New York, United States , May 15, 2023 (GLOBE NEWSWIRE) -- The Global Neurology Devices Market Size to grow from USD 14.1 billion in 2021 to USD 23.90 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 8.5% during the forecast period.
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The study, screening, diagnosis, and treatment of nervous system illnesses that affect the spinal cord, brain, and nerves are the focus of the medical specialty known as neurology. Neurology devices are medical tools designed to identify, track, and treat disorders that patients are experiencing that affect their neurological systems, including their spinal cord, brain, and peripheral nerves. On the other side, neurosurgery devices are the medical equipment that neurosurgeons use to operate on the spine, brain, and nervous system. These tools are mostly utilised to support the delicate and exact surgical techniques required for performing neurosurgery. Stereotacic radiosurgery, microsurgical tools, navigation systems, ultrasonic aspirators, and intraoperative MRI machines are a few of the more popular categories of neurosurgery equipment. According to the planned forms of surgery, doctors will select the appropriate devices.
In an effort to lessen the severity and likelihood of patient death from neurovascular conditions, medical professionals and neurosurgeons have begun to investigate alternate therapeutic options. The need for neurovascular treatments is rising dramatically in several nations, including Japan, the United States, China, Germany, and India, since the number of patients with neurovascular disorders is rising and their medical conditions are becoming more severe.
Additionally, it is predicted that the market for neurological disorders would develop due to the rise in neurological illnesses, rising demand for minimally invasive procedures, and technical advancements in neurology equipment. Devices used in interventional neurology are frequently utilised to diagnose and treat vascular disorders of the brain and central nervous system.
Browse key industry insights spread across 200 pages with 105 market data tables and figures & charts from the report on "Global Neurology Devices Market Size, Share, and COVID-19 Impact Analysis, by product (neurostimulation, CSF management, interventional neurology, neurosurgery devices), By End User (hospitals and clinics, specialty centers), by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030)." Get Detailed Report Description Here:
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Neurostimulation devices segment is dominating the market with the largest market share over the forecast period
On the basis of product, the global neurology devices market is segmented into neurostimulation, CSF management, interventional neurology, and neurosurgery devices. Among these, neurostimulation devices segment holds the largest market share over the forecast period. The ability of this device to treat nervous system and locomotor problems is credited with the rise. of addition to this, a second factor influencing segmental expansion is the increase of chronic nerve condition instances.
On the other hand, the category of interventional neurology is experiencing the quickest rate of market expansion due to the rise in shunting techniques and the prevalence of hydrocephalus, both of which are positively affecting market growth.
Speciality Center Category accounted the largest revenue share over the forecast period
Based on the end use, the global neurology devices market is segmented into hospitals and clinics, and specialty centers. Among these, the specialty centers segment holds the largest revenue share and is going to continue its dominance over the forecast period. The market for neurology devices is increased by the convenience of scheduling, the rising number of ambulatory surgery centres throughout developed countries, and the growing patient preference for minimally invasive procedures, all of which are factors in the expansion. Due to the availability of neurology devices at the hospitals in this region and the preference of patients to visit hospitals for problem diagnosis and treatment, the hospitals and clinics segment is the one that is expanding at the fastest rate.
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North America is dominating the market with the largest market share over the forecast period
Due to the strategic government initiatives, high end healthcare infrastructure, and research and development in neuroscience, pharmaceuticals, and brain tumours, as well as the crucial presence of high CNS research, North America is dominating the market with the largest market share over the forecast period. These factors are driving regional growth.
On the other hand, Asia Pacific is experiencing the fastest market growth due to the region's high medical demand, significant increase in investments in the industry's research and development, and rising healthcare costs in developing nations like China and India.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Neurology Devices Market include Integra Lifesciences, B.Braun SE, Medtronic plc, Natus Medical Inc, Stryker Corporation, Boston Scientific Corporation, Abbott Laboratories, LivaNova PLC, Zimmer Biomet Holding Inc. and Johnson & Johnson.
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