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2020
Neurology Devices Market

Neurology devices Market

by Product (Neurostimulation Devices, Neurosurgery Device, Interventional Neurology Devices, Cerebrospinal Fluid Management Devices, and Others) and End User (Hospitals, Ambulatory Surgery Centers, and Neurology Clinics): Global Opportunity Analysis and Industry Forecast, 2019-2026
Update Available On-Demand

Report Code: A05956
Pages: 182
Jan 2020 | 6384 Views
Author(s) : Kavita Joshi , Onkar Sumant
Tables: 85
Charts: 05
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The global Neurology Devices Market was valued at $9,242 million in 2018, and is expected to reach $ 17,410 million by 2026, registering a CAGR of 8.1% from 2019 to 2026. Neurology is a branch of science that deals with the disorders of the nervous system, which majorly comprise the brain, blood vessels, muscles and nerves. The neurovascular devices such as cerebrospinal fluid management devices, interventional devices, and others used for the treatment of neurological disorders such as Alzheimer’s, tumors, and Parkinson’s disease. Moreover, cerebrospinal fluid management devices include shunts, valves, and external drainage systems to maintain the flow of cerebrospinal fluid and drain excess fluid out from the brain. Furthermore, a shunt offers an alternative fluid pathway through which the cerebrospinal fluid sidesteps the obstructions in the fluid compartments of the brain, and acts when the fluid absorption is otherwise reduced. The bypass created with the help of the stent relieves the excess fluid buildup that is responsible for hydrocephalus. Moreover, various other devices or instruments are available in the market, which are used for the treatment of neurological devices such as catheters, stents, ultrasonic aspirators, and stereotactic systems.

Neurological devices market 2019-2026

The major factors driving the global neurology devices market growth include rise in geriatric population across the globe, high demand for minimally invasive surgeries, rise in disposable income, improvement in healthcare infrastructure, and development of advanced devices. In addition, significant increase in the prevalence of neurological disorders across the globe propels the market growth. For instance, as per the estimates of the Centers for Disease Control and Prevention, more than 795,000 people in the U.S. suffer from stroke every year. In addition, rise in geriatric population poses risk for increase in incidence of neurovascular disorders (such as stroke). For instance, according to the Internet Stroke Center, o an average, nearly 75% of people aged over 65 years are reported to suffer from stroke every year. Moreover, the risk of having a stroke doubles after the age of 55, which propels the adoption of neurology devices, thereby supplementing the market growth. However, implementation of stringent government regulations toward the approval of neurology devices and dearth of skilled neurosurgeons are the key factors anticipated to hamper the market growth. On the contrary, the introduction of new products and technological advancements in the neurology devices to make disease diagnosis easier have aided in the efficient treatment of neurovascular disorders, which is expected to provide lucrative opportunities for market expansion during the forecast period.

Neurology devices Market
By Application

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Neurosurgery Devices segment is projected as one of the most lucrative segments.

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GLOBAL NEUROLOGY DEVICES MARKET SEGMENTATION

The global neurology devices market is segmented into product, end user, and region. By product, the market is segregated into neurostimulation devices, neurosurgery devices, interventional neurology devices, cerebrospinal fluid management devices, and others. On the basis of end user, it is classified into hospitals, neurology clinics, and ambulatory care centers. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Neurology devices Market
By Technology

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Mass spectrometry is projected as one of the most lucrative segments.

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Product segment review

By product, the cerebrospinal fluid management devices segment dominated the neurology devices Market in 2018, and is anticipated to maintain its dominance during the forecast period. This is attributed to surge in usage of these devices for diagnosis of various neurological devices. For instance, these management devices are widely being used for the diagnosis and treatment of multiple sclerosis, myelitis, encephalitis, and others.

Neurology devices Market
By Region

2026
North America 
Europe
Asia-pacific
Lamea

LAMEA region would exhibit the highest CAGR of 10.0% during 2019-2026.

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End user segment review

By end user, the hospital segment garnered maximum share in 2018, and is anticipated to continue this during the forecast period. This is attributed to the easy availability of neurological devices in hospital settings and preference among patients to visit hospitals for diagnosis and treatment of neurological devices.

