The neurology devices market is likely to witness exponential growth. It is likely to attain USD 13.5 billion by the end of 2019. This is due to increasing incidences of epilepsy, Alzheimer’s disease and cerebrovascular diseases. Cerebrovascular diseases include brain tumors, Parkinson’s disease, migraine and multiple sclerosis.
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The driving factors for the neurology devices market are growing aged population with chronic diseases, technological developments and rising demand for minimally invasive surgeries. However, lack of proper budget reimbursements and alternative treatment methods are likely to damage the market to some extent over the coming years.
The neurology devices market can be bifurcated into products and geographies. On the basis of products, the market can be divided into neurosurgery devices, cerebrospinal fluid management devices, neurostimulation devices and interventional neurology devices.
Neurosurgery devices can be divided further into aneurysm clips, ultrasonic aspirators, stereotactic system, and neuroendoscopes. The cerebrospinal fluid management devices market can be segmented into cerebral external drainages and cerebral shunts.
Neurostimulation devices include sacral nerve stimulation devices, deep brain stimulation devices, spinal cord stimulation devices, gastric electric stimulation devices and vagus nerve stimulation devices. Interventional neurology devices are subdivided into aneurysm coiling & embolization, neurothrombectomy devices and cerebral balloon angioplasty & stents.
Geographically, the neurology devices market can be segmented into North America, Asia Pacific, Europe and ROW (rest of the world). North America captured the largest share on account of developed healthcare sectors in Canada and the United States. Asia Pacific is the fastest growing neurology devices market. This is as a result of growing healthcare awareness and increasing disposable income in the region.
Information Source: Grand View Research