Global Neurodegenerative Disorder Therapeutics Market

The neurophysiology devices and equipment market consist of sales of neurophysiology devices and equipment and related services. Most prevalent monitoring techniques under this market are Electroencephalography (EEG), electromyography/electroneurography (EMG/ENG) and the recording of evoked potentials (EP). These equipment and techniques are helpful in dealing with different functions of the nervous system such as spinal cord & peripheral nerve dysfunction brain alterations and nerve damage. The neurophysiology devices and equipment market covered in this report is segmented by technology into electromyography (EMG), electroencephalography (EEG), electrocorticography (ECOG), evoked potential (EP). The neurophysiology devices and equipment market is also segmented by end users into hospitals, ambulatory surgical centers and by modality into standalone, portable. The global neurophysiology devices and equipment market is expected to grow from $1.3 billion in 2020 to $1.4 billion in 2021 at a compound annual growth rate (CAGR) of 7.7%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while 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 neurophysiology devices and equipment market is expected to reach $1.75 billion in 2025 at a CAGR of 5.7%. The major factor responsible for the growth of neurophysiology device and equipment market is the increasing prevalence of neurological disorders, worldwide. Neurological disorders are identified as one of the most prevalent disorders out of all the recurring ailments. There are more than 600 neurological disorders like brain tumor, epilepsy, Parkinson's disease, Alzheimer's etc. These disorders were ranked as the leading cause group of Disability Adjusted Life Years (DALYs), which is the number of years lost due to ill-health, disability or early death. The increasing number of cases of neurological diseases and growing count of patients is leading to the increasing demand for the devices used in the treatment of such disorders. For example, as per the National Brain Tumor Society, around 700,000 people in the USA were suffering from Brain Tumors in 2019. Similarly, the Alzheimer's Association reported that between 2017 and 2025, number of Alzheimer cases are expected to rise by around 14% in the U.S. This would increase the demand for medical devices used in the treatment of neurological disorders, thus driving the neurophysiology device and equipment market during the forecast period. The market for neurophysiology devices and equipment is restricted by the high cost of neurodiagnostic procedures. The treatments available for neurophysiological disorders are very expensive due to the advanced technology used in this equipment. High cost of procedure leads to decrease in demand for these treatments because of low affordability, especially in low income countries, thus restraining the growth of the market. For example, a survey conducted by NCBI highlighted that the availability of EEG and EMG was significantly correlated with higher income group countries. Out of the surveyed low-income countries, only the top 20% could afford neurodiagnostic tests and in lower-middle-income countries more than 40% of the population were unable to afford this treatment, thus limiting the growth of the market. Companies in the neurophysiology devices and equipment market are investing in advancement of technology to increase the efficiency of these devices. There have been plenty of innovations in the brain monitoring devices, for instance, EEG monitoring, Brain Simulation therapies and Intraoperative Neurophysiological monitoring. New technological innovations are enabling the development of devices which are integrating or adopting processes such as advanced neuroimaging techniques, stem cell therapies, and molecular interventions and microbiome technologies. There is also a trend of portable and wearable device technology assisting in home-based monitoring for ailments such as epilepsy and sleep apnea. For example, Smart Monitor, in 2019 developed SmartWatches called Embrace to monitor symptoms of epilepsy and instantly send alerts to the caregivers and family members of the patient, if any abnormal pattern is noticed in his body. This technology also helps in improving the safety and treatment of users. In the USA, American Association of Neurological Surgeons (AANS) and the Congress of Neurological Surgeons (CNS) AANS/CNS regulate neurology devices including neurophysiology devices. There are two methods that manufacturers can use for premarket approval for neurophysiology devices. The first method consists of conducting clinical studies and submitting a premarket approval (PMA) application that includes evidence providing reasonable assurance