Neurology Devices Market to Garner $17.41 Bn, Globally, By 2026 at 8.1% CAGR, Says Allied Market Research
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.
PORTLAND, Oregon, Feb. 11, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Neurology devices Market by Product (Neurostimulation Devices, Neurosurgery Device, Interventional Neurology Devices, Cerebrospinal Fluid Management Devices, and Others) and End User (Hospitals, Ambulatory Surgery Centers, and Neurology Clinics): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, 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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