Market Overview
The Global Neurology Devices Market is valued at US$ 11,547.55 Mn in 2018 and is expected to grow at a CAGR of 8.0% over the forecast period to reach a US$ XX mn by 2029
The market growth can be attributed to the rising prevalence of chronic CNS disorders, the globally ageing population and increased adoption of minimally invasive neurological.
Asia Pacific is likely to witness a high market growth due to the presence of high unmet medical needs coupled with rapidly rising healthcare R&D investment and growing medical expenditures in emerging economies such as India and China.
Market Dynamics
The growth of the global neurology devices market is attributed to the increasing incidence of neurological disorders that include brain aneurysms, brain tumors, epilepsy, memory disorders, multiple sclerosis, Parkinson’s disease, peripheral neuropathy, post-herpetic neuralgia, spinal cord tumor, and stroke.
TheincreasingregulatoryapprovalforneurologydevicesisboostingtheNorthAmericaneurologydevicesmarket
DBS was approved by the Food and Drug Administration (FDA) for tremor in 1997, Parkinson’s disease in 2002 and dystonia in 2003 (under humanitarian conditions).
The increasing investment for R&D activities and innovation of neurological device is the key factor boosting the global neurology devices market
For instance, in December 2017, Koch Disruptive Technologies, have invested $150 million for INSIGHTEC, a commercial-stage medical device company revolutionizing surgery with MRI-guided focused ultrasound. The investment, will allow the company to further commercialize its approved indications, as well as continue research in areas such as Parkinson’s disease, Alzheimer’s disease and brain tumors, using the company’s breakthrough technology to deliver treatment in a non-invasive way.
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Market Segmentation
- By Product
- By Region
By Product – CSF Management Devices
Hydrocephalus is one of the most common brain disorders. With increasing prevalence hydrocephalus globally, the demand for cerebrospinal fluid management (CSF) devices is increasing globally.
According to Hydrocephalus Association, nearly 700,000 older Americans are estimated to live with normal pressure hydrocephalus. In addition, one to two of every 1,000 babies are born with hydrocephalus. Thus, presence of such large population base suffering with the disease is expected to drive demand of CSF devices.
Owing to growing geriatric population, technological advancements, growing adoption of minimally invasive procedures, and rising awareness about hydrocephalus, the CSF devices market is growing.
Geographical Analysis – North America
North America dominates the Neurology Devices market owing it to the presence of favorable government initiatives pertaining to neurological R&D investment and cancer research.
Moreover, the sophisticated healthcare infrastructure in countries such as Canada and the U.S., and the presence of a considerably large CNS disorder patient base are some drivers anticipated to fuel demand in the region. According to the Alzheimer’s Association, 1 in 10 Americans over the age of 65 has Alzheimer’s. More than 5 million Americans are living with Alzheimer’s and by 2050, it’s estimated there will be as many as 16 million Americans living with Alzheimer’s.
Competitive Analysis
The Neurology devices market is a highly consolidated market, with major shares obtained by most of the emerging and local players.
The other prominent players include Helius Medical Technologies, Inc., Nihon Kohden Corporation, Neurotrope, Inc., Integra LifeSciences, and Eyecarrot Innovations Corp.
Helius Medical Technologies is in surge with PoNS device which is used for the treatment of neurological symptoms caused by brain diseases.
Another prominent players Eyecarrot Innovations is also playing a leading role through its new product Binovi platform which deals with the pandemic of binocular vision dysfunction.
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