Market Overview
The neurology devices market was valued at USD 13.5 billion in 2022 and is expected to rise from USD 14.55 billion in 2023 to USD 26.54 billion by 2032, with a compound yearly growth rate (CAGR) of 7.8% between 2023 and 2032.
Neurology devices can help in treating diseases and different neurological disorders. It can be the pathophysiological conditions which usually happen in the nervous system, spinal cord and brain. More than 20 million people in America had faced some serious neuropathy disorders and more than 17% of the families consist of individuals who suffer from the impairment of the brain. But as the awareness amongst the people is growing and so are the technological advancement, chances are high that regions like America shall dominate the market.
The impact of covid 19 had affected most industries and markets and affected the market of neurology devices to a great extent. The first outbreak started in the year 2020 and the medical devices industry and also the market of interventional neurology devices market got badly hit. Patients are also trying to avoid getting admitted to healthcare institutions to protect against disease contamination. Also, medical device manufacturing was impacted hugely because of the lockdown.
Market Segmentation
The Neurology Devices Market is segmented as per the products, Disease Pathology, End-User, and Region
As per the Product
The market of the Neurology Devices segmented as per the products consists of:
- Interventional Neurology
- Neuro Thrombectomy
- Embolization
- Neurostimulation
- Vagus Nerve Stimulation
- Gastric Electric Stimulation
- CSF Management
- Neurosurgery Devices
- Filter Devices
- Stenting and Cerebral Balloon Angioplasty
- Aneurysm Coiling
- Deep Brain Stimulation Devices
- Sacral Nerve Stimulation
- Spinal Cord Stimulation Devices
- CSF Drainage
- CSF Shunts
As per Disease Pathology
The market of the Neurology Devices segmented as per the Disease Pathology consists of:
- Fistulas and Arteriovenous Malformations
- Carotid Artery Stenosis
- Cerebral Aneurysms
- Ischemic Strokes
As per End-User:
The market of the Neurology Devices segmented as per the End-User consists of:
- Clinics and Hospitals
- Specialty Center
As per Region
The market of the Neurology Devices segmented as per the region consists of:
- Asia-Pacific
- Africa and the Middle East
- Americas
- Europe
Regional Classification
As per regional analysis that has been made on the Neurology Devices Market research, it is found that the segmentation is done as per the Americas, Europe, Africa, Asia Pacific and the Middle East. Out of which the American region is likely to hold a huge share of the market in the forecast timespan. It is simply due to the increased case of different neurological disorders. Also, the schemes which are supportive of reimbursement along with different key players' presence are improving the growth of the market in the same region. Following it is Europe which is dominating the market because of the technology advancement and government support.
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