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The neurology
devices market share was valued at USD 13.5 billion in 2022 and is
projected to grow from USD 14.55 Billion in 2023 to USD 22.84 billion by 2030,
exhibiting a compound annual growth rate (CAGR) of 7.80% during the forecast
period (2023 - 2030). Neurology is a discipline of medicine that focuses on
problems with the nervous system, including the brain, blood vessels, muscles,
and nerves. The treatment of neurological disorders like Alzheimer's, tumors,
and Parkinson's disease with neurovascular devices like interventional devices,
cerebrospinal fluid management devices, and others. Shunts, valves, and
external drainage systems are also used in cerebrospinal fluid management
devices to facilitate the flow of cerebrospinal fluid and remove excess fluid
from the brain.
A shunt also provides an alternative fluid
conduit by which the cerebrospinal fluid avoids obstacles in the brain's fluid
compartments as well as acts whenever fluid absorption is otherwise impeded.
The stent-created bypass relieves the extra fluid buildup which causes
hydrocephalus. Furthermore, numerous other devices or instruments, like
catheters, ultrasonic aspirators, stents, and stereotactic systems, are
available on the market for the therapy of neurological devices market.
Key Players
Some of
the key players in the global neurology devices market are B. Braun
Melsungen AG, Boston Scientific Corporation, Integra LifeSciences Holdings
Corporation, Johnson and Johnson, Medtronic Inc., St. Jude Medical, Inc.,
Stryker Corporation, W.L. Gore & Associates, Inc., and Esaote, among others
Regional
Classification
In 2018, the neurology devices market was
dominated by North America, followed by Europe. Increased government funding
for the R&D of novel neurological devices and a rise in prevalence of
neurological disorders like Alzheimer's and Parkinson's disease are driving the
overall expansion of the North American neurology devices market. Furthermore,
the widespread availability of innovative neurological equipment and a
well-developed healthcare infrastructure and the existence of major companies
all contribute to the market's development.
However, due to a growth in the frequency
of neurological illnesses and the availability of a big patient pool in this
region, LAMEA is expected to develop at the fastest pace over the analysis
period. Furthermore, major factors driving the area's neurology devices market
development include rising per capita income in many nations, increased
government initiatives to boost the healthcare sector, as well as a sharp rise
in leading manufacturers' focus on expanding their geographic presence in
emerging countries to capture the largest share of the neurology devices
market.
Market
Segmentation
The cerebrospinal fluid management devices
segment dominated the neurology
devices market outlook by product in 2018, and this trend is expected to
continue over the projected period. It is due to an increase in the use of
these devices for neurological device diagnosis. These management devices, for
example, are frequently employed in the diagnosis and treatment of multiple
sclerosis, encephalitis, myelitis, and other neurological diseases.
The hospital segment captured the most
market share by end-user in 2018, and this trend is expected to continue during
the projected period. This is due to the simple accessibility of neurological
devices in hospital settings and patients' preference for visiting hospitals
for neurological device diagnosis and therapy.
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