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Neurology Devices Market Analysis With Key Players, Applications, Trends And Forecast To 2033
Neurology Devices Market Analysis
The Business Research Company offers in-depth market insights through Neurology Devices Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The neurology devices market size has grown rapidly in recent years. It will grow from $17.82 billion in 2023 to $19.78 billion in 2024 at a compound annual growth rate (CAGR) of 11.0%. The growth in the historic period can be attributed to rapid growth in elderly population, rapid technology advances, economic growth in emerging markets, increase in r&d in the field and huge investments by private players in neurology devices.
The neurology devices market size is expected to see rapid growth in the next few years. It will grow to $29.46 billion in 2028 at a compound annual growth rate (CAGR) of 10.5%. The growth in the forecast period can be attributed to increasing elderly population, changes in lifestyle, rising awareness of neurological disorders, rise in burden of neurological diseases, faster economic growth. Major trends in the forecast period include investing in developing neuromodulation devices, wearable neurology devices, new product launches, adopting mergers and acquisition strategies and increasing research and development activities.
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Market Segmentation:
The neurology devices market covered in this report is segmented -
1) By Type: Cerebrospinal Fluid Management (CSF) Devices And Equipment, Interventional Neurology Devices And Equipment, Neurosurgery Devices And Equipment, Neurostimulation Devices
2) By Type of Expenditure: Public, Private
3) By Product: Instruments/Equipment, Disposables
4) By End User: Hospitals And Clinics, Diagnostic Laboratories, Other End Users
Subsegments Covered: CSF Drainage Systems, CSF Shunts, Aneurysm Coiling & Embolization Devices, Neurothrombectomy Devices, Angioplasty Devices, Interventional Neurology Support Devices, Neurosurgical Navigation Systems, Neurosurgical endoscopes, Aneurysm Clips, Stereotactic Systems, Other Neurosurgery Devices, Implantable Neurostimulation Devices, External Neurostimulation Devices
Major Driver - Elevating Neurology Device Market Growth Through Favorable Government Initiatives
Favorable government initiatives are expected to propel demand for neurology devices. Government initiatives for medical devices encompass policies, regulations, and programs aimed at overseeing and fostering the safety, quality, and advancement of these healthcare products. Favorable government initiatives can significantly impact the neurology device market by influencing regulations, funding research and development, providing financial incentives, expanding telemedicine, promoting public health awareness, and improving overall healthcare infrastructure and access. For instance, in October 2023, the Food and Drug Administration, a US-based federal agency under the Department of Health and Human Services, extended the Total Product Life Cycle Advisory Programme (TAP) to encompass neurological and physical medicine devices, with the goal of expediting the advancement of technologies in these areas. By the first quarter of 2025, the FDA intends to include an additional four offices in the program and enroll up to 65 more devices. Therefore, favorable government initiatives will stimulate the growth of the neurology device market in the future.
Competitive Landscape:
Major companies operating in the neurology devices market report are Medtronic Inc., Stryker Corporation, Boston Scientific Corporation, Integra LifeSciences, Abbott Laboratories, Terumo Corporation, LivaNova, PLC, Integer, Penumbra, Inc., B. Braun Group, Johnson & Johnson, W.L Gore, St. Jude Medical LLC, Parasym, TUR Therapietechnik GmbH, Smiths Medical, Cizeta Surgical, Neuro France Implants, Ectron, Metrion Biosciences, Abbvie, Accentus Medical Ltd, Adaptix, Argonaut Therapeutics, Beckley Psytech, Brainwave Discovery, Cerus Endovascular, Chronus Therapeutics, Cytiva, Natus Medical Incorporated, Cerenovus, Nevro, Aleva Neurotherapeutics SA, Dynatronics Corporation, Cyberonics Inc.
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Top Trend - Digital Platforms Transforming Neurology Devices Market
Major companies operating in the neurology devices market are developing digital platforms such as BrainTale-care to enhance product offerings and improve patient treatment. BrainTale-Care is a dedicated digital platform designed for the monitoring and prediction of neurological disorders. For instance, in March 2022, Braintale, a France-based medical device company, introduced the brainTale-care platform, featuring modules such as brainQuant for white matter quantification and brainScore-coma for coma recovery prediction. This marks a significant advancement in the company's growth, as it aims to offer European doctors and medical teams an innovative digital medical device for decision support. Braintale's goal is to furnish resuscitation specialists and neurologists with clinically validated non-invasive solutions that enhance the diagnosis, monitoring, and prediction of neurological disease progression.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Neurology Devices Market Characteristics
3. Neurology Devices Market Trends And Strategies
4. Neurology Devices Market - Macro Economic Scenario
5. Neurology Devices Market Size And Growth
…..
27. Neurology Devices Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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