MRI-guided Neurosurgical Ablation Market: Growth Drivers and Forecast

The global MRI-guided neurosurgical ablation market size was valued at USD 493.4 million in 2019 and is expected to grow at a CAGR of 7.3% from 2020 to 2027

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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MRI-guided Neurosurgical Ablation Market Report Highlights

• 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.