Neurology Devices Market to Grow by a CAGR of ~9% during 2022 – 2031

Research Nester published a report titled “Neurology Devices Market: Global Demand Analysis & Opportunity Outlook 2031” which delivers detailed overview of the global neurology devices market in terms of market segmentation by device, end-user, and by region.

Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.

The global neurology devices market is estimated to grow at a CAGR of ~9% over the forecast period, i.e., 2022 – 2031. The market is segmented on the basis of device into cerebrospinal fluid management device, interventional neurology device, neurosurgery device, neurostimulation device, and others. Out of these, the cerebrospinal fluid management device segment is anticipated to hold the notable share over the forecast period owing to the use of these devices for diagnosis and treatment of neurological disorders, such as, multiple sclerosis, myelitis, and encephalitis.

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The global neurology devices market is anticipated to witness growth on the back of increasing prevalence of neurological diseases, especially amongst the older population, globally. According to the data by the World Health Organization (WHO), 47.5 million people suffer with dementia, across the world. Moreover, the increasing share of global geriatric population is further anticipated to fuel the market growth.

On the basis of geographical analysis, the global neurology devices market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the North America region is anticipated to gain the largest market share throughout the forecast period, on the back of the high healthcare expenditure in the region. Moreover, rising health awareness and presence of major pharmaceutical companies in the region, are estimated to boost the market growth. According to the World Bank, 16.885% of the GDP of United States was spent for healthcare in 2018.

The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.

Increasing Global Geriatric Population to Boost the Market Growth

As per a World Bank report, in 2020, 723,184,486 people were above the age of 65 years, globally.

Neurological diseases, such as, dementia or epilepsy, are more common amongst older adults, due to neurological degradation of the body. As a result, the increasing geriatric population is bound to positively impact the market growth. Furthermore, secondary factors, such as, higher per capita healthcare expenditure, high disposable income, and rising health awareness amongst individuals, are estimated to boost the market growth.

However, stringent regulation for approval of neurology devices is expected to operate as key restraint to the growth of global neurology devices market over the forecast period.

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This report also provides the existing competitive scenario of some of the key players of the global neurology devices market which includes company profiling of Johnson & Johnson, Eli Lilly and Company, LivaNova PLC, Medtronic Plc, Abbot Laboratories, Magstim Co Ltd., Pear Therapeutics, Inc., Penumbra, Inc., Stryker Corporation, and Boston Scientific Corporation. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global neurology devices market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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AJ Daniel

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This release was published on openPR.