Neurology Devices Market, Size, Share, Growth, Opportunity and Forecast, 2021-2028 | DataM Intelligence
Sep 1, 2021
The Neurology Devices Market is expected to grow at a CAGR of 8.2% during the forecasting period (2021-2028).
Cleveland, Ohio Sep 1, 2021 (Issuewire.com) - Market Overview
There are a variety of neurological disorders that can be treated using neurological devices. They can diagnose, prevent, and cure various conditions such as Alzheimer's disease, epilepsy, and spinal cord injury.
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Market Dynamics
The global market for neuro-imaging devices is expected to grow at a robust rate due to the increasing prevalence of chronic and age-related disorders of the central nervous system.
The increasing prevalence of various neurological disorders such as stroke, aneurysms, and epilepsy is expected to boost the demand for neurology devices during the next five years.
According to the World Health Organization, around 7 to 10 million people have Parkinson's disease. The condition is also the second most common cause of death among people over the age of 50. Around 6 million people in the US have an unruptured brain artery.
The high cost of neuromodulation devices is expected to restrain the growth of the global neurology market. According to the Price Guide, the average cost of a neuromodulation device is $16,957.
Segment Analysis
By Product
- Cerebrospinal Fluid Management Devices
- Neurostimulation Devices
- Interventional Neurology
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Geographical Analysis
North America is expected to lead the global neurology devices market during the forecast period. The increasing government initiatives for R&D and cancer research are some of the factors driving the neurology devices market in the region.
Due to the increasing number of people living with Alzheimer's in the US and Canada, the demand for Alzheimer's care is expected to fuel the regional demand.
Some of the key players in the Neurology devices market are Nihon Kohden Corporation, NeuroTrope, Inc., and Helius Medical Technologies.
The key players in the neurology devices market are focusing on various strategies such as product launches and mergers & acquisitions to increase their presence in the market.
In May 2019, Cala Health raised $50M ahead of the commercial launch of its bioelectric stimulation device.
Brainlab, a leading developer of digital surgical solutions, has acquired Medineering, a startup focused on robotic technologies for spinal surgery. This acquisition will expand its digital surgical offerings and strengthen its position in cranial surgery.
In February 2019, medical device maker Medtronic launched the Deep Brain Stimulation (DBS) procedure for treating medically refractory epilepsy. The procedure is the first and only commercially available treatment for this disorder.
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