Dublin, Sept. 19, 2024 (GLOBE NEWSWIRE) -- The "Global Neurology Devices Market 2024 Edition: Market Size, Trends, Opportunities and Forecast by Product Type, Treatment Stage, End-Users, Region, By Country: 2020-2030" report has been added to ResearchAndMarkets.com's offering.
This report highlights different factors and opportunities prevailing in the Global Neurology Devices Market. According to the report, the Global Neurology Devices Market was valued at USD 14.3 billion in 2023, and is expected to grow at a CAGR of 8.6% during 2025-2030.
The market has witnessed significant growth in recent years, driven by a combination of factors including technological advancements, increasing prevalence of neurological disorders, and the rising geriatric population. The market's expansion is primarily fueled by the demand for advanced and effective neurological treatments.
One of the primary drivers of the Neurology Devices market is the increasing prevalence of neurological disorders worldwide. According to the World Health Organization (WHO), millions of people are affected by neurological conditions, which significantly impacts their quality of life. The rising incidence of these disorders has led to a greater need for effective diagnostic and therapeutic devices, thereby driving market growth.
Technological advancements have significantly impacted the Neurology Devices market, leading to the development of innovative and sophisticated devices. Innovations such as neurostimulation devices, neurointerventional devices, and neurosurgical devices have revolutionized the treatment of neurological disorders. These advancements have resulted in devices that offer superior precision, minimally invasive procedures, and improved patient outcomes. Additionally, advancements in imaging technology have enhanced the accuracy of neurological diagnostics, further propelling market growth.
The growing geriatric population has also played a crucial role in the expansion of the Neurology Devices market. Older adults are more susceptible to neurological conditions, necessitating the use of specialized devices for their diagnosis and treatment. As the global population ages, the demand for neurology devices is expected to increase, driven by the need to manage age-related neurological disorders effectively.
Sustainability has emerged as a crucial trend influencing the Neurology Devices market. Companies are increasingly focusing on developing eco-friendly and sustainable medical devices. This shift is driven by regulatory pressures and a growing awareness of environmental sustainability within the healthcare industry. Sustainable practices in device manufacturing not only benefit the environment but also enhance the corporate social responsibility (CSR) initiatives of companies, thereby improving their market positioning.
The healthcare sector's emphasis on improving patient outcomes and reducing healthcare costs has significantly contributed to the demand for neurology devices. These devices enable early diagnosis and effective treatment of neurological conditions, leading to better patient outcomes and reduced hospitalization costs. The ability to provide precise and minimally invasive treatments further enhances the appeal of neurology devices in modern healthcare settings.
Furthermore, the rise in healthcare expenditure and increasing investment in neurological research have influenced the development and adoption of neurology devices. Governments and private organizations are investing heavily in research and development to address the growing burden of neurological disorders. This investment has resulted in the introduction of advanced devices and technologies that are driving market growth.
Geographical Insights
Americas represent the largest market for Neurology Devices in value terms, driven by the presence of major medical device manufacturers, advanced healthcare infrastructure, and a high prevalence of neurological disorders. The United States, in particular, is a key market due to its strong focus on healthcare innovation and significant investment in neurological research.
In the Americas, the market is further bolstered by favorable reimbursement policies, increasing healthcare expenditure, and a strong focus on early diagnosis and treatment of neurological conditions. The presence of well-established healthcare facilities and a high level of awareness about neurological disorders contribute to the market's dominance in this region.
Asia Pacific is expected to witness the highest growth rate due to rapid economic development, increasing healthcare expenditure, and the rising awareness of neurological disorders. Countries like China, India, and Japan are at the forefront of this growth, with expanding healthcare infrastructure and a growing focus on medical research.
In Europe, the market for Neurology Devices is driven by strong regulatory support for medical innovation and a well-established healthcare system. Countries like Germany, France, and the UK are key contributors to the market, with significant investments in healthcare technology and a strong emphasis on improving patient outcomes.
Market Segmentation
By Product Type
- Interventional Neurology Devices
- Neurostimulation Devices
- Neurosurgery Devices
- Cerebrospinal Fluid Management Devices
- Other Product Types
The neurostimulation devices segment holds the largest market share, accounting for approximately 42% of the global Neurology Devices market in 2023. Neurostimulation devices are widely used for the treatment of chronic pain, epilepsy, Parkinson's disease, and depression. The increasing prevalence of these conditions and the effectiveness of neurostimulation devices in managing symptoms are major drivers of this segment.
By Treatment Stage
- Preventive Care
- Initial Treatment
- Long-term Management
- Post-surgery Rehabilitation
By End-Users
- Hospitals & Clinics
- Ambulatory Surgical Centers
By Geography
- Americas (The United States, Canada, Brazil, Mexico, Rest of Americas)
- Europe (United Kingdom, Germany, France, Italy, Spain, Turkey, Russia, Rest of Europe)
- Asia Pacific (China, Japan, South Korea, India, Singapore, Indonesia, Rest of Asia Pacific)
- Middle East and Africa (GCC, Israel, South Africa, Rest of Middle East and Africa)
Key Companies
The report assesses the competitive developments, strategies, mergers and acquisitions and new product development and market share portfolio of top 15 companies. Key companies in the Global Neurology Devices Market include:
- Abbott Laboratories
- Zimmer Biomet Holding Inc.
- Medtronic plc
- Stryker Corporation
- Integra Lifesciences
- Natus Medical Inc.
- B.Braun SE
- Boston Scientific Corporation
- Johnson & Johnson
- LivaNova PLC
- Other Leading Companies
Reasons to buy this report:
- In-Depth Comparative Assessment of Top 20 Markets in the Neurology Devices Industry: Comparative assessment of 20 leading countries highlighting the total addressable market, opportunities, lucrative segments and competitive positioning of leading companies.
- Comprehensive Historical, Present, and Future Analytics of the Neurology Devices Market: A deep dive in the historical (2020-2023), current (2024) and forecast (2025-2030) market analytics of Neurology Devices Market.
- Detailed Analysis of Neurology Devices Market By Product Type, Treatment Stage, and End-Users Across 20 Countries.
- Gain insights specific to new entrants or new market areas to tap: The study provides detailed market entry strategies, including analysis of barriers to entry, pricing strategies, opportunities, trends, drivers, and challenges and product positioning using the Opportunity Portfolio Matrix (OPM).
- Strategic Industry Movements: Tracking Competitive Developments and Key Players in the Market: The report covers competitive strategies, mergers & acquisitions, new developments, future plans and market share analysis of ~15 top companies.
For more information about this report visit https://www.researchandmarkets.com/r/cosjgl
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