Neurology Devices Market: Rapidly Evolving Industry…… COVID-19….


Global neurology devices market is expected to reach USD 10.8 billion by 2022, according to a new report by Grand View Research, Inc. This expected growth in demand can be ascribed to growing need for development of different neurostimulation techniques with efficient and accurate algorithms for treatment of several CNS associated disorders.
With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.
Rise in incidence of cerebral stroke and other severe disorders such as Alzheimer’s disease, epilepsy, and Parkinsonism is expected to fuel demand of neurology devices thereby driving industry growth. According to National Institute of Neurological Disorders and Stroke (NINDS), approximately 50 million Americans are affected due to these disorders leading to high economic & disease costs burden for medical expenses coupled with loss of productivity. The industry is expected to witness a considerable increase in demand for CNS related therapeutic procedures over the forecast period.
Key participants of the market include Covidien PLC, B. BraunMelsungen AG, Integra LifeSciences Holdings Corp., Medtronic Inc., Johnson & Johnson, Magstim Co Ltd., W.L. Gore & Associates Inc., Stryker Corp., St. Jude Medical Inc.

Due to advanced developments in neurostimulation and neuromodulation techniques, the companies are also involved in the introduction and improvement of magnetic stimulation technology. Development of algorithms for faster and efficient solutions for disease diagnosis and treatment are expected to boost sector growth throughout the forecast period. Market players are involved in mergers with the smaller entities and research institutes in order to enhance their presence and aid in development of advanced as well as safe & reliable procedures.
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Further key findings from the study suggest:
·         Neurostimulation devices accounted for over 50% of the revenue generated in the market for 2014. This large share can be attributed to the growing number of chronic CNS disorders, a globally ageing population and development of minimally invasive neurological and faster acting stimulation devices that attract higher market usage and penetration in the neurology devices market.
·         Neurosurgery segment including ultrasonic aspirators, stereotactic systems, neuroendoscopes, and aneurysm clips are expected to witness considerable growth over the forecast period due to their essential nature of use in tumor removal and brain cell damage repair surgeries.
·         North America dominated the market in 2014, with revenue estimated at over USD 2,400 million. Presence of sophisticated healthcare infrastructure, favorable government initiatives pertaining to pharmaceutical R&D, cancer research, neurological R&D investment, and the presence of a considerably large CNS disorder patient base are some drivers of this market.
·         Asia Pacific is expected to witness lucrative CAGR of over 8.0% from 2015 to 2022 due to the presence of high-unmet medical needs coupled with rapidly rising healthcare R&D investment, and growing medical expenditures in emerging economies such as India and China. Supportive government initiatives pertaining to increasing investments by manufacturers and governments in neuro-informatics and high untapped market opportunities are the important factors accounting for the expected growth of market in this region over the forecast period.
·         Key participants of the neurology devices market include Johnson and Johnson, B.Braun Melsungen AG, Boston Scientific Corporation, St. Jude Medical Inc Covidien PLC, Medtronic Inc., Johnson & Johnson, Magstim Co Ltd., W.L. Gore & Associates Inc., Integra Life Sciences Holdings Corp., Stryker Corp.
·         Market participants are involved in R&D for development of advanced stimulation and neuromodulation techniques with minimally invasive procedures that are more preferable to the patients. Furthermore, collaborations with university as well as non-university based institutes that are engaged in neuroscience research are expected to boost sector growth in the coming years. 
The global neurology devices market size was valued at USD 6.2 billion in 2014. Growing advancement in the field of imaging technologies and consequent development of neurosurgical endoscopy devices are likely to drive growth over the forecast period.
Further increase in the number of neuroinformatics related projects for provision of efficient algorithms are also attributive factors expected to boost demand over the forecast period. 
Product segments in the market include neurostimulation, interventional neurology, CSF management, and neurosurgery devices. Further classification of neurostimulation devices includes spinal cord stimulation, nerve stimulation, and gastric stimulation.
Neurostimulation devices account for the largest share of revenue for 2014, as the segment is vital for treatment of loco motor and nervous disorders. Growing incidence of chronic nervous disorders is also attributive towards large market share of this segment in 2014.
Neurosurgery devices are likely to register lucrative growth over the forecast period owing to an increase in their usage by neurosurgeons. Provision of the “Patient Protection and Affordable Care Act” is also anticipated to encourage the utilization of high value medical devices by the surgeons in order to avoid occurrence of hospital acquired infections thus boosting growth of this segment.
Neuroendoscopes are expected to grow at a CAGR of over 8%. Factors that are expected to attribute for the lucrative growth of neuroendoscopy devices include advancements pertaining to removal of intra-cranial tumors coupled with safety and efficacy associated with their usage. Interventional neurology devices hold a considerably large share following neurostimulation devices and is anticipated to register significant growth following the neurosurgery devices in the coming years.
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Grand View Research has segmented neurology devices market on the basis of product, method, application:
Global Neurology Devices Product Outlook (Market Revenue in USD Million, 2012 - 2022 )
·         Neurostimulation
o    Spinal Cord Stimulation
o    Spinal Cord Stimulation
o    Deep Brain Stimulation
o    Sacral Nerve Stimulation
o    Vagus Nerve Stimulation
o    Gastric Electric Stimulation
·         Interventional Neurology
o    Aneurysm Coiling and Embolization
o  Embolic Coils
o  Flow Diversion Devices
o  Liquid Embolic Reagents
o    Neurovascular Catheters
o  Micro Catheters
o  Micro Guidewires
o    Cerebral Balloon Angioplasty &Stents
o  Carotid Artery Stents
o  Filter Devices
o  Balloon Occlusion Devices
o    Neurothromobectomy
o  Clot Retrievers
o  Suction Aspiration Devices
o  Snare Devices
·         CSF Management Devices
o    Cerebral Shunts
o    Cerebral External Drainage
·         Neurosurgery Devices
o    Ultrasonic Aspirators
o    Stereotactic Systems
o    Neuroendoscopes
o    Aneurysm Clips
Presence of minimally invasive procedures for the treatment of complex and severe vascular disorders of brain, neck, and spine by application of fluorescence and other image-guided techniques is attributive towards the second largest share of this segment in 2014. Additionally, rapid advances in this segment such as intra arterial delivery of stem cells that are derived from the bone marrow using autologous stem cell delivery for repairing the damages of brain is anticipated to fuel the segment growth through to 2022.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.




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