Latest News - Neurology Devices Market: Hospitals is expected to lead the End-user segment during 2024-2028

The Neurology Devices Market is being driven by Increasing prevalence of neurological disorders

The Neurology Devices Market is expected to grow at a CAGR of 8.06% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 7.22 billion. In the neurology devices market, technological advancements have led to the introduction of innovative medical equipment. Notable developments include robot-assisted devices and neurostimulators with brain-computer interface capabilities. For instance, NeuroPace Inc.'s (NeuroPace) NeuroPace RNS System is a groundbreaking implantable neurostimulator, approved by the US FDA, that offers personalized epilepsy treatment. This device enables wireless brain wave monitoring and data transfer to the Patient Data Management System (PDMS) for effective refractory epilepsy treatment. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • Hospitals
  • ASCs
  • Others
• Product
  • Neurostimulation devices
  • Interventional neurology devices
  • Neurosurgery devices
  • Cerebrospinal fluid management devices
  • Others
• Geography
  • North America
    • US
  • Europe
    • Germany
    • UK
  • Asia
  • Rest of World (ROW)

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing prevalence of neurological disorders
• Growing geriatric population
• Increasing funding for neurology and related research

However, the market also witnesses some limitations, which are as follows:

• High cost of neurology devices
• Stringent regulations and product recalls
• Shortage of neurologists

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Market Scope in Neurology Devices Market Research Report

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Research Analysis Overview

The Neurology Devices Market encompasses a range of innovative medical technologies designed to diagnose, monitor, and treat various neurological disorders. Key products in this market include CSF Shunts and CSF Drainage Systems, utilized for managing hydrocephalus and other conditions causing excess cerebrospinal fluid. Diagnostic laboratories and hospitals and clinics rely on these devices for the examination and treatment of congenital limb differences, limb loss, and conditions affecting sight, hearing, Alzheimer’s, Parkinson's, and other nervous system disorders. Major players in the Neurology Devices Market include Stryker Corporation, with their Axonpen System, ClearMind Biomedical, Medtronic, Mainstay Medical, Biogen, and others. These companies develop and manufacture neurosurgery devices and neurology devices, focusing on monitoring, treatment, and diagnosis of conditions related to the brain, spinal cord, and nerves. Medical devices for Alzheimer’s and Parkinson's diseases, as well as neurodegenerative disorders, are a significant part of this market.

Market Research Overview

The Neurology Devices Market is a significant segment of the expansive Global Healthcare Equipment Market. This market is characterized by companies and innovations focused on neurology-specific diagnostic equipment and devices. Technavio calculates the market size by aggregating the revenues of manufacturers in this sector, contributing to the diagnosis, monitoring, and treatment of neurological conditions. The Healthcare Equipment Industry encompasses various segments, including the Neurology Devices sector, which features advanced, clinically tested, and data-driven neurology devices. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/