that the device is safe and effective. The other method involves submitting a 510(k)-notification demonstrating that the device is substantially equivalent to a device already on the market (a predicate device) that does not require a PMA. Major players in the neurophysiology devices and equipment market are Medtronic Plc, Nihon Kohden Corporation, Dr. Langer Medical Gmbh, Natus Medical Incorporated and Inomed Medizintechnik. The regions covered in the neurophysiology devices and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the neurophysiology devices and equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The global neurophysiology devices and equipment market is segmented - 1) By Technology: Electromyography (EMG), Electroencephalography (EEG), Electrocorticography (ECoG), Evoked potential (EP) 2) By End Users: Hospitals, Ambulatory Surgical Centers 3) By Modality: Standalone, Portable

Medical Devices Market Definition

The medical devices market consists of sales of medical equipment or devices and related services by entities (organizations, sole traders and partnerships) that manufacture medical equipment or devices which are used in the diagnosis, treatment and monitoring of medical conditions. The medical device industry includes establishments that manufacture medical equipment or devices such as in-vitro diagnostic devices, diagnostic imaging equipment, dental equipment and supplies, ophthalmic devices, cardiovascular devices, hospital supplies and other medical devices. The market by value in this report is defined as the revenues that enterprises gain from goods and/or services within the specified market and geography. It does not include revenues from intersegment sales and resales, either further along the supply chain or as part of other products. Only goods and services traded between entities or sold to end consumers are included. Whether specifically stated or not, the markets for goods include related services and the markets for services include related goods.

The neurostimulation devices market consists of sales of surgically or externally placed neurostimulators and related services. The neurostimulation devices are designed to deliver electrical stimulation to specific parts of the patient's brain, spinal cord, or peripheral nervous system for the treatment of various conditions such as chronic pain, movement disorders, epilepsy, and Parkinson's disease. The neurostimulation devices include spinal cord stimulators, deep brain stimulators, sacral nerve stimulators, vagus nerve stimulators, and cortical stimulators. The global neurostimulation devices market is expected to grow from $5.77 billion in 2020 to $6.59 billion in 2021 at a compound annual growth rate (CAGR) of 14.2%. 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 $9.92 billion in 2025 at a CAGR of 10.8%. The rising geriatric population across the globe is driving the growth of the neurostimulation device market. An increasing number of the population is aging and this geriatric population is falling prey to different neurobiological disorders. For instance, according to the World Population Ageing Report, in 2019, there were an estimated 702.9 million people aged 65 or over globally. According to the population reference bureau, the number of Americans aging 65 and older is projected to more than double from 46 million in 2015 to over 98 million by 2060. According to the StastsCan, 2015, over 5.7 million Canadians have aged 65 and older, which was 16.1 % of the Canadian population. The high cost associated with the neurostimulation Devices will impede the growth of the market. For example, the average price of neuromodulation devices for chronic pain management range from $13920 to $17940, and the average price of neuromodulation devices for epilepsy ranges from $25420 to $25970. Although the device construction between neurostimulation and cardiac rhythm management devices is similar, neuromodulation generators are 67 percent more expensive than cardiac rhythm management devices. Minimally invasive treatments are being developed for the treatment of various neurological disorders. The neurostimulation devices are being innovated in a way to cause minimum invasion during the neurological treatments. For example, Deep Brain Stimulation (DBS) is a minimally invasive surgical procedure to treat neurological symptoms of Parkinson’s disease, including tremors, rigidity, and movement control. DBS uses a neurostimulation device, similar to a heart pacemaker, to deliver electrical pulses to a very precise location in the brain circuits that influence Parkinson’s disease symptoms. The electrical pulses from the DBS device block the activity of these circuits so the rest of the brain can function more normally. USFDA strictly regulates the