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HEALTHCARE & PHARMACEUTICALDISCOUNT VALID TILL 31st-JANUARY , 2022

Neurology Devices Market Segmentation by Device (Cerebrospinal Fluid Management Device, Interventional Neurology Device, Neurosurgery Device, Neurostimulation Device, and Others); and by End-User (Hospitals, Ambulatory Surgery Centers, Neurology Clinics, and Others) – Global Demand Analysis & Opportunity Outlook 2031

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Extensive insights into the Growth of Neurology Devices Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS

  • February, 2021: Koninklijke Philips N.V. announced the acquisition of BioTelemetry, Inc., a leading provider of remote diagnostics and monitoring.
  • October, 2020: Stryker B.V., leading medical technology company, announced the complete acquisition of Wright Medical Group N.V.

Global Neurology Devices Market Highlights over 2022 – 2031

The global neurology devices market is estimated to grow at a CAGR of ~9% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the increasing prevalence of neurological diseases, such as, multiple sclerosis, Alzheimer’s disease, Parkinson’s disease, epilepsy, and other disorders. According to the data by the World Health Organization (WHO), 47.5 million people suffer with dementia globally, with 7.7 million new cases every year. The increasing prevalence of neurological disorders is estimated to promote the demand for neurology devices. Moreover, increasing global health expenditure is further anticipated to fuel the market growth. According to the data by the World Bank, USD 1,110.268 was spent on per capita healthcare, in 2018.

Neurology Devices Market Graph

Moreover, the increasing geriatric population is projected to fuel the market growth, as older people are more vulnerable towards neurological diseases. According to the other World Bank report, 723,184,486 people were above the age of 65 years, in 2020, globally. The market is segmented by device into cerebrospinal fluid management device, interventional neurology device, neurosurgery device, neurostimulation device, and others, out of which, the cerebrospinal fluid management device segment is anticipated to hold the notable share in the global neurology devices market over the forecast period. This can be accredited to the use of these devices for diagnosis and treatment of multiple sclerosis, myelitis, and encephalitis. CLICK TO DOWNLOAD SAMPLE REPORT

Major Macro-Economic Indicators Impacting the Market Growth

Healthcare Expenditure Graph

According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.

Global Neurology Devices Market Regional Synopsis

On the basis of geographical analysis, the global neurology devices market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of increasing awareness regarding healthcare amongst people, along with improving healthcare facilities in the region.

The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the higher healthcare expenditure in the region, and presence of patient-friendly reimbursement policies. According to the World Bank, 16.885% of the GDP of United States was spent for healthcare in 2018.

Neurology Devices Market Share Image

The global neurology devices market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global neurology devices market includes the following segments:

By Device

  • Cerebrospinal Fluid Management Device
  • Interventional Neurology Device
  • Neurosurgery Device
  • Neurostimulation Device 
  • Others

By End-User

  • Hospitals
  • Ambulatory Surgery Centers
  • Neurology Clinics
  • Others

Growth Drivers

  • Increasing Prevalence of Neurological Disorders
  • Growing Geriatric Population Globally

Challenges

  • Implementation of Stringent Government Regulations for Approval of Neurology Devices
  • Lack of Health Awareness in Underdeveloped Regions

Top Featured Companies Dominating the Market

  • Eli Lilly and Company
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis 
  • Johnson & Johnson
  • LivaNova PLC
  • Medtronic Plc
  • Abbot Laboratories
  • Magstim Co Ltd.
  • Pear Therapeutics, Inc.
  • Penumbra, Inc.
  • Stryker Corporation
  • Boston Scientific Corporation

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