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Neurology Devices Global Market Report 2021: COVID 19 Impact and Recovery to 2030

ReportLinker
·3 min read

Major companies in the neurology devices market include Medtronic; Abbott Lab; B. BraunMelsungen AG; Stryker Corporation and LivaNova. The global neurology devices market is expected to grow from $11.

New York, Feb. 24, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Neurology Devices Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06027733/?utm_source=GNW
85 billion in 2020 to $13.38 billion in 2021 at a compound annual growth rate (CAGR) of 12.9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $19.25 billion in 2025 at a CAGR of 10%.

The neurology devices market consists of sales of neurology devices and related services by entities (organizations, sole traders and partnerships) that produce neurology devices to diagnose and treat neurological diseases. This market is segmented into cerebrospinal fluid management (CSF) devices and equipment; interventional neurology devices and equipment; neurosurgery devices and equipment; neurostimulation devices.

North America was the largest region in the global neurology devices market, accounting for 31% of the market in 2020.Asia Pacific was the second largest region accounting for 31% of the global neurology devices market.

Africa was the smallest region in the global neurology devices market.

Neurology devices manufacturers are investing in research and development of implantable wireless brain devices to treat neurological and psychiatric diseases.The neuromodulation devices are tiny devices with wireless neuromodulator, implanted inside the cranium (skull) to communicate with brain and stimulate nerves in the body.

They are equipped with antennas, application-specific integrated circuits, ceramic lid and feedthrough.These devices are used for relieving depression, traumatic brain injury, stress and bipolar disorders by manipulating brain signals accordingly.

For instance, in 2018, Draper Inc, a Cambridge, Massachusetts-based engineering company developed a small wireless neuromodulation device to treat neurological disorders.

Regulatory changes are likely to lead to increased costs relating to new product development and service offerings to clients.These regulations include changes to equipment approval procedures and others.

For instance, the United States Food and Drug Administration is requesting more clinical data to support claims, therefore increasing the time to process 510(k)s by over 55% over the last decade. The potential loss of revenue due to delays in product release and additional costs incurred due to stringent approval processes puts strain to investments relating to new product development, thereby affecting the growth of the market.

The increase in patient pool due to rising geriatric population globally, contributed significantly to the growth of the neurology devices market during the historic period.According to the Population Reference Bureau, the share of population over the age of 65 in the global population increased from 8% in 2015 to 9% in 2019.

The global population aged 65 years or over was 703 million in 2019.This rise in the geriatric population increased the demand for medical care and drove the healthcare expenditure.

For instance, in 2017, half of the Dutch healthcare budget was spent on elderly over 65. These factors increased the demand for neurology devices and drove the market during the historic period.
Read the full report: https://www.reportlinker.com/p06027733/?utm_source=GNW

About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.

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