Neurology Devices Market: Current Analysis and Forecast (2022-2028)

Report Description

The 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 Increase in the number of geriatric populations coupled with the increased prevalence of age-related neurological disorders across the globe. For instance, according to WHO, the number and proportion of people aged 60 years and older in the population are increasing. In 2019, the number of people aged 60 years and older was 1 billion. This number will increase to 1.4 billion by 2030 and 2.1 billion by 2050. Owing to the glaring statistics, the rising geriatric disorders are increasing the demand for neurology devices and are anticipated to grow in the forthcoming years mainly. Furthermore, the neurology devices market is anticipated to grow on account of the increasing number of diagnostic procedures. In addition, rapid technological advancements drive market growth. However, some of the restraints in the market including the high cost of equipment and stringent food and drug administration validation and guidelines for new devices are impeding the growth of this market all over the world.

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 are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst product, the neurostimulation category is expected to witness significant market share during the forecast period”

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.

“Amongst end-user, the hospitals category is expected to witness considerable CAGR during the forecast period”

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.

“North America to witness significant growth during the forecast period”

For a better understanding of the market adoption of neurology devices market, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and Rest of North America), Europe (Germany, France, Italy, Spain, U.K., and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of 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.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global neurology devices market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Global Neurology Devices Market Analysis (2022-2028)

Analyzing the historical market, estimation of the current market, and forecasting the future market of the global neurology devices market were the three major steps undertaken to create and analyze the adoption of neurology devices in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global neurology devices market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the neurology devices market through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the neurology devices market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as the product and end-users. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the neurology devices market. Further, we conducted factor analysis using dependent and independent variables such as the increasing prevalence of neurological disorders, etc. globally. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the neurology devices market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global neurology devices market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the neurology devices market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global neurology devices market in terms of solutions offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global neurology devices market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product and end-user in the global neurology devices market.

The main objective of the Global Neurology Devices Market Study

The current & future market trends of the global neurology devices market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the neurology devices market in terms of Value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of product and end-users.
• Define and analysis of the regulatory framework for the neurology devices market industry.
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the neurology devices market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and Rest of the world.
• Company profiles of the neurology devices market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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