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The global neurology devices market size is estimated to grow by USD 10.98 billion between 2021 to 2026 accelerating at a CAGR of 11.65%.
This neurology devices marketresearch report extensively covers market segmentation by Product (neurostimulation devices, interventional neurology devices, neurosurgery devices, cerebrospinal fluid management devices, and others) and Geography (North America, Europe, Asia, and Rest of World (ROW)). It also includes an in-depth analysis of drivers, trends, and challenges.
Neurological disorders such as brain tumors, brain stroke, epilepsy, brain aneurysm, sleep apnea, MS, and PD are increasing worldwide. They are either caused due to congenital defects in genes or due to chromosomal abnormalities. As per the OECD, in 2016, 18% of the adults aged 15 years and above in OECD countries smoked tobacco daily which is leading to neurological disorder. Therefore, the demand for neurological devices is increasing.
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Factors such as increase funding on neurology and diseases such as diabetes, orthopedic disorders, Alzheimer's disease, PD, and gastrointestinal issues will increase the demand for neurology devices. These factors in turn will propel the neurology devices market.
In 2020, the outbreak of COVID-19 led to a decline in the demand for and supply of neurology devices. However, in 2021, with the initiation of COVID-19 vaccination drives, business activities slowly started returning to normal in compliance with COVID-19 guidelines. This led to an increase in the demand for medical devices, including neurology devices. Such factors are expected to drive the growth of the regional market during the forecast period.
Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing funding on neurology is prominently driving the market growth. An increase in funding assists researchers and manufacturers engaged in the development and launch of novel advanced neurology devices to offer improved diagnostic devices and treatment to patients with neurological disorders. For instance,
Thus, the increasing amount of funds for neurology has the potential to accelerate the growth of the global neurology devices market
Strong penetration of wearable neurology devices is a major trend in the market. The rise in home care has led to an increase in the use of smart wearables like smartwatches and smart bands to monitor patient health wirelessly. Wearable neurology devices detect and monitor patients with neurological disorders such as seizures and PD. Examples include the Embrace2 and PKG System. These devices use advanced technology to detect electrodermal activity and assess symptoms like tremors and somnolence. As a result, the global neurology devices market is expected to grow due to the high demand for wearable neurology devices.
Shortage of neurologists is a restraint hindering the market growth. Having sufficient knowledge and skills in handling diagnostic and therapeutic tools is crucial for early diagnosis and treatment of neurological diseases. Lack of expertise increases the chances of misdiagnosis and inappropriate treatment, which is harmful to patients. Emerging technologies have changed clinical practices, requiring high technical and non-technical abilities for neurology-related surgical procedures. However, there is a shortage of skilled neurologists in several countries due to factors like aging neurologists, inadequate training, and migration of specialists seeking better opportunities. This scarcity is expected to worsen in the future, with increasing demand for neurologists in the US alone. Burnout among professionals also contributes to the lack of skilled professionals. As a result, the shortage of neurologists may impede the growth of the global neurology devices market in the forecast period.
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Abbott Laboratories is a public company headquartered in the US. It is a global company generating USD 43,075 million in revenues and has around 113,000 employees. Its revenue from the global market contributes to its overall revenues along with its other offerings, but it is not a key revenue stream for the company. The company offers neurology devices such as neurostimulator systems.
The report also includes detailed analyses of the competitive landscape of the market and information about prominent and key market vendors, including:
Technavio’s report consists of a holistic analysis of the key development Analysis, development stage, key market players, their marketing strategies, and powerful innovations to help any client gain a competitive edge.
The market share growth in the neurostimulation devices segment will be significant during the forecast period. A gastric neurostimulator, the ENTERRA II NEUROSTIMULATOR offered by Medtronic is a programmable, implantable device, which is placed in the lower abdominal region to treat chronic, intractable nausea and vomiting associated with gastroparesis. Vagus nerve stimulators are used to stimulate the vagus nerve in patients with intractable epilepsy and treatment-resistant depression. Such varied applications of gastric neurostimulators and vagus nerve stimulators contribute to the growth of the neurostimulation devices segment of the global market.
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40% of the market’s growth will originate from North America during the forecast period. US, Germany, France, Japan, and China are the key markets for neurology devices market in North America. Market growth in this region will be faster/slower than the growth of the market in regions.
The rising capital expenditure on treating patients with neurological disorders such as epilepsy and dementia and the growing demand for neurology devices will facilitate the market's growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
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Neurology Devices Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 11.65% |
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Market growth 2022-2026 |
USD 10.98 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
7.1 |
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Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
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Performing market contribution |
North America at 40% |
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Key consumer countries |
US, Germany, France, Japan, and China |
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Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
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Key companies profiled |
Abbott Laboratories, B. Braun SE, Becton Dickinson and Co., Boston Scientific Corp., Contego Medical Inc., inomed Medizintechnik GmbH, Integra Lifesciences Holdings Corp., Johnson and Johnson, KARL STORZ SE and Co. KG, LivaNova Plc, Medtronic Plc, MicroPort Scientific Corp, Natus Medical Inc., NeuroPace Inc., Neurosoft, Nevro Corp., Nihon Kohden Corp, Penumbra Inc., Rapid Medical, and Stryker Corp. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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