Neurology Devices Market by Product and Geography - Forecast and Analysis 2020-2024
Global Neurology Devices Market: About this market
Technavio’s neurology devices market analysis considers sales from neurostimulation devices, interventional neurology devices, neurosurgery devices, cerebrospinal fluid management devices, and other products. Our study also finds the sales of neurology devices in Asia, Europe, North America, and ROW. In 2019, the neurostimulation devices segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as implantable, programmable devices placed surgically to deliver electrical stimulation to the intended parts of the brain, the spinal cord will play a significant role in the neurostimulation devices segment to maintain its market position. Also, our global neurology devices market report looks at factors such as increasing prevalence of neurological disorders, growing geriatric population, increasing funding on neurology. However, high cost of neurology devices, stringent regulations, and product recall, and shortage of neurologists may hamper the growth of the neurology devices industry over the forecast period.
Global Neurology Devices Market: Overview
Increasing prevalence of neurological disorders
The prevalence of neurological disorders which include PD, MS, sleep apnea, epilepsy, brain tumors, brain aneurysm, brain stroke, and brain tumors is increasing. These disorders are associated with the central and peripheral nervous systems. Patients experience pain, neurological instability, seizures, paralysis, and muscle weakness under these conditions. Several factors including chromosomal abnormalities or congenital defects in genes cause these neurological conditions. Thus, the increasing prevalence of neurological disorders will lead to the expansion of the global neurology devices market at a CAGR of almost 12% during the forecast period.
Strong prevalence of the wearable neurology devices
The growing awareness and need for home care have encouraged the global population to adopt smart wearable devices such as smartwatches and smart bands for seamless monitoring and recording of patient health data through a wireless interface. Additionally, the recorded health data can be shared with healthcare professionals for better patient outcomes. Wearable neurology devices are used for continuous detection and monitoring of patients with neurological disorders such as seizures and PD. The US FDA has already approved an MHealth wearable device, Embrace2, which uses advanced machine learning technology to detect electrodermal activities in patients. This development is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global neurology devices market during the forecast period 2020-2024, click here.
With the presence of several major players, the global neurology devices market is fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading neurology devices manufacturers, that include Abbott Laboratories, B. Braun Melsungen AG, Becton, Dickinson and Co., Boston Scientific Corp., Johnson & Johnson Services Inc., Medtronic Plc, MicroPort Scientific Corp., Nihon Kohden Corp., Penumbra Inc., and Stryker Corp.
Also, the neurology devices market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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