South Korea, Seoul, Sept. 16, 2022 (GLOBE NEWSWIRE) -- As per a new report by Fact.MR, a market research and competitive intelligence provider, the global demand for neurology devices is anticipated to reach a valuation of US$ 13 billion by 2027.
The prevalence of several neurological conditions as well as cerebrovascular disorders such as stroke, migraine, and headache is increasing across the world, which is driving up demand for neurology devices. Growing preference for minimally-invasive procedures and ongoing innovations in neurology equipment are also increasing market value.
With the support of non-invasive, image-guided neurology technologies, neurovascular issues such as tumors, cavernous malformations, and stroke are addressed. The market for neurology devices is expanding as a result of many key variables, including an increase in head traumas, high rates of stress in young people, an increase in the geriatric population, and a large patient base.
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Rising patient awareness regarding the availability of treatment and reimbursement for neurovascular illnesses, particularly in emerging countries, are factors that will accelerate market expansion.
The use of artificial intelligence (AI) in neurology is anticipated to support market expansion. Computer-aided diagnosis (CAD) systems that employ AI and advanced signal processing methods can assist physicians in analyzing and understanding physiological signals and images more accurately.
New Market Entrants Focused on Advancements in Neurological Medical Devices
A condition known as hydrocephalus causes an abnormal accumulation of intracranial fluid in the brain cavities. The implantation of a shunt to drain the surplus accumulation is one of the traditional treatments for chronic hydrocephalus. Data on intracranial pressure is continuously monitored and collected by newer systems, such as Internet of Things (IoT) sensors.
New companies offer neuromodulation solutions to help patients manage their discomfort from neurological illnesses. Aspiring market players are working on developments in neurological medical devices.
- A French start-up, Neurallys, offers a sensor that requires little to no surgery to treat hydrocephalus. Along with the intracranial fluid drainage valve, the pressure sensor is embedded, continuously monitoring and gathering real-time intracranial pressure data. In the situation of any irregularities, the sensor warns physicians and communicates the data via a smartphone.
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Key Takeaways from Market Study
- Worldwide demand for neurology devices is expected to rise at a CAGR of 6.2% through 2027.
- The global neurology devices market is currently valued at US$ 9.6 billion.
- The market in Canada is anticipated to expand at a CAGR of 5.5% over the forecast period (2022-2027).
- Sales of interventional neurology devices are predicted to increase at a CAGR of 6.4% from 2022 to 2027.
- The market in Germany is set to increase at a CAGR of 4% through 2027.
Key Segments in Neurology Devices Industry Research
- By Product :
- Cerebrospinal Fluid Management Devices
- Interventional Neurology Devices
- Neurosurgery Devices
- Neurostimulation Devices
- By End User :
- Hospitals
- Ambulatory Surgery Centers
- Neurology Clinics
- By Region :
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Winning Strategy
Top companies are engaged in the introduction of magnetic stimulation technology as a result of innovations in neurostimulation and neuromodulation techniques. Key market players are collaborating with research organizations to increase their presence and contribute to the creation of modern as well as safe processes.
For instance,
- In April 2022, an updated version of Abbott's NeuroSphere myPath digital health app was released. Abbott neurostimulation devices are used by patients to treat their chronic pain, and the functionality of the app improved to help doctors better monitor their patients during this process.
Competitive Landscape
Key producers of neurology devices are focusing on innovation by manufacturing and releasing new products as part of their strategy to maintain their position in the neurology devices market on a worldwide scale. To diversify their product offerings, top neurology medical device companies are concentrating on getting new devices approved.
For instance :
- In 2020, Helius Medical Technologies, Inc. obtained Exceptional Recognition for its PoNS equipment as a potential treatment for gait deficiency caused by multiple sclerosis symptoms.
Key Companies Profiled
- Johnson & Johnson
- Medtronic, Inc.
- Penumbra, Inc.
- Smith & Nephew PLC
- Stryker Corporation
- Abbott Laboratories, Inc.
- B. Braun Melsungen AG
- Boston Scientific Corporation
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global neurology devices market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2027.
The study divulges essential insights on the market on the basis of product (cerebrospinal fluid management devices, interventional neurology devices, neurosurgery devices, neurostimulation devices) and end user (hospitals, ambulatory surgery centers, neurology clinics), across five major regions (North America, Europe, Asia Pacific, Latin America, and MEA).
Check out more related studies published by Fact.MR Research:
Neurointerventional Devices Market: The neurointerventional devices market was worth US$ 2.3 Bn in 2020, and is predicted to expand 2.1X by the end of the decade. North America dominates the global market, global demand for neurointerventional treatment devices is predicted to increase at a robust CAGR of 8% through 2031. The proliferation of technology in surgical procedures has completely changed the way diseases are dealt with and treated. The prevalence of brain tumors, aneurysms, and strokes majorly influence the neurointerventional treatment market.
Neurology Diagnostics Devices Market: At the end of 2021, the global neurology diagnostics devices market was valued at US$ 8.24 billion and is anticipated to reach US$ 21.1 billion by 2032, expanding at a high CAGR of 8.9% over the 2022-2032 time frame. As per a detailed industry analysis by Fact.MR, market research and competitive intelligence provider, CT Scanners dominated the global market in 2021 accounting for 37.3% market share.
Nerve Ablation Devices Market: The global market for nerve ablation devices market is estimated to be a growing market, as the industry players are coming up with a new innovative versions of nerve ablation devices, to reduce the pain while inserting the microelectrodes and also looking for increase the treatment area which can be more accurate for targeted nerve for pain. The nerve ablation devices market is expected to witness significant growth over the forecast period due to the increasing number of patients suffering from pain.
ENT Medical Devices Market: The global ENT medical devices market is gaining traction and is likely to ascend at around 5.5% CAGR during the forecast period of 2021 to 2031. While the advanced healthcare sector and growing awareness about health have resulted in an increasing geriatric population, it has surged the demand for ENT medical devices, owing to the rise in ENT-related issues in elderly people.
Wireless Portable Medical Devices Market: Fact.MR’s wireless portable medical devices industry analysis reveals that the global market was valued at US$ 15 Bn in 2020, and is projected to top US$ 33 Bn by 2031, expanding at a CAGR of 11%. Demand for monitoring devices is projected to expand at a CAGR of 11% reaching a valuation of around US$ 16 Bn, with that for medical therapeutic devices also surging at 11%.
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