approval of medical devices depending on their class which is based on the risk associated with the device. There is relatively few class I neurological devices. The majority of the neurological devices are classified under Class II and Class III. Class II devices include neurostimulators, aneurysm clips, and blood clot retrievers. Examples of Class III devices are deep brain stimulators and medical devices for the treatment of brain tumors. Approval of class III medical devices is complicated and requires clinical trials. The time taken for the trials can be 36 months or more, depending on the extent of clinical trials and additional information that the FDA might request. Also, the European Union has recently taken steps to strengthen its regulatory approval process significantly, and this is expected to delay approvals in Europe. The delay in regulatory approvals and the high cost of interventional devices are the major challenges faced by the companies involved in the manufacture of neurological devices. In 2020, Medtronic, an Irish medical device company has acquired Stimgenics for an undisclosed amount. This acquisition is expected to boost the chronic pain treatment portfolio of Medtronic. Stimgenics is a private company based in Bloomington, that is pioneered in new spinal cord stimulation (SCS) waveform know as Differential Target Multiplexed (DTM) spinal cord stimulation. After the completion of the acquisition, the new proprietary DTM SCS waveform will be available on the Medtronic Intellis Platform. Major players in the market are Medtronic, Cyberonics, Boston Scientific Corporation, St. Jude Medical, Nevro Corporation. The countries covered in the global neurostimulation devices market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, Australia. The regions covered in the global neurostimulation devices market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global neurostimulation devices market is segmented - 1) By Product: Implantable Devices, External Devices 2) By Application: Pain Management, Epilepsy, Essential Tremor, Urinary and Fecal Incontinence, Depression, Dystonia, Gastroparesis, Parkinson's Disease 3) By End User: Hospitals, Rehabilitation Centers, Medical Clinic 4) By Implantable Devices: Cochlear Implants, Deep Brain Stimulation, Spinal Cord Stimulation, Vagus Nerve Stimulation, Sacral Nerve Stimulation, Gastric Electric Stimulation 5) By External Devices: Transcranial Magnetic Stimulation (TMS), Transcutaneous Electrical Nerve Stimulation (TENS)

The interventional neurology devices and equipment market consists of sales of interventional neurology devices which are used to treat neurovascular diseases such as aneurysms, arteriovenous malformations, cavernous malformations and stroke. Based on the product type, these devices are classified into aneurysm coiling & embolization devices, support devices, cerebral balloon angioplasty & stenting systems and neurothrombectomy devices. Interventional Neurology devices are also known as Neurovascular devices. The global interventional neurology devices and equipment market is expected to grow from $1.84 billion in 2020 to $2.04 billion in 2021 at a compound annual growth rate (CAGR) of 10.9%. 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 $2.72 billion in 2025 at a CAGR of 7.5%. Increase in the patient population with the neurological disorders is driving the Interventional neurology devices market. Neural disorders like Alzheimer disease, cerebrovascular diseases including stroke, migraine and other headache disorders are on the rise. The rapid increase in the geriatric population, high-stress levels in young individuals and head injuries due to accidents are the main reasons for neural disorders. For example, according to the Brain Aneurysm Foundation, it is estimated that in United States, 6 million people suffer from unruptured brain aneurysm. Also, according to World Health Organization, more than 50 million have epilepsy and over 47 million have dementia. Hence, the rapid increase in the incidence of the neurological disorders is slated to boost the market in the forecast period. Strict regulatory policies by the US FDA for the approval of Interventional Neurological Devices will hinder the interventional neurological devices market growth. FDA gives approval for the devices based on the class of the devices. Most of the devices under Interventional Neurological Devices are classified under the class 3 devices. Class 3 devices required to undergo a lot of approvals from the regulatory bodies which is a time consuming process. For example, the approval for the class 3 devices may take more than 36 months, thereby increasing the overall cost of product development, impacting the market negatively. Stryker Inc.’s latest technological development