In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
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
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.
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
Our in-depth analysis of the global neurology devices market includes the following segments:
Ans: Increasing prevalence of neurological diseases is estimated to boost the market growth.
Ans: The market is anticipated to attain a CAGR of ~9% over the forecast period, i.e., 2022 – 2031.
Ans: Stringent regulations for approval of neurology devices are estimated to hamper the market growth.
Ans: The North America region is anticipated to provide more business opportunities over the forecast period owing to the increasing per capita healthcare expenditure.
Ans: The major players in the market are Johnson & Johnson, LivaNova PLC, Medtronic Plc, Abbot Laboratories, Magstim Co Ltd., Pear Therapeutics, Inc., Penumbra, Inc., Stryker Corporation, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by device, end-user, and by region.
Ans: The hospital segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.