Neurology Devices Market Size, Share Analysis, Growth Trends and Forecast 2023-2030
Market Overview:
Neurology devices are essential for bettering patient outcomes and elevating living standards for those suffering from neurological disorders. The market for neurology devices exists to provide medical practitioners with cutting-edge instruments and technology for precise diagnosis and treatment of neurological conditions.
These tools make it easier to identify anomalies, track the course of diseases, and carry out treatment measures. Neurology devices assist medical professionals in providing better patient care and achieving improved clinical results by facilitating early diagnosis and targeted therapy.
Neurology Devices Market Market Size
The Global Neurology Devices Market is to grow at a CAGR of 8.2% during the forecast period 2023-2030. Neurology devices treat neurological problems such as acute spinal cord damage, amyotrophic lateral sclerosis, and ataxia.
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Market Drivers:
An increase in the adoption of inorganic growth strategies, such as acquisition by the key players in the market
The market is anticipated to grow significantly during the projected period due to major industry participants’ rising implementation of inorganic growth methods, including acquisitions.
In July 2021, ArchiMed, an investment firm specifically focusing on the healthcare sector, made its acquisition of Natus Medical Incorporated public. Natus Medical is a company that specializes in offering medical device solutions for the purpose of screening, diagnosing, and treating disorders that impact the brain, neural pathways, and the eight sensory nervous systems.
Technological Advancements and Innovation are driving the growth of the neurology devices market.
The market for neurology equipment is expanding due to ongoing technical breakthroughs such as less invasive treatments, robotic-assisted operations, and neuroimaging methods. These advancements support the growth of the market by enabling more accurate diagnoses, customized treatments, and better patient outcomes.
Neurology Devices Market Trends:
Shift towards Minimally Invasive Procedures:
In the field of neurology, there is a notable trend toward minimally invasive procedures. The advantages of minimally invasive techniques include fewer postoperative complications, shorter hospital stays, and speedier recoveries. This development increases the demand for neurology devices that permit precise interventions with minimal tissue disruption.
Neurology Devices Market Segmentation Analysis:
The global neurology devices market is segmented by product into cerebrospinal fluid management devices, neurostimulation devices, interventional neurology, neurosurgery devices, and others; By disease type into Cerebral Aneurysms, Fistulas and Arteriovenous. Malformations, Ischemic Strokes, Carotid Artery Stenosis, and others.
Based on Product Type, The Neurostimulation devices segment is the largest of the neurology devices market and have grown rapidly in recent years. Deep brain stimulation and spinal cord stimulation devices, among others, have transformed the treatment of neurological disorders such as Parkinson’s disease, chronic pain, and epilepsy. Neurostimulation devices, potentially modifying brain activity and restoring normal function, have become a beacon of hope for patients suffering from terrible symptoms.
Interventional neurology devices emerge as the fastest-growing segment. Interventional neurology focuses on minimally invasive procedures for diagnosing and treating neurological disorders, particularly stroke and aneurysms. The demand for these devices has surged due to their ability to offer precise and effective alternatives to traditional surgical interventions.
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Global Neurology Devices Market Geographical Share:
The global neurology devices market is analyzed across North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa.
North America Neurology Devices Market has the Largest Share of the Global Market.
North America dominates the global neurology devices market, owing to a well-established healthcare infrastructure, sophisticated technical breakthroughs, and a high incidence of neurological illnesses. The region’s supremacy is due to large expenditures in research and development, robust relationships between corporate companies and academic institutions, and advantageous reimbursement regulations.
Asia Pacific Neurology Devices Market Will be the Fastest-growing Market globally.
Asia Pacific is emerging as the fastest-growing area in the neurology devices market because of its rapid expansion. A sizable elderly population, rising rates of neurological illnesses, and advancements in healthcare facilities are the main drivers of market expansion in this area. The emphasis on increasing access to cutting-edge medical technology, growing medical tourism, and rising healthcare spending are other factors driving the market’s rapid expansion in the Asia Pacific region.
Neurology Devices Market Leaders:
The Major key players in the neurology devices market are Stryker Corporation, Boston Scientific Corporation, Integra LifeSciences Holdings Corporation, Johnson and Johnson, Medtronic Inc., Penumbra Inc., Abbott Laboratories, Nihon Kohden Corporation, Smith & Nephew plc, B. Braun Melsungen AG.
Industry Key Developments
In May 2023, Boston Scientific announced the acquisition of Autonomic Technologies, a company that develops and manufactures implantable devices for the treatment of autonomic disorders.
In April 2023, Medtronic announced the launch of its new deep brain stimulation system, the Precise. The Precise system is designed to provide more precise stimulation and control for patients with Parkinson’s disease and other neurological disorders.
In March 2023, Abbott announced the launch of the newly-approved NeuroSphere Virtual Clinic by which deep brain stimulation patients can have their devices programmed and reset remotely, from the comfort of their homes without having to travel to a specialist.
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