Neuroform Atlas Stent System is expected to provide significant results to treat brain aneurysms with embolic coils. The introduction of such technologies would drive the interventional neurological device market in the future. The Atlas stent system provides great support during the coiling procedures and it has been designed s to provide the coil support and wall apposition needed to perform effective stent-assisted coiling procedure. Neuroform Atlas has enhanced stent conformability, a low-profile delivery system and high deployment accuracy even in distal anatomy makes it the latest choice of the neuro-surgeons, thereby steering the market. The United States Food and Drug Administration (FDA) Center for Devices and Radiological Health (CDRH) presides over the regulation and approval of medical devices in the USA. Within CDRH, the Division of Neurological and Physical Medicine Devices reviews medical technologies that interface with the central and peripheral nervous system (neurotechnologies), including neurointerventional medical devices that are used in the treatment of stroke. Also, the division of Neurological and Physical Medicine Devices (DNPMD) serves as the primary point of review at the FDA for regulatory submissions involving medical device neurotechnologies. Although the process of approval is strenuous and the time taken is too long, the devices approved by FDA have had a major impact on the markets and the products approved by FDA are successful. FDA has been actively approving devices in the interventional neurosurgery device division which has boosted the market’s growth. For example, approval of Stryker’s Neuroform Atlas Stent System, De Novo clearance for Nerivio Migra and Pipeline Flex embolization by Medtronic are the recent approvals made by FDA which enhances the market’s growth. Major players in the market are Medtronic, Stryker, Terumo Corporation, Penumbra and Covidien. The countries covered in the global interventional neurology devices and equipment market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, Australia. The regions covered in the global interventional neurology devices and equipment market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global interventional neurology devices and equipment market is segmented - 1) By Type: Aneurysm Coiling & Embolization Devices, Cerebrospinal Fluid Management Devices, Neurothrombectomy Devices, Support Devices 2) By End-User: Hospitals, Neurology Clinics, Ambulatory Care Centers and Others 3) Aneurysm Coiling & Embolization Devices By Type: Embolic Coils, Flow Diversion Devices, Liquid Embolic Devices 4) Angioplasty Devices By Type: Carotid Artery Stents, Embolic Protection Systems 5) Support Devices By Type: Micro Guide Wires, Micro Catheters 6) Neurothrombectomy Devices By Type: CLOT Retrieval Devices, Suction and Aspiration Devices, Snares

The neurosurgery devices and equipment market consists of sales of neurosurgery devices and equipment and related services. Neurosurgery devices and equipment are used to perform neurosurgical procedures that are concerned with diagnosis, prevention and treatment of disorders affecting any portion of the nervous system. Products include neurosurgical navigation systems, embolization devices, stereotactic devices, intracranial shunts, surgical clips, endoscopic devices, stereotactic radiosurgery systems, aneurysm and AVM clips. The global neurosurgery devices and equipment market is expected to grow from $3.14 billion in 2020 to $3.55 billion in 2021 at a compound annual growth rate (CAGR) of 13.1%. 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 $5.11 billion in 2025 at a CAGR of 9.5%. Rise in the neurological disorders are driving the neurosurgery devices market. A neurological disorder is caused due to the effect on the nervous system which includes spinal cord, and brain. These disorders include epilepsy and Alzheimer. According to an article on US Pharmacist, in 2018, out of the most common neurological disorders, stroke accounts to 51.3%, Alzheimer’s disease 21.4%, Epilepsy 11.6%, traumatic brain injury 6.8%, Parkinson’s disease 4.7% and brain tumor 2.8%. Furthermore, 1.2 million people are frequently diagnosed on adult-onset brain disorders. Increase in these disorders is driving the growth of the neurosurgery devices and equipment market. According to the Alzheimers Association, millions of Americans have Alzheimer’s or other dementias. As the size and proportion of the U.S. population age 65 and older continue to increase, the number of Americans with Alzheimer’s or other dementias will grow from 55 million in 2019 to 88 million by 2050. Stringent US FDA approval process is restraining the Neurosurgery devices market. US FDA takes around 6 months to approve the premarket submissions to