Market Overview
The neurology devices market was valued at USD 13.5 billion in 2022 and is expected to rise from USD 14.55 billion in 2023 to USD 26.54 billion by 2032, with a compound yearly growth rate (CAGR) of 7.8% between 2023 and 2032.
The neurology devices market is experiencing robust growth, propelled by advancements in neurology surgical instruments. These instruments offer precision and efficacy in treating neurological disorders such as Parkinson's disease and epilepsy. With an aging population and increasing neurological conditions, demand for advanced neurology devices is on the rise, driving market expansion.
Neurology gadgets can assist treat diseases and neurological issues. It could be pathologic conditions that affect the nerve system, spinal cord, or brain. More than 20 million people in America have experienced significant neuropathy diseases, and more than 17% of families include persons suffering from brain impairment. However, as people's awareness grows and technological advancements accelerate, it is likely that regions such as America will dominate the industry.
The Neurology Devices market is experiencing robust growth, driven by the rising prevalence of neurological disorders and advancements in technology. Neurological stimulators, a key segment, are witnessing increased demand for treating conditions like Parkinson's disease and chronic pain. Manufacturers are focusing on innovation and strategic partnerships to enhance product offerings and expand their market presence.
Covid 19 has a significant impact on most industries and businesses, as well as the market for neurology devices. The first epidemic occurred in 2020, and both the medical device industry and the market for interventional neurology equipment were severely impacted. To limit illness transmission, patients are also avoiding admission to healthcare facilities. Also, the lockout had a significant influence on medical equipment manufacture.
Market Segmentation
The market for neurology devices is segmented based on product types, disease pathology, and end-users. Product segments include interventional neurology, neurostimulation, CSF management, neurosurgery devices, and more. Disease pathology segments comprise fistulas and arteriovenous malformations, carotid artery stenosis, cerebral aneurysms, and ischemic strokes. End-user segments encompass clinics and hospitals, as well as specialty centers.
Regional Classification
As per regional analysis that has been made on the Neurology Devices market, it is found that the segmentation is done as per the Americas, Europe, Africa, Asia Pacific and the Middle East. Out of which the American region is likely to hold a huge share of the market in the forecast timespan. It is simply due to the increased case of different neurological disorders. Also, the schemes which are supportive of reimbursement along with different key players' presence are improving the growth of the market in the same region. Following it is Europe which is dominating the market because of the technology advancement and government support.
Key Players –
Neurology devices companies include Johnson & Johnson, Gore & Associates, Braun Mesungen AG, St. Jude Medical Inc., Integra LifeSciences Holdings, Esaote, Boston Scientific, Stryker Corporation, Medtronic PLC, Rapid Medical, Acandis GmbH, MicroPort Scientific Corporation, Perflow Medical, Lepu Medical, among others.
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