DUBLIN, March 18, 2019 /PRNewswire/ --
The "Neurology Devices Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The market is projected to grow with a CAGR of 8.41% during the forecast period.
The key factors propelling the growth of the market are the increasing incidence of neurological disorders, huge investments by private players in neurology devices, increase in R&D in the field of neurotherapies, and rising aging population.
The growth of the global neurology devices market is attributed to the increasing incidence of neurological disorders that include brain aneurysms, brain tumors, epilepsy, memory disorders, multiple sclerosis, Parkinson's disease, peripheral neuropathy, post-herpetic neuralgia, spinal cord tumor, and stroke.
The increasing healthcare spending, increasing foreign direct investment by global medical device manufactures, and increasing neurological disease prevalence are expected to drive the overall market growth.
Key Market Trends
Sacral Nerve Stimulation Devices Expected to Grow Fastest during the Forecast Period
The sacral nerve stimulation devices are mostly used for patients for whom drug therapy or other types of medications are not successful. It is performed with the help of a small device, which is capable of sending electrical impulses to the targeted sacral nerves located in the lower back region. These devices are found to be successful in treating bladder problems. Hence, with increasing incidences of overactive bladder, the sacral nerve stimulation devices segment is expected to grow during the forecast period.
The deep brain stimulation devices are also being used to perform deep brain stimulation procedures, by implanting a medical device that is capable of sending electrical impulses to specific target areas in the brain. These devices are generally used to treat neuropsychiatric disorders and are effectively used in treating various other neurological disorders, like Parkinson's disease, essential tremor, dystonia, chronic pain, major depression, and obsessive-compulsive disorder.
Asia-Pacific Registered the Fastest Growth and is Expected to Follow the Same Trend over the Forecast Period
The Asia-Pacific region is expected to grow, due to the presence of high unmet medical needs, coupled with rapidly rising healthcare R&D investments and growing medical expenditures in emerging economies, such as India and China. There are also a number of government initiatives that are expected to increase over the forecast period.
There are market participants involved in R&D for the development of advanced stimulation and neuromodulation techniques with minimally invasive procedures that are more preferable to the patients. Furthermore, many private companies are showing great interest in developing novel neurological devices to earn huge profits.
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 Research Methodology
3 Executive Summary
4 Market Dynamics
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increase in Incidence of Neurological Disorders
4.2.2 Huge Investments by Private Players in Neurology Devices
4.2.3 Increase in R&D in the Field of Neurotherapies
4.2.4 Rise in the Aging Population
4.3 Market Restraints
4.3.1 High Cost of Equipment
4.3.2 Stringent FDA Validation and Guidelines for New Devices
4.4 Porter's Five Forces Analysis
5 Market Segmentation
5.1 By Type of Device
5.1.1 Cerebrospinal Fluid Management Devices
5.1.2 Interventional Neurology Devices
184.108.40.206 Interventional/Surgical Simulators
220.127.116.11 Neurothrombectomy Devices
18.104.22.168 Carotid Artery Stents
22.214.171.124 Embolic Coils
126.96.36.199 Support Devices
5.1.3 Neurosurgery Devices
188.8.131.52 Stereotactic Systems
184.108.40.206 Aneurysm Clips
220.127.116.11 Other Neurosurgery Devices
5.1.4 Neurostimulation Devices
18.104.22.168 Spinal Cord Stimulation Devices
22.214.171.124 Deep Brain Stimulation Devices
126.96.36.199 Sacral Nerve Stimulation Devices
188.8.131.52 Other Neurostimulation Devices
5.1.5 Other Types of Devices
5.2.1 North America
5.2.4 Middle East & Africa
5.2.5 South America
6 Competitive Landscape
6.1 Company Profiles
6.1.1 B. Braun Melsungen AG
6.1.2 Boston Scientific Corporation
6.1.3 Stryker Corporation
6.1.4 Medtronic PLC
6.1.5 Abbott Laboratories
6.1.6 Johnson and Johnson
6.1.7 Smith & Nephew
6.1.8 MicroPort Scientific Corporation
6.1.9 Nihon Kohden Corporation
6.1.10 Penumbra Inc.
7 Market Opportunities and Future Trends
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