Neurology Devices Market to grow by USD 28.84 billion by 2027; Market Size, Status, Top Players, Trends and Forecast- Technavio
NEW YORK, Jan. 11, 2024 /PRNewswire/ -- The neurology devices market is expected to grow by USD 12.49 billion from 2022 to 2027. In addition, the momentum of the market will progress at a CAGR of 12.02% during the forecast period, according to Technavio Research. The increasing funding for neurology is a key factor driving market growth. The rise in the geriatric populace contributes significantly to the demand for neurology devices such as Electroencephalograms (EEGs), Magnetic Resonance Imaging (MRI), Computed Tomography (CT) Scanners, Cerebral Oximeters, Neurostimulation Devices, including Deep Brain Stimulators, Spinal Cord Stimulators, Vagus Nerve Stimulators, Neuroendoscopes, and Epilepsy Monitoring Devices. This demographic trend underscores the vital role these devices play in addressing neurological conditions prevalent among aging individuals, boosting the market growth. The market has been segmented by product (neurostimulation devices, interventional neurology devices, neurosurgery devices, cerebrospinal fluid management devices, and others), end-user (hospitals, ASCs, and specialty centers, and others), and geography (North America, Europe, Asia, and Rest of World (ROW)).
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Company Profile:
Abbott Laboratories, B.Braun SE, Becton Dickinson and Co., Boston Scientific Corp., Braintale, Helius Medical Technologies Inc., Integra Lifesciences Holdings Corp., Johnson and Johnson Services Inc., LivaNova Plc, MicroPort Scientific Corp., Natus Medical Inc., Nihon Kohden Corp., Penumbra Inc., Perflow Medical Ltd., Rapid Medical Ltd., Stryker Corp., The Magstim Co. Ltd., W. L. Gore and Associates Inc., Zimmer Biomet Holdings Inc., and Medtronic Plc
Johnson and Johnson Services Inc - The company offers neurology devices such as MatrixNeuro through its subsidiary DePuy Synthes.
North America is estimated to contribute 40% to the growth of the global market during the forecast period. The growth of the neurology devices market in this region has been substantially driven by factors like increasing capital expenditure to treat patients with neurological disorders, e.g. epilepsy and dementia as well as increased demand for neurodiagnostics
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Neurology Devices Market: Segmentation Analysis
The market share growth by the neurostimulation devices segment will be significant during the forecast period.
Neurostimulation devices find broad application in treating various conditions, including movement disorders, chronic pain, epilepsy, and Parkinson's disease (PD).
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Neurology Devices Market: Market Dynamics
Leading Trend - A pivotal trend steering the neurology devices market is the continual technological evolution in neurological devices. This trend significantly impacts Neuromodulation Devices, Electromyographs (EMGs), Neurofeedback Devices, Stroke Management Devices, Neurological Implants, Neurovascular Devices, Neurotherapeutic Devices, Pediatric Neurology Devices, Neuro-oncology Devices, and Neurodegenerative Disease Management. Technological advancements drive innovation, enhancing the efficacy, precision, and accessibility of these devices, shaping the market's growth, and boosting improved neurological care.
Significant Challenge - One of the principal hurdles impeding neurology device market growth is the steep pricing associated with these devices. The challenge of affordability affects Intracranial Pressure Monitors, Transcranial Dopplers, Neurological Diagnostic Software, Neurosurgical Devices, Brain and Nerve Monitoring tools, Neurointerventional Devices, Neuroprosthetics, Neurorehabilitation Devices, Brain Trauma Monitoring Devices, Neuroplasticity Devices, and Portable Neurological Devices. Addressing cost barriers is crucial to ensuring wider access to these advanced technologies for better neurological care.
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What are the key data covered in this neurology devices market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the neurology devices market between 2022 and 2027.
- Precise estimation of the neurology devices market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the neurology devices market across North America, Europe, Asia, and ROW
- A thorough analysis of the market's competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the growth of neurology devices market Companies.
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Product
Market Segmentation by End-user
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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