Market Highlights
According to MRFR analysis, the Global Neurology
Devices Market is expected to register a CAGR of 10.2% during the forecast
period of 2020 to 2027 and reach USD 21,029.7 Million by 2027.
Neurology devices are used for the treatment of
neurological disorders that comprise pathophysiological conditions that affect
the brain, spinal cord, and nervous system.
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The market for neurology devices is expected to grow at
boost due to a surge in the prevalence of the neurological disorder, a growing
aging population, increasing adoption of technologically advanced devices, and
growing demand for minimally invasive devices. However, high cost and stringent
regulatory government regulations are some of the factors expected to hinder
the growth of the market.
The global market is expected to witness a profitable
growth owing to the rise in neurological disorders such as Parkinson’s,
Alzheimer’s, epilepsy, depression, and essential tremors. As per the statistics
of WHO in 2017, around 50 million people all over the world were affected by
epilepsy. Additionally, Alzheimer's Research UK stated that over 50.8 million
people worldwide were affected by dementia in 2017 and was expected to reach 55
million patients in 2020. Moreover, this number would double every 20 years,
reaching 75 million by 2030 and 131.5 million by 2050. These huge prevalence of
neurological disorders among the population and rising healthcare expenditure
for neurological disorders are driving the growth of the neurology devices
market.
Regional Analysis
The market has been divided, by region, into the
Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Americas
region held the largest market in 2019, owing to the increasing adoption of
technological devices, favorable reimbursement scenarios, and the presence of
major manufacturers among others. The neurology devices market in the Americas
has further been branched into North America and Latin America, with the North
American market divided into the US and Canada. The European neurology devices
market has been categorized as Western Europe and Eastern Europe. The Western
European market has further been classified as Germany, France, the UK, Italy,
Spain, and the rest of Western Europe. The neurology devices market in
Asia-Pacific has been segmented into Japan, China, India, South Korea,
Australia, and the rest of Asia-Pacific. Due to the increasing geriatric
population, the market in Asia-Pacific is expected to be the fastest-growing.
The neurology devices market in the Middle East & Africa has been divided
into the Middle East and Africa.
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Segmentation
The global neurology devices market has been segmented
based on the product, and end user.
Based on product the market is segmented into
neurostimulation, Interventional neurology, CSF management, and Neurosurgery
devices. Neurostimulation segment accounted for the major market share owing to
the increasing prevalence of epilepsy, Parkinson's disease, tremor, dystonia,
depression, obsessive-compulsive disorder, Tourette syndrome, chronic pain, and
cluster headache. The segment is further bifurcated by spinal cord stimulation
devices, deep brain stimulation devices, sacral nerve stimulation, vagus nerve
stimulation, and gastric electric stimulation.
Interventional neurology segment is divided into aneurysm
coiling & embolization (embolic coils, flow diversion devices, liquid
embolic agents), cerebral balloon angioplasty & stenting (carotid artery
stents, filter devices, balloon occlusion devices), neurothrombectomy (clot
retriever, suction aspiration devices, snares). Moreover, CSF management is
further distributed into the following sub-segments, CSF shunts, and CSF
drainage. The neurosurgery devices segment is further sub-segmented into
ultrasonic aspirators, stereotactic systems, neuroendoscopes, and aneurysm
clips. The segment is expected to grow at the fastest CAGR during the forecast
period owing to the increasing demand for non-invasive neurosurgery.
The market based on end users has been segmented into
hospitals & clinics, specialty centers, and others. The hospitals and
clinics segment is expected to hold the largest market share owing to the
larger patient footfall in hospitals.
Key Players
Some of the key players in the global neurology devices market are B. Braun Melsungen AG, Boston Scientific Corporation, Integra LifeSciences Holdings Corporation, Johnson and Johnson, Medtronic Inc., St. Jude Medical, Inc., Stryker Corporation, W.L. Gore & Associates, Inc., and Esaote, among others
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