demonstrate that the device and check if the device is safe and effective. Most of the neurosurgery devices should get the premarket approval from the FDA before entering into the market. For example, In US, only 2,800 (31%) medical devices has cleared the FDA premarket submissions and remaining 69% are rejected. However, the technical sections’ assessment is done simultaneously and therefore the manufacturers should identify the time taking steps and plan the work accordingly and plan an estimated date of approval. Also, the license validity and renewal of the application takes a toll on the manufacturer and adds to the existing regulatory burden. Therefore, the manufacturers of neurosurgical devices should plan well and communicate effectively in order to minimize the costs and reduce timelines. Minimally invasive surgical procedures and approaches are the new frontier in neurosurgery as they result in less pain than open surgeries, shorter recovery times, less scarring, increase surgeon mobility and reduce equipment costs. Neuroendoscopy is a minimally invasive neurosurgical procedure performed through neurosurgery devices to correct hydrocephalus, remove tumors, treat vascular disease, and manage other disorders. Neurosurgery device manufacturers are innovating and integrating technologies for advanced endoscope-assisted neurosurgery in order to provide efficient minimally invasive surgeries, operative procedures, clinical advances, and new technological developments. For instance, end users such as hospitals, ambulatory surgical centers and others are using smartphones with endoscopes for performing safe and efficient endoscope-assisted neurosurgery. In New York-Presbyterian Hospital/Columbia University Medical Center, minimally invasive neurosurgeries are preferred over open surgeries with the help of specialized instruments and technologies such as camera assisted endoscope, high-powered operating microscope, computer-assisted navigation system and others to treat conditions in adults and children. The European Commission on 7th March 2017, adopted two new regulations for medical devices in order to enhance safety, take effective measures in the event of concerns, and improve traceability. These regulations provide the medical device manufacturers with a stronger mandate for assessment of medical devices by independent notified bodies, a unique identification number for improving traceability throughout the supply chain, availability of clinical data on devices, and provides a central database to provide patients, healthcare professionals and the public with comprehensive information on products. These rules help manufactures to meet the standards, safety requirements and to make better informed decisions. Major players in the market are Medtronic, Boston Scientific Corporation, Stryker, Conmed Corporation and Smith & Nephew. The countries covered in the global neurosurgery devices and equipment market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, Australia. The regions covered in the global neurosurgery devices and equipment market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global neurosurgery devices and equipment market is segmented - 1) By Device Type: Neuroendoscope, Stereotactic Systems, Aneurysm Clips, Neurostimulation Devices, Cerebrospinal Fluid Management Devices, Neurosurgical Evacuation Device, Neurosurgical Navigation Systems, Neurosurgery Surgical Power Tools, Others(Ultrasonic Aspirators, Surgical Instruments) 2) By Surgery Type: Intracranial Surgery, Endonasal Neurosurgery, Spinal Surgery 3) By End User: Hospitals, Ambulatory Surgical Centers

The brain and neuroimaging devices market consists of sales of brain and neuroimaging devices and related services by businesses that manufacture them. Brain and neuroimaging devices are medical devices used to capture the structure and function of the brain for studying the areas affected by neurological disorders, brain functioning and activity of the brain. The global brain and neuroimaging devices market is expected to grow from $31.429 billion in 2020 to $32.577 billion in 2021 at a compound annual growth rate (CAGR) of 3.7%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while 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 $41.122 billion in 2025 at a CAGR of 6%. An increase in the incidence of neurological disorders is expected to drive the market. According to a report by Neurological Alliance published in 2019, the number of neurological cases in England has reached 14.7 million and 1 in 6 people suffer from neurological disorders. Brain and neuroimaging devices are used to diagnose neurological disorders increasing the survival rate and management of the disease. This increasing incidence rate is expected to drive the brain and