The Business Research Company’s Neurology Devices Market 2021 – Opportunities And Strategies – Global Forecast To 2030
LONDON, GREATER LONDON, UK, November 16, 2021 /EINPresswire.com/ — Some neurology devices manufacturers are investing in research and development activities to offer implantable wireless brain devices such as neuromodulation devices to treat neurological and psychiatric diseases. These are tiny devices with a wireless neuromodulator implanted inside the cranium (skull), to communicate with brain and stimulate nerves in the body. They are equipped with antennas, application-specific integrated circuits, ceramic lid and feedthrough. These devices are used for relieving depression, traumatic brain injury, stress, and bipolar disorders by manipulating brain signals accordingly. For instance, in 2017, researchers from the University of California, Berkeley, developed wireless brain implants to treat Parkinson’s disease and clinical depression. In 2018, Draper Inc, a Cambridge, Massachusetts-based engineering company developed a small wireless neuromodulation device to treat neurological disorders. On 15 February 2021, BIOS, a Cambridge based developer of neural interfaces, received a funding of $0.9 million funding over 12 months from the US National Institutes of Health’s (NIH) Stimulating Peripheral Activity to Relieve Conditions (SPARC) Program, to support the research for neuromodulation parameters for the development of neural treatments for chronic disease.
Major players covered in the global neurology devices market are Medtronic Inc., Stryker Corporation, Boston Scientific Corporation, Integra LifeSciences, Abbott Laboratories, Hitachi Construction Machinery Co., Ltd.
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The global neurology devices market reached a value of nearly $11.85 billion in 2020, having increased at a compound annual growth rate (CAGR) of 3.5% since 2015. The neurology devices market is expected to grow at a CAGR of 10.2% from 2020 to reach $19.25 billion in 2025. The global neurology devices market is expected to reach $28.17 billion in 2030, at a CAGR of 7.9%.
The increase in patient pool due to rising geriatric population globally is expected to continue to drive the neurology devices market during the forecast period. Geriatric population suffering from neurology diseases such as dementia including Alzheimer’s disease and Parkinson’s disease constitutes the major clientele of hospitals providing neurology treatments. According to the Department of Economic and Social Affairs, United Nations, the number of people aged 65 and above is expected to increase to 1.5 billion by 2050. The geriatric population in general is more vulnerable to neurological diseases than the population below 65 years. For instance, dementia, a group of symptoms associated with a decline in memory or other thinking skills, mainly affects older people. According to the 2021 Alzheimer’s disease facts and figures report published by Alzheimer’s Association, USA, the country has 6.2 million people aged 65 and above suffering from Alzheimer’s dementia. It is expected that the number of people suffering from dementia will increase from 46.8 million in 2015 to 75 million in 2030 globally. The higher prevalence of neurological diseases among the geriatric population is expected to drive the healthcare services market, subsequently increasing the demand for neurology devices market for diagnosis and treatment.
TBRC’s global neurology devices market report is segmented by type into cerebrospinal fluid management (CSF) devices and equipment, interventional neurology devices and equipment, neurosurgery devices and equipment, neurostimulation devices, by end user into hospitals and clinics, diagnostic laboratories, others, by type of expenditure into public, private, by product into instruments/equipment, disposables.
Neurology Devices Global Market Report 2021 – By Type (Cerebrospinal Fluid Management (CSF) Devices And Equipment, Interventional Neurology Devices And Equipment, Neurosurgery Devices And Equipment, Neurostimulation Devices), By End User (Hospitals And Clinics, Diagnostic Laboratories), By Type of Expenditure (Public, Private), By Product (Instruments/Equipment, Disposables), COVID-19 Impact And Recovery is one of a series of new reports from The Business Research Company that provides neurology devices market overview, forecast neurology devices market size and growth for the whole neurology devices market, neurology devices market segments, and geographies, neurology devices market trends, neurology devices market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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