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Global Neurology Devices Market: CAGR of 12.9%, Favorable Government Initiatives, and Key Trends Predicted
Neurology Devices Market
The growing Neurology Devices Market and its projected rise driven by advancements in technology and government initiatives.
What Is The Projected Market Size Of The Global Neurology Devices Market And Its Growth Rate?
• 2024 Market Size: $18.42 billion
• 2025 Market Size: $20.79 billion (CAGR of 12.9%)
• 2029 Market Size: $33.38 billion (CAGR of 12.6%)
Growth factors include the rapidly growing elderly population, technological advancements, and increased research and development in the field.
What Is Driving The Growth In The Neurology Devices Market?
The growth in the neurology devices market is largely driven by favorable government initiatives. Regulatory and funding decisions and programs by government entities play a crucial role in directing the safety, quality, and advancement of medical devices, including neurology devices. For instance, the US Food and Drug Administration extended the Total Product Life Cycle Advisory Programme (TAP) to neurological and physical medicine devices in October 2023. The goal is to expedite the development of technologies in these areas. By 2025, the FDA plans to involve additional offices in the program and enroll up to 65 more devices. Consequently, these initiatives are expected to fuel the growth of the neurology device market.
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Who Are the Key Players Driving Neurology Devices Market Growth?
• Medtronic PLC
• 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
• Accentus Medical Ltd
• Adaptix
• Argonaut Therapeutics
• Brainwave Discovery
• Cerus Endovascular
• Chronus Therapeutics
• Natus Medical Incorporated
• Cerenovus
• Nevro
• Aleva Neurotherapeutics SA
• Dynatronics Corporation
• Cyberonics Inc.
What Are The Key Trends In The Neurology Devices Market?
Key trends in the Neurology Devices market include:
• Investing in developing neuromodulation devices
• Wearable neurology devices
• New product launches
• Adopting mergers and acquisitions strategies
• Increasing research and development activities
What Are The Segments Of The Global Neurology Devices Market?
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
Which Region Leads The Neurology Devices Market?
North America was the largest region in the global neurology devices market in 2024. Asia-Pacific was the second largest, while Africa was the smallest. The report covers the neurology devices market in Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Neurology Devices Market Global Market Report?
- Market Size Analysis
- Market Segmentation Analysis
- Key Player Focus
- Growth Trends Analysis
- Market Contribution
- Growth Drivers
- Industry Challenges
- Competitive Developments
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