neuroimaging devices market. The high cost of imaging devices is anticipated to hamper the market for brain and neuroimaging devices. Neurological and cognitive psychology research and design brain-computer interfaces require high-end machines such as Electroencephalography (EEG), Positron Emission Tomography (PET), Functional Magnetic Resonance Imaging (fMRI) among others. These are high-cost devices, for instance, the new 64-slice CT scanners range between $500,000 and $700,000, cost of a PETCT scanner ranges from $225,000 to $750,000, which is not affordable for all hospitals and labs, mainly in developing countries. Thus, the high cost of imaging devices hampers the buying capacity of hospitals and diagnostic labs, hampering the brain and neuroimaging devices market. Companies and researchers are focusing on developing portable brain scanners that are expected to revolutionize brain imaging by lowering the cost of devices, making it affordable and accessible to all. EMVision Medical Devices and researchers at Queensland University have developed a portable brain scanner technology that enables brain scanning to be performed at almost any location. Researchers at University College London have developed a portable MEG brain scanner that is lightweight, worn like just a helmet but can measure brain activity even as people make natural movements, providing improved imaging opportunities for patients with disorders which cause unprompted body movements, such as epilepsy. In July 2018, York Instruments, a subsidiary of Croton Healthcare, a UK-based company developing the next generation of magnetoencephalography (MEG) brain scanners, acquired the MEG business of Elekta for an undisclosed amount. This acquisition is expected to boost the magnetoencephalography field. This acquisition supports not just the significant future development of MEG technology, but also the customers of both companies, as it combines the experience of Elekta and the advanced technology of York Instruments. Elekta, a Swedish company, is a leading manufacturer of equipment and software that are used to enhance, prolong and save the lives of people with cancer and brain disorders. The major players covered in the global brain and neuroimaging devices market are GE, Siemens, Philips, Canon, Hitachi Medical Systems, Medtronic Plc, EB Neuro S.p.A., Neurosoft, MinFound Medical Systems Co. Ltd, Elekta. The countries covered in the global brain and neuroimaging devices market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The regions covered in the global brain and neuroimaging devices market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global brain and neuroimaging devices market is segmented - 1) By Imaging Type: Functional Magnetic Resonance Imaging (fMRI), Computed Tomography (CT), Positron Emission Tomography (PET), Electroencephalography (EEG), Magneto Encephalography (MEG), Others 2) By End-User: Hospitals, Diagnostic Centers, Ambulatory Surgical Centers 3) By Application: Parkinson’s Disease, Traumatic Brain Injury, Epilepsy, Dementia, Sleep Disorders, Other Applications

The radiopharmaceuticals market consists of sales of radiopharmaceuticals and related services by entities (organizations, sole traders, and partnerships) that produce radiopharmaceuticals used in treating cancer, cardiovascular, and other diseases. Radiopharmaceuticals are radioactive compounds administered to the patients, monitored via specific imaging devices, and used for diagnostic and therapeutic purposes. The global radiopharmaceuticals market is expected to grow from $4.78 billion in 2020 to $5.12 billion in 2021 at a compound annual growth rate (CAGR) of 7.1%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while 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 $6.75 billion in 2025 at a CAGR of 7%. The increasing prevalence of cancer and cardiovascular diseases is projected to drive the demand for the radiopharmaceuticals market. Radiopharmaceuticals are emerging as a safe and effective therapeutic option over conventional medicines. Radiopharmaceuticals provide an upper hand to radiologists to treat cancer and cardiovascular diseases due to their benefits such as targeted therapy. Cancer is considered to be the second major cause of death, with around 1 in 6 deaths due to cancer worldwide. According to the International Agency for Research on Cancer (IARC), by 2040, the global burden is projected to increase to 27.5 million active cancer incidents and 16.3 million cancer deaths primarily due to population growth and ageing. About 70% of deaths from cancer occur in low- and middle-income countries. Thus, the rising cases of cancer and cardiovascular diseases are expected to surge the demand for radiopharmaceuticals for the treatment of these diseases. The high cost