Portland ,OR, April 10, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global neurology devices market generated $12.6 billion in 2021, growing at a CAGR of 8.1% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $12.6 Billion |
| Market Size in 2031 | $27.2 Billion |
| CAGR | 8.1% |
| No. of Pages in Report | 220 |
| Segments covered | Product, End User, and Region |
| Drivers | Rise in the geriatric population |
| The surge in demand for non-invasive and minimally invasive treatments | |
| Initiatives by government and non-government organizations | |
| Increase in the prevalence of neurological disorders | |
| Opportunities | Advancements in the medical technology |
| Improvement of the healthcare system | |
| Restraints | High cost of neurology devices |
| Lack of skilled professionals | |
| Strict regulatory frameworks |
Impact of Covid-19 on Neurology Devices Market:
- The COVID-19 outbreak had both positive and negative effects on the market for neurology devices during the lockdown period.
- On the positive side, the prevalence of neurological disorders and the requirement for constant patient monitoring and supervision through telehealth technologies and remote monitoring devices had experienced increased demand.
- On the negative side, many countries implemented lockdowns and import-export restrictions, which disrupted the manufacturing of neurological devices and the distribution system. Also, the production of neurological devices, as well as the deliveries of these devices were delayed, due to a shortage of the raw materials and components.
- Furthermore, the market's growth was hampered by the continual decline in patient attendance at hospital visits, which includes preventive services like patient screening for various diseases and neurological disorders.
- Despite these challenges, the market for neurology devices has recovered, and a steep rise in the production of neurology devices has been seen.
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The report offers a detailed segmentation of the global neurology devices market based on product, end user, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
Based on product, the interventional neurology devices segment accounted for the highest share in 2021, generating nearly one-third of the global neurology devices market revenue and is expected to maintain its dominant share in terms of revenue during the forecast period. However, the neurosurgery devices segment would showcase the fastest CAGR of 9.1% during the forecast period. The neurostimulation devices, cerebrospinal fluid management devices, and others segments are also analyzed throughout the report.
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Based on end user, hospitals segment held the largest share in 2021, garnering more than two-fifths of the global neurology devices market revenue, and is projected to maintain its dominance by 2031. The ambulatory surgery centers segment, however, would display the fastest CAGR of 8.7% during the forecast period.
Based on region, North America held the lion’s share in 2021, contributing to more than two-fifths of the global neurology devices market revenue, and is projected to rule the roost in terms of revenue during the forecast period. The Asia-Pacific region would cite the fastest CAGR of 9.5% during the forecast period. The other provinces studied in the report include Europe and LAMEA.
The key market players analyzed in the global neurology devices market report include Natus Medical Inc., Liva Nova PLC, Abbott Laboratories, Integra Lifesciences, B.Braun SE, Stryker Corporation, Medtronic plc, Zimmer Biomet Holding Inc., Boston Scientific Corporation, and Johnson & Johnson. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is valuable in formulating the business performance and developments by the top players.
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