Region segment review

North America held the largest share in the neurology devices market in 2018, followed by Europe. The factors that drive the overall growth of the North American neurology devices market include increase in government funds for R&D of novel neurological devices and surge in prevalence of neurological diseases such as Alzheimer’s and Parkinson’s disease. Furthermore, easy availability of advanced neurological devices coupled with well-developed healthcare infrastructure and presence of leading players significantly contribute toward the market growth. However, LAMEA is anticipated to grow at the highest rate during the analysis period, owing to increase in incidence of neurological diseases and presence of large patient pool in this region. In addition, the major factors driving the growth of the neurology devices market in the region include increase in per capita income in many countries, rise in government initiatives for improvement of the healthcare sector, and surge in focus of leading manufacturers on expanding their geographic presence in emerging countries to capture maximum share of the neurology devices market.

Comprehensive competitive analysis and profiles of major market players such as Abbott Laboratories., B. Braun Melsungen AG, Boston Scientific Corporation., Integra LifeSciences Holdings Corporation, LivaNova PLC, Johnson & Johnson, Medtronic Plc., Magstim Co Ltd., Penumbra, Inc., and Stryker Corporation are provided in this report.

Key Benefits for Stakeholders

  • The neurology devices market share and analysis is based on a comprehensive analysis of key developments in the industry.
  • The development strategies adopted by key market players are enlisted to understand the competitive scenario of the global market.
  • The study provides an in-depth analysis of the market trends to elucidate the imminent investment pockets.
  • The global neurology devices market trends are studied from 2018 to 2026.
  • Information about key drivers, restrains, and opportunities and their impact analysis on the market size is provided.
  • Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
  • The quantitative analysis of the global neurology devices market from 2019 to 2026 is provided to determine the market potential.

Neurology devices Market Report Highlights

Aspects Details
By Product
  • Neurostimulation Devices
  • Neurosurgery Devices
  • Interventional Neurology Devices
  • Cerebrospinal fluid management devices
  • Others
By End User
  • Hospitals
  • Ambulatory surgery centers
  • Neurology clinics
BY REGION
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, France, UK, Italy, Rest of Europe)
  • Asia Pacific  (Japan, China, India, Rest of Asia-Pacific)
  • LAMEA  (Brazil, Saudi Arabia, South Africa, Rest of LAMEA)
Key Market Players Abbott Laboratories, B. BRAUN MELSUNGEN AG, Boston Scientific Corporation, Integra LifeSciences Holdings Corporation, Johnson & Johnson, LivaNova PLC, Medtronic Plc, Magstim Co Ltd., Penumbra, Inc., Stryker Corporation
 

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Neurological devices are widely being used for diagnosis and treatment of various neurological disorders such as Alzheimer’s, Parkinson’s disease, tumors, and stroke. Furthermore, significant improvements have been made in the management of neurological conditions such as stroke, epilepsy, and others. In addition, introduction of technologically advanced devices has helped in understanding the pathogenesis of neurodegenerative diseases, and further has enabled the treatment of conditions such as motor neuron disease and Alzheimer's disease. The application of the techniques of molecular genetics and molecular cell biology has advanced the understanding and diagnosis of several neurological disorders, such as Huntington's disease and myotonic dystrophy. Current areas of neurological research include the latent use of stem cells to treat several neurological disorders.

The global neurological devices market is anticipated to witness a steady growth in the future, owing to rise in prevalence of neurological disorders across the globe. Furthermore, surge in development of neurological devices such as neurostimulation devices and interventional neurology devices propels the market growth. However, dearth of skilled labors and high cost of the treatment & diagnosis of neurological disorders are expected to hamper the market growth in the future. Conversely, continuous focus of researchers toward the development of innovative devices is anticipated to create lucrative opportunities for market expansion in the near future.

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FREQUENTLY ASKED QUESTIONS?

A. The market vaule of global neurology devices market was $9,242 million in 2018.

A. The forecast period is from 2019 to 2026.

A. The market value of global neurology devices market in 2019 is $10,065 million.

A. The market is anticipated to propel in the near future owing to the increase in neurovascular disorders across the globe.

A. No, the report does not provides value chain analysis.

A. Introduction of minimally invasive neurology devicess.

A. Emerging countries of Asia-Pacific region are growing at a growth rate of 9.6%. India, China, Australia, are expected grow at a CAGR of 11.8%, 10.1%, 10.3%% respectively.

A. The North America market held a major share in the neurology devices market in 2018 and is expected to continue the trend in the forecasting period. This is attributed to increase in neurological diseases such as Alzeimers, strokes and others in this region.

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