PORTLAND, OR, April 10, 2023 (GLOBE NEWSWIRE) — According to a report published by Allied Market Research, worldwide Neurology Devices Market Generated $12.6 billion in 2021, growing at a CAGR of 8.1% from 2022 to 2031. The report provides detailed analysis of market trends, top segments, key investment pockets, value chains, regional scenarios, and competitive scenarios. The report is a useful source of information for leading market players, new entrants, investors and stakeholders to formulate future strategies and take steps to strengthen their position in the market.
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Report coverage and details:
|Market size in 2021||$12.6 billion|
|Market size in 2031||$27.2 billion|
|Number of pages in the report||220|
|Sections covered||Product, end user, and region|
|Growth in the geriatric population|
|Increase in demand for non-invasive and minimally invasive treatments|
|Initiatives from government and non-government organizations|
|Increase in prevalence of neurological disorders|
Advances in medical technology
|Reform of the health care system|
|High cost of neurology equipment|
|Lack of skilled professionals|
|A strict regulatory framework|
Impact of Covid-19 Neurology Devices Market:
- The outbreak of Covid-19 had both positive and negative impacts on the neurology devices market during the lockdown period.
- On the positive side, increased demand was experienced due to the prevalence of neurological disorders and the need for continuous patient monitoring and supervision through telehealth technologies and remote monitoring devices.
- On the negative side, many countries implemented lockdowns and import-export restrictions, which disrupted the manufacturing and distribution system of neurological devices. Also, the production of neurological devices, as well as the delivery of these devices, were delayed due to shortages of raw materials and components.
- Moreover, the continuous decline in patient attendance at hospital visits hampered the growth of the market, which includes preventive services such as patient screening for various diseases and neurological disorders.
- Despite these challenges, the market for neurology devices has recovered, and the production of neurology devices has seen tremendous growth.
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The report provides detailed segmentation of the global neurology devices market on the basis of product, end user, and region. The report provides analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants to determine the sub-segments to achieve growth in the coming years.
On the basis of product, the interventional neurology devices segment accounted for the largest share in 2021, generating nearly one-third of the global neurology devices market revenue and is expected to retain its dominant share in terms of revenue over the forecast period. However, the neurosurgery devices segment will exhibit the fastest CAGR of 9.1% during the forecast period. Neurostimulation devices, cerebrospinal fluid management devices, and other segments are also analyzed throughout the report.
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On the basis of end-user, the hospital segment accounted for the largest share in 2021, accounting for more than two-fifths of the global neurology devices market revenue, and is projected to maintain its dominance until 2031. The segment of ambulatory surgery centers, however, will perform the fastest. CAGR of 8.7% during the forecast period.
On the basis of region, North America will account for the lion’s share in 2021, contributing two-fifths of the global neurology devices market revenue, and is expected to rule the revenue in terms of revenue during the forecast period. The Asia-Pacific region will quote the fastest CAGR of 9.5% during the forecast period. Other regions studied in the report include Europe and Lamia.
Major market players analyzed in the global neurology devices market report include Natus Medical Inc., Liva Nova PLC, Abbott Laboratories, Integra Lifesciences, B.Braun SE, Stryker Corporation, Medtronic plc, Zimmer Biomet Holding Inc., Boston Scientific Corporation, and. Johnson & Johnson. These market players have adopted several strategies including partnerships, expansions, collaborations, joint ventures, and others to highlight their potential in the industry. The report is valued in terms of business performance and development by top players.
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