Global Neurology Devices Market Report 2020 - Opportunities And Strategies, Market Forecast And Trends
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The global neurology devices market is expected to decline from $14 billion in 2019 to $11.8 billion in 2020 at a compound annual growth rate (CAGR) of -16.1%. The decline is mainly because of worldwide supply and demand mismatches of resources due to the COVID-19 outbreak. There is an inadequate production of devices used in neurological disease treatment, due to the restrictions imposed by governments of various countries to shutdown factories or function with minimal staffing in order to contain the spread of virus and keep the staff safe. Additionally, the restrictions on non-essential medical services also hampered the market growth. The market is then expected to recover and grow at a CAGR of 10% from 2021 and reach $20.7 billion in 2023.
The neurology devices (or) equipment 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 industry includes establishments that produce shunts and external drainage systems under cerebrospinal fluid management (CSF) devices to treat medical condition such as hydrocephalus. It also consists of interventional neurology devices to treat neurovascular diseases and neurosurgery devices.
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The global neurology devices market is further segmented based on type, end-user, type of expenditure, product and geography.
By Type: Cerebrospinal Fluid Management (CSF) Devices And Equipment, Interventional Neurology Devices And Equipment, Neurosurgery Devices And Equipment, Neurostimulation Devices.
By End User: Hospitals And Clinics, Diagnostic Laboratories, Others.
By Type of Expenditure: Public, Private.
By Product: Instruments/Equipment, Disposables.
Subsegments Covered: CSF Drainage Systems, CSF Shunts, Aneurysm Coiling & Embolization Devices, Neurothrombectomy Devices, Angioplasty Devices, Interventional Neurology Support Devices, Neurosurgical Navigation Systems, Neurosurgical endoscopes, Aneurysm Clips, Stereotactic Systems, Other Neurosurgery Devices, Implantable Neurostimulation Devices, External Neurostimulation Devices.
By Geography: The global neurology devices market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North American neurology devices market accounts for the largest share of 31% in the global neurology devices market 2019.
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Trends In The Neurology Devices Market
Wearable technology innovations are a new trend in the neurology device market. Wearable technology helps monitor symptoms automatically and also predicts some serious conditions such as seizures and disease progression before the patient is aware of them. These devices can collect health related data at any time and anywhere and thus are useful in monitoring or diagnosing several kinds of neurological disorders such as Parkinson’s disease, multiple sclerosis and epilepsy and also helpful to neurologists treating those patients.
Neurology Devices Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides neurology devices market overviews, analyzes and forecasts market size and growth for the global neurology devices market, neurology devices market share, neurology devices market players, neurology devices market segments and geographies, neurology devices market’s leading competitors’ revenues, profiles and market shares. The neurology devices market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.