Overview and Scope
Neurology devices are used to diagnose, prevent, and treat various neurological disorders such as Alzheimer’s, spinal cord injury, and traumatic brain injury. These devices are also used to restore hearing and sight for patients with limb loss or congenital limb differences.
Sizing and Forecast
The neurology devices market size has grown rapidly in recent years. It will grow from $17.82 billion in 2023 to $19.78 billion in 2024 at a compound annual growth rate (CAGR) of 11.0%. The growth in the historic period can be attributed to rapid growth in elderly population, rapid technology advances, economic growth in emerging markets, increase in r&d in the field and huge investments by private players in neurology devices.
The neurology devices market size is expected to see rapid growth in the next few years. It will grow to $29.46 billion in 2028 at a compound annual growth rate (CAGR) of 10.5%. The growth in the forecast period can be attributed to increasing elderly population, changes in lifestyle, rising awareness of neurological disorders, rise in burden of neurological diseases, faster economic growth. Major trends in the forecast period include investing in developing neuromodulation devices, wearable neurology devices, new product launches, adopting mergers and acquisition strategies and increasing research and development activities.
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Segmentation & Regional Insights
The neurology devices market covered in this report is segmented –
1) By Type: Cerebrospinal Fluid Management (CSF) Devices And Equipment, Interventional Neurology Devices And Equipment, Neurosurgery Devices And Equipment, Neurostimulation Devices
2) By Type of Expenditure: Public, Private
3) By Product: Instruments/Equipment, Disposables
4) By End User: Hospitals And Clinics, Diagnostic Laboratories, Other End Users
Subsegments Covered: CSF Drainage Systems, CSF Shunts, Aneurysm Coiling & Embolization Devices, Neurothrombectomy Devices, Angioplasty Devices, Interventional Neurology Support Devices, Neurosurgical Navigation Systems, Neurosurgical endoscopes, Aneurysm Clips, Stereotactic Systems, Other Neurosurgery Devices, Implantable Neurostimulation Devices, External Neurostimulation Devices
North America was the largest region in the global neurology devices market in 2023. Asia-Pacific was the second largest region in the global neurology devices market. Africa was the smallest region in the global neurology devices market. The regions covered in the neurology devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
Favorable government initiatives are expected to propel demand for neurology devices. Government initiatives for medical devices encompass policies, regulations, and programs aimed at overseeing and fostering the safety, quality, and advancement of these healthcare products. Favorable government initiatives can significantly impact the neurology device market by influencing regulations, funding research and development, providing financial incentives, expanding telemedicine, promoting public health awareness, and improving overall healthcare infrastructure and access. For instance, in October 2023, the Food and Drug Administration, a US-based federal agency under the Department of Health and Human Services, extended the Total Product Life Cycle Advisory Programme (TAP) to encompass neurological and physical medicine devices, with the goal of expediting the advancement of technologies in these areas. By the first quarter of 2025, the FDA intends to include an additional four offices in the program and enroll up to 65 more devices. Therefore, favorable government initiatives will stimulate the growth of the neurology device market in the future.
Key Industry Players
Major companies operating in the neurology devices market report are Medtronic Inc., Stryker Corporation, Boston Scientific Corporation, Integra LifeSciences, Abbott Laboratories, Terumo Corporation, LivaNova, PLC, Integer, Penumbra, Inc., B. Braun Group, Johnson & Johnson, W.L Gore, St. Jude Medical LLC, Parasym, TUR Therapietechnik GmbH, Smiths Medical, Cizeta Surgical, Neuro France Implants, Ectron, Metrion Biosciences, Abbvie, Accentus Medical Ltd, Adaptix, Argonaut Therapeutics, Beckley Psytech, Brainwave Discovery, Cerus Endovascular, Chronus Therapeutics, Cytiva, Natus Medical Incorporated, Cerenovus, Nevro, Aleva Neurotherapeutics SA, Dynatronics Corporation, Cyberonics Inc.
The neurology devices market report table of contents includes:
1. Executive Summary
2. Neurology Devices Market Characteristics
3. Neurology Devices Market Trends And Strategies
4. Neurology Devices Market – Macro Economic Scenario
5. Global Neurology Devices Market Size and Growth
…..
32. Global Neurology Devices Market Competitive Benchmarking
33. Global Neurology Devices Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Neurology Devices Market
35. Neurology Devices Market Future Outlook and Potential Analysis
36. Appendix
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