Neurology Devices Market Set for Strong Growth with 15.9% CAGR
Drivers:
Research and development of advanced nervous system science gadgets are driving the growth of the neurology devices market. For example, in March 2020, specialists at the Institute for Genomic Medicine at Columbia University Irving Medical Center revealed the advancement of improvement mode particle-based semiconductor intended to record the electrical action of neurons and to perform continuous estimations that help in distinguishing and checking neurological issues
Opportunities:
For players in the global neurology devices industry, the development of novel imaging software for neurological disorders is expected to provide lucrative growth opportunities. For example, Qynapse, a medical technology company based in France, obtained 510(k) clearance from the US Food and Drug Administration in February 2020 for its QyScore neurodegenerative disease imaging software.
Restraints:
Product recalls are likely to stifle business expansion. The US Food and Drug Administration (FDA) issued a Class 1 recall for Zimmer Biomet’s ROSA Brain system in November 2019, citing a software problem.
Key Takeaways:
The global neurology devices market was worth US$ 13,572.1 million in 2019 and is projected to hit US$ 44,045.9 million by 2027, with a CAGR of 15.9% from 2020 to 2027. Over the forecast period, the global neurology devices market is expected to expand due to increased R&D of new neurology devices.
In terms of size, the Neuro-stimulation Devices segment dominated the global neurology devices market in 2019, accounting for 71.4 percent of the market, followed by Interventional Neurology Devices and CSF Management Devices. The segment’s growth will be fueled by the rising prevalence of neurological disorders.
Market Trends:
Key Players in the market are introducing nervous system science gadgets to help medical care frameworks during the Covid-19 pandemic. For example, in May 2020, BIONIK Laboratories Corp. launched an In Motion automated framework, used to help stroke survivors and those with other neurological conditions recover arm and hand movement
Key players in the market are focused on endorsement and dispatch of new gadgets to grow their item portfolio. For example, in February 2020, Avanos Medical, Inc. received the U.S. Food and Drug Administration (FDA) endorsement for its 80-Watt COOLIEF Radiofrequency (RF) framework for neurological injury methodology.
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Current and future of global Neurology Devices Market outlook in the developed and emerging markets
The segment that is expected to dominate the market as well as the segment which holds highest CAGR in the forecast period.
Regions/countries that are expected to witness the fastest growth rates during the forecast period.
The latest developments, market shares, and strategies that are employed by the major market players.
Competitive Landscape:
Key Players engaged in the neurology devices market are B. Braun Melsungen AG, Boston Scientific Corporation, BIONIK Laboratories Corp., Integra LifeSciences Holdings Corporation, Johnson and Johnson, Magstim Co Ltd., Braintale SAS, Medtronic, plc. Abbott, Zimmer Biomet, Stryker Corporation, Helius Medical Technologies, Inc., Avanos Medical, Inc., W.L. Carnage and Associates, Inc., HeadsafeIP Pty Ltd., Cerus Endovascular Ltd., and Cyberonics, Inc.
Key Developments:
- In May 2020, HeadsafeIP Pty Ltd., a held mind wellbeing innovation organization, received 510(k) leeway from the U.S. Food and Drug Administration (FDA) for its NUROCHEK framework for mind appraisal.
- In April 2020, Cerus Endovascular Ltd. received CE Mark endorsement for its 021 Contour Neurovascular System, viable with more modest industrially accessible 021 microcatheters for the treatment of saccular intracranial aneurysms
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