Author: Himanshu Patni
10 February 2023
The global neurology devices market is expected to register a CAGR of approx. 8% over the period of 2022-2028. The science of neurology focuses on conditions affecting the nervous system, which includes the brain, blood vessels, muscles, and nerves in large part. The use of neurovascular devices for the treatment of neurological disorders like Alzheimer’s, tumors, and Parkinson’s disease includes devices for managing cerebrospinal fluid, interventional devices, and others. Furthermore, cerebrospinal fluid management devices include shunts, valves, and external drainage systems to keep cerebrospinal fluid flowing and excess fluid out of the brain. Furthermore, a shunt provides an alternative fluid pathway through which the cerebrospinal fluid avoids obstructions in the brain’s fluid compartments and acts when fluid absorption is otherwise reduced. The growing 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.
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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 aging 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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Some of the major players operating in 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.
Global Neurology devices MarketSegmentation
Market Insight, by Products
Market Insight, by End-Users
Market Insight, by Region
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