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.
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
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.
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
