The global MRI-guided neurosurgical ablation market size is anticipated to reach USD 865.2 million by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 7.3% from 2020 to 2027. An increasing number of patients suffering from neurological diseases, including brain tumors, and rising awareness initiatives for brain disorders diagnosis and treatment are driving the market.
Rising prevalence of brain cancer is one of the major factors driving the market. There are over 120 types of brain and central nervous system cancers. According to the National Institute of Health (NIH) data, it is estimated that in 2020, 23,890 people will be diagnosed with new cases of brain and other nervous system cancer in the U.S. Therefore, increasing incidence of brain cancer has increased the demand for MRI-guided neurosurgical ablation, thus boosting the market growth.
Technological advancements associated with the treatment are stimulating the demand in the market. For instance, a Visualase MRI-guided laser ablation device developed by Medtronic has the smallest laser catheter of 1.65 mm that monitors tissue ablation in real-time. As a result, it helps patients recover faster with a small incision. This is anticipated to boost the market growth over the forecast period.
Furthermore, several awareness campaigns, the introduction of new products, and incorporation of new technologies by market players are likely to boost the market growth during the forecast period. For instance, in July 2019, Insightec has received FDA approval and CE mark for the Exablate Neuro- ultrasound platform for the treatment of neurological disorders with no surgical incisions.
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On the basis of product, the accessories segment dominated the overall market with a share of 31.6% in 2019. Numerous benefits offered by the accessories segment such as maneuverability, functionality, and precision to ensure patient safety during neurosurgical procedures are contributing towards the segment growth
Based on end-use, the hospital segment dominated the overall market with a share of 65.3% in 2019 owing to high patients’ preference to visit hospitals for the treatment. Moreover, brain-related procedures are among the most critical and complex surgeries that are reliant on high quality and durable devices and equipment found in hospitals
North America dominated the market with a revenue share of 34.6% in 2019 owing to the presence of well-established healthcare facilities, increasing incidences of brain tumors, and the availability of the latest treatment procedures in the region.
Grand View Research has segmented the global MRI-guided neurosurgical ablation market on the basis of product, end-use, and region:
MRI-guided Neurosurgical Ablation Product Outlook (Revenue, USD Million, 2016 - 2027)
MRI-guided RF Ablation Systems
MRI-guided Laser Ablation Systems
MRI-guided Focused Ultrasound Systems
MRI-guided Neurosurgical Ablation End-use Outlook (Revenue, USD Million, 2016 - 2027)
Ambulatory Surgical Centers
MRI-guided Neurosurgical Ablation Regional Outlook (Revenue, USD Million, 2016 - 2027)
Middle East and Africa (MEA)
List of Key Players of MRI-guided Neurosurgical Ablation Market
Boston Scientific Corporation
Monteris Medical, Inc.
MRI Interventions, Inc.
MRI Interventions, Inc.
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