IMARC Group, a leading market research company, has recently released a report titled “Neurology Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global neurology devices market growth, share, size, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest developments in the market.
How big is the neurology devices market?
The global neurology devices market size reached US$ 12.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 20.0 Billion by 2028, exhibiting a growth rate (CAGR) of 7.9% during 2023-2028.
What are neurological devices?
Neurology devices are innovative medical instruments specifically designed for diagnosing, monitoring, and treating neurological conditions and disorders. They include electroencephalography (EEG) systems, electromyography (EMG) devices, nerve conduction studies (NCS), and transcranial magnetic stimulation (TMS) systems. They play a crucial role in the field of healthcare by providing healthcare professionals with accurate and reliable data to aid in the evaluation and management of neurological conditions. They also enable healthcare providers to perform non-invasive tests, capture electrical brain activity, assess nerve function, and deliver targeted therapies to patients. They assist in improving patient outcomes, enhancing the efficiency of diagnosis and treatment processes, and advancing research in the field of neurology.
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What are the growth prospects and trends in the neurology devices industry?
At present, the increasing advancement in the field of imaging technologies and the consequent development of neurosurgical endoscopy devices represent one of the key factors driving the growth of the market.
Besides this, the rising number of neuroinformatics-related projects for the provision of efficient algorithms is offering lucrative growth opportunities to industry investors. In addition, key market players are investing in research and development (R&D) activities in the field of Neurotherapy to develop advanced neurology devices.
In line with this, the growing prevalence of neurological disorders among the masses across the globe is positively influencing the market.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Product:
- Neurostimulation Devices
- Neurosurgery Devices
- Interventional Neurology Devices
- Cerebrospinal Fluid Management Devices
Breakup by End User:
- Ambulatory Surgery Centers
- Neurology Clinics
Market Breakdown by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
Abbott Laboratories, B. Braun, Boston Scientific Corporation, Integra LifeSciences, LivaNova PLC, Medtronic plc, Nihon Kohden Corporation, Penumbra Inc. and Stryker Corporation.
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