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Neurology Devices Market to Garner $17.41 Bn, Globally, By 2026 at 8.1% CAGR

04-14-2020 04:13 PM CET | Health & Medicine

Press release from: Allied Market Research

The global neurology devices industry was pegged at $9.24 billion in 2018, and is expected to reach $17.41 billion by 2026, registering a CAGR of 8.1% from 2019 to 2026.

Incentives for market growth

The surge in neurological disorders and increasing demand for noninvasive diagnostic techniques for neurological disorders have boosted the growth of the global neurology devices market. However, the implementation of stringent government regulation toward the approval of neurology devices. On the contrary, untapped potential in the emerging economies is expected to create lucrative opportunities in the near future.

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Neurosurgery devices segment to manifest fastest growth

By product, the neurosurgery devices segment is expected to portray the fastest CAGR of 10.2% during the forecast period, owing to the increase in number of neurological surgeries across the globe. However, the cerebrospinal fluid devices segment held the largest share in 2018, accounting for nearly one-third of the global neurology devices market, owing to surge in usage of these devices for diagnosis of various neurological devices and increased use of these devices for diagnosis and treatment of multiple sclerosis, encephalitis, and myelitis.

Hospitals segment held the lion's share

By end user, the hospitals segment dominated the global neurology devices market in 2018, accounting for more than two-fifths of the market, owing to the easy availability of neurological devices in hospital settings and preference among patients to visit hospitals for diagnosis and treatment of neurological devices. However, the neurology clinics segment is expected to register the fastest CAGR of 9.0% during the forecast period, due to the surge in preference toward neurological clinics for performing diagnosis of neurological devices.

North America dominated the market

The global neurology devices market across North America held the largest share in 2018, contributing to more than two-fifths of the market, due to the easy availability of advanced neurological devices and well-developed healthcare infrastructure and the presence of leading players. However, the market across the Asia-Pacific region is expected to register the fastest CAGR of 10.0% during the forecast period, due to an increase in the incidence of neurological diseases and the presence of a large patient pool in this region.

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Major market players

Abbott Laboratories.
Boston Scientific Corporation.
B. Braun Melsungen AG
LivaNova PLC
Integra LifeSciences Holdings Corporation
Medtronic Plc.
Johnson & Johnson
Penumbra, Inc.
Magstim Co Ltd.
Stryker Corporation

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About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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