of radiopharmaceuticals is anticipated to limit the growth of the market. High costs and short half-life of radiopharmaceuticals are reducing their implementation in hospitals and clinics. The development cost of radiopharmaceuticals is very high compared to that of therapeutic drugs and also undergoes a very lengthy and expensive regulatory process. For instance, the cost of diagnostic radiopharmaceuticals development is $100 to $200 million for 8-10 years in comparison with the cost of pharmaceuticals, which ranges between $600 million to $1.2 billion for 10-12 years. Therefore, the high cost of radiopharmaceuticals is likely to act as a major restraint for market growth. Research collaborations and partnerships are gaining significant popularity in the radiopharmaceuticals market over recent years. Major companies operating in the radiopharmaceuticals market are collaborating with other industry players to conduct R&D activities to expand their business. For instance, in March 2020, Debiopharm, a Switzerland-based biopharmaceutical company, signed a research agreement with 3B Pharmaceuticals (3BP), a Germany-based biotechnology firm, to develop the Debio 0228 radioligand program, targeting CAIX (Carbonic Anhydrase 9) enzyme to fight the progression of cancer. Many companies are adopting various strategic initiatives such as opening a new manufacturing facility and plant capacity expansion, which is gaining significant popularity in the radiopharmaceuticals market. For instance, in May 2019, ITM Isotopen Technologien Munchen AG (ITM) announced the launch of its new manufacturing facility in the Munich area to increase the production capacity of high-purity (n.c.a.) Lutetium-177 and no-carrier-added (n.c.a.) Lutetium-177 containing radiopharmaceuticals. Lutetium-177 is popular under brand EndolucinBeta and is an innovative isotope used in cancer therapy. This is the company’s step towards meeting the high demand for quality medical isotopes for precision oncology worldwide. In December 2019, Curium, a nuclear medicine solution provider, completed the acquisition of MAP Medical Technologies Oy, a Finnish radiopharmaceutical company, for an undisclosed amount. The acquisition is expected to expand the geographical footprint of Curium in Europe along with the product portfolio expansion. Medical Technologies Oy is a Finnish company founded in 1991 and develops and manufactures radiopharmaceuticals. The products of the company are developed to meet the needs of nuclear medicine professionals. The major players covered in the global radiopharmaceuticals market are Siemens Healthcare Private Limited, Bayer, GE Healthcare, Novartis AG, Cardinal Health, Lantheus Medical Imaging Inc., Bracco Imaging S.p.A., Nordion Inc. (A Subsidiary of Sterigenics International), Mallinckrodt plc, Curium, Eckert & Ziegler, Eli Lilly, Eckert & Ziegler, IBA Group, Merck & Co. Inc., Philips Healthcare, Fujifilm Holding Corporation, Areva Pharma, Navidea Biopharmaceuticals Inc., Actinium Pharmaceuticals Inc., Global Medical Solutions LTD., Shine Medical Technologies. The countries covered in the global radiopharmaceuticals market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The regions covered in the global radiopharmaceuticals market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global radiopharmaceuticals market is segmented - 1) By Type: Diagnostic, Therapeutic, Others 2) By Application: Oncology, Cardiology, Gastroenterology, Neuroendocrinnology, Neurology, Nephrology, Others 3) By End User: Hospitals, Ambulatory Surgical Centers, Diagnostic Centers, Cancer Research Institutes, Others

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. The global neurology devices market is expected to grow from $11.85 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%. 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. 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. 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. 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. The major players covered in the global neurology devices market are Medtronic, Abbott Lab, B. BraunMelsungen AG, Stryker Corporation, LivaNova. The countries covered in the global neurology devices market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, Vietnam. The regions covered in the global neurology devices market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global neurology devices market is segmented - 1) By Type: Cerebrospinal Fluid Management (CSF) Devices And Equipment, Interventional Neurology Devices And Equipment, Neurosurgery Devices And Equipment, Neurostimulation Devices 2) By End User: Hospitals And Clinics, Diagnostic Laboratories, Others 3) By Type of Expenditure: Public, Private 4) 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