Neurology Devices Market was valued at more than USD xx million in 2020 and is expected to grow at a CAGR of around 8% from 2022-2028.
According to a new report published by UnivDatos Markets Insights, the Neurology Devices Market was valued at more than USD xx million in 2020 and is expected to grow at a CAGR of around 8% from 2022-2028. The analysis has been segmented into Product (Neurostimulation, Interventional Neurology, Spinal Cord Stimulation, Deep Brain Stimulation, Neurovascular Catheters, Others); End-User (Hospitals, Ambulatory Surgery Centers, Neurology Clinics); Region/Country.
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The neurology devices market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the neurology devices market. The neurology devices market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the neurology devices market at the global and regional levels.
Market Overview
The demand for neurology devices can be attributed to the increasing prevalence of neurological disorders across the globe such as Parkinson’s disease, cerebral palsy, etc. For instance, according to Parkinson.org, nearly one million people in the U.S. are living with Parkinson's disease (PD). This number is expected to rise to 1.2 million by 2030. Parkinson's is the second-most common neurodegenerative disease after Alzheimer's disease. Approximately 60,000 Americans are diagnosed with PD each year. Owing to these glaring statistics are due to an increase in the geriatric population because Parkinson’s disease is a progressive neurological condition that begins in late adulthood, generally after age 65 which increases the demand for neurorehabilitation devices and would contribute to the growth of the market in the forthcoming period as well. Moreover, the high demand for minimally invasive surgeries is fueling the demand for the neurology devices market. Furthermore, the improvement in healthcare infrastructure and the development of advanced devices by both patients and prescribers are expected to drive the market for neurology devices market in the coming years.
Some of the major players operating in the market are Abbott Laboratories, B. Braun Melsungen AG, Medtronic Inc., Johnson & Johnson, W.L. Gore & Associates Inc, Becton Dickinson and Co, Stryker Corporation, Boston Scientific Corporation, Terumo Corp, and KANEKA CORPORATION.
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COVID-19 Impact
The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. COVID-19 disease has had a significant impact on the neurology devices market. Medical device and interventional neurology device industries both experienced significant negative effects as the outbreak started in 2019–2020. In order to prevent the spread of disease, patients are also avoiding entering healthcare facilities. Additionally, the lockdown had a significant impact on medical device manufacturing.
The global neurology devices market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on the product, the neurology devices market is segmented into neurostimulation, interventional neurology, spinal cord stimulation, deep brain stimulation, neurovascular catheters, and others. The neurostimulation segment accounted for a significant market share and it is estimated that it will grow rapidly during the projected timeframe because it helps in the treatment of locomotor and nervous disorders. increasing prevalence of neurological disorders coupled with an increase in the ageing population and lifestyle-related disorders such as depression are boosting the segment growth of the market.
· Based on the end-user, the market is fragmented into hospitals, ambulatory surgery centers, and neurology clinics. The hospitals segment grabbed a considerable market share and is expected to grow at a significant CAGR during the forecast period. This is due to the easy availability of neurological devices in hospital settings, as well as patients' preference to visit hospitals for neurological device diagnosis and treatment.
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Neurology devices Market Geographical Segmentation Includes:
· North America (U.S., Canada, and Rest of North America)
· Europe (Germany, U.K., Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, Australia, and the Rest of Asia-Pacific)
· Rest of the World
North America constitutes a major market for the neurology devices industry owing to the presence of positive government initiatives and refined healthcare infrastructure, pertaining to pharmaceutical R&D, brain tumor research, neurological R&D investment, and the presence of high CNS research are some drivers anticipated to fuel demand in the region.
The major players targeting the market include
· Abbott Laboratories
· B. Braun Melsungen AG
· Medtronic Inc.
· Johnson & Johnson
· W.L. Gore & Associates Inc
· Becton Dickinson and Co
· Stryker Corporation
· Boston Scientific Corporation
· Terumo Corp
· KANEKA CORPORATION.
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the neurology devices market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
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Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the neurology devices market?
• Which factors are influencing the neurology devices market over the forecast period?
• What are the global challenges, threats, and risks in the neurology devices market?
• Which factors are propelling and restraining the neurology devices market?
• What are the demanding global regions of the neurology devices market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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