0% over the forecast period.
On the basis of end users, the MRI-guided neurosurgical ablation market has been segmented into hospitals, ambulatory surgical centres and research laboratories. The hospital segment is expected to dominate the global MRI-guided neurosurgical ablation market in 2018 as a large number of patients visit hospitals for the treatment of brain cancer. The ambulatory surgical centre segment is estimated to account a high-value share of 33.0% by 2018 end and is expected to account for a 30.2% share of the global MRI-guided neurosurgical ablation market by the end of 2028.
On the basis of region, the MRI-guided neurosurgical ablation market has been segmented into North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific excluding Japan (APECJ), China, Japan and the Middle East and Africa (MEA).
North America dominated the global MRI-guided neurosurgical ablation market with maximum value share in 2017, as MRI-guided neurosurgical ablation systems were installed in more than 70 hospitals in the US. One-third of the MRI-guided neurosurgical ablation market share by value is accounted by the US due to the increasing prevalence of cancer and rising adoption of minimally invasive surgeries.
China and the APECJ are fast-growing regional markets for MRI-guided neurosurgical ablation due to rising prevalence of brain cancer and expansion strategies followed by the key manufacturers in the regions. Latin America and the MEA are expected to witness sluggish growth in the global MRI-guided neurosurgical ablation market due to low awareness regarding MRI-guided neurosurgery and lack of medical professionals.
Global MRI-guided neurosurgical ablation market competitive landscape
Examples of some of the top players operating in the global MRI-guided neurosurgical ablation market are Medtronic, Boston Scientific Corporation, Insightec, AngioDynamics, Monteris Medical, and MRI Intervention.
Maintaining and expanding international presence is an important long-term growth strategy of the leading manufacturers of MRI-guided neurosurgical ablation systems. In addition, the firms are investing in the emerging markets to strengthen their sales and service capabilities and gain maximum market share.
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