Dublin, June 21, 2022 (GLOBE NEWSWIRE) -- The "Global Neurology Devices Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
The global neurology devices market is expected to grow from $13.94 billion in 2021 to $15.91 billion in 2022 at a compound annual growth rate (CAGR) of 14.2%. The market is expected to grow to $25.75 billion in 2026 at a compound annual growth rate (CAGR) of 12.8%.
Major companies in the neurology devices market include Medtronic Inc., Stryker Corporation, Terumo Corporation, Integra Lifesciences, Boston Scientific Corporation, Penumbra, Inc., B. Braun Group, Nevro, LivaNova, PLC, and Natus Medical.
The neurology devices market consists of sales of neurology devices and related services by entities (organizations, sole traders, and partnerships) that produce neurology devices to diagnose and treat neurological diseases.
The main types of neurology devices are cerebrospinal fluid management (CSF) devices and equipment, interventional neurology devices and equipment, neurosurgery devices and equipment, and neurostimulation devices. The neurostimulation device is a device that generates the electrical impulses placed under the skin of specific parts of the patient's body. The type of expenditures is public and private. The products included are instruments/equipment and disposables. The various end-users involved are hospitals and clinics, diagnostic laboratories, and others.
North America was the largest region in the global neurology devices market in 2021. 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 increase in the patient pool due to the rising geriatric population globally contributed significantly to the growth of the neurology devices market during the historic period. According to the Population Reference Bureau, the share of the population over the age of 65 in the global population increased to 9% in 2019.
The global population aged 65 years or over was 703 million in 2019. This rise in the geriatric population increased the demand for medical care and drove the healthcare expenditure. These factors increased the demand for neurology devices and drove the market during the historic period.
Regulatory changes are likely to lead to increased costs relating to new product development and service offerings to clients. These regulations include changes to equipment approval procedures and others. For instance, the United States Food and Drug Administration is requesting more clinical data to support claims, therefore increasing the time to process 510(k)s by over 55% over the last decade. The potential loss of revenue due to delays in product release and additional costs incurred due to stringent approval processes puts a strain on investments relating to new product development, thereby affecting the growth of the market.
Neurology devices manufacturers are investing in the research and development of implantable wireless brain devices to treat neurological and psychiatric diseases. The neuromodulation devices are tiny devices with a wireless neuromodulator, implanted inside the cranium (skull) to communicate with the brain and stimulate nerves in the body.
They are equipped with antennas, application-specific integrated circuits, ceramic lid, and feedthrough. These devices are used for relieving depression, traumatic brain injury, stress, and bipolar disorders by manipulating brain signals accordingly.
Companies Featured
- Medtronic Inc.
- Stryker Corporation
- Terumo Corporation
- Integra Lifesciences
- Boston Scientific Corporation
- Penumbra, Inc.
- B. Braun Group
- Nevro
- LivaNova, PLC.
- Natus Medical
Key Topics Covered:
1. Executive Summary
2. Report Structure
3. Neurology Devices Market Characteristics
3.1. Market Definition
3.2. Key Segmentations
4. Neurology Devices Market Product Analysis
4.1. Leading Products/ Services
4.2. Key Features and Differentiators
4.3. Development Products
5. Neurology Devices Market Supply Chain
5.1. Supply Chain
5.2. Distribution
5.3. End Customers
6. Neurology Devices Market Customer Information
6.1. Customer Preferences
6.2. End Use Market Size and Growth
7. Neurology Devices Market Trends And Strategies
8. Impact Of COVID-19 On Neurology Devices
9. Neurology Devices Market Size And Growth
9.1. Market Size
9.2. Historic Market Growth, Value ($ Billion)
9.2.1. Drivers Of The Market
9.2.2. Restraints On The Market
9.3. Forecast Market Growth, Value ($ Billion)
9.3.1. Drivers Of The Market
9.3.2. Restraints On The Market
10. Neurology Devices Market Regional Analysis
10.1. Global Neurology Devices Market, 2021, By Region, Value ($ Billion)
10.2. Global Neurology Devices Market, 2016-2021, 2021-2026F, 2031F, Historic And Forecast, By Region
10.3. Global Neurology Devices Market, Growth And Market Share Comparison, By Region
11. Neurology Devices Market Segmentation
11.1. Global Neurology Devices Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Cerebrospinal Fluid Management (CSF) Devices And Equipment
- Interventional Neurology Devices And Equipment
- Neurosurgery Devices And Equipment
- Neurostimulation Devices
11.2. Global Neurology Devices Market, Segmentation By End User, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Hospitals And Clinics
- Diagnostic Laboratories
- Other End Users
11.3. Global Neurology Devices Market, Segmentation By Type of Expenditure, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Public
- Private
11.4. Global Neurology Devices Market, Segmentation By Product, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Instruments/Equipment
- Disposables
12. Neurology Devices Market Segments
12.1. Global Cerebrospinal Fluid Management (CSF) Devices And Equipment Market, Segmentation By Type, 2016-2021, 2021-2026F, 2031F, Value ($ Billion) - CSF Drainage Systems; CSF Shunts
12.2. Global Interventional Neurology Devices And Equipment Market, Segmentation By Type, 2016-2021, 2021-2026F, 2031F, Value ($ Billion) - Aneurysm Coiling & Embolization Devices; Neurothrombectomy Devices; Angioplasty Devices; Interventional Neurology Support Devices
12.3. Global Neurosurgery Devices And Equipment Market, Segmentation By Type, 2016-2021, 2021-2026F, 2031F, Value ($ Billion) - Neurosurgical Navigation Systems; Neurosurgical endoscopes; Aneurysm Clips; Stereotactic Systems; Other Neurosurgery Devices
12.4. Global Neurostimulation Devices Market, Segmentation By Type, 2016-2021, 2021-2026F, 2031F, Value ($ Billion) - Implantable Neurostimulation Devices; External Neurostimulation Devices
13. Neurology Devices Market Metrics
13.1. Neurology Devices Market Size, Percentage Of GDP, 2016-2026, Global
13.2. Per Capita Average Neurology Devices Market Expenditure, 2016-2026, Global
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