Neurology Devices Market to Reach US$13.6 bn by 2019 due to High Incidence of Neurological Diseases
Transparency Market Research has published a comprehensive research report that explains the global neurology devices market in absolute detail. The research report, titled “Neurology Devices Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019,” closely observes the key trends and dynamics in the global neurology devices market. The report also offers an explanation of the strengths, the weaknesses, the opportunities, and the threats in the market with the help of SWOT analysis. Furthermore, it also evaluates the threat of new entrants, the threat of substitute products or services, the bargaining power of customers, the bargaining power of suppliers, and the intensity of competitive rivalry.According to the research report, the global neurology devices market is expected to be worth US$13.6 bn by the end of 2019, up from US$5.0 bn in 2012, expanding at a CAGR of 15.4% from 2013 to 2019.
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The important factors driving the global neurology devices market are the rising incidence of neurological disorders such multiple sclerosis, Alzheimer’s disease, ischemic stroke, brain cancer, and other traumas to the brain. Furthermore, the rising pool of geriatrics is also likely to encourage the global neurology devices market, as they are more susceptible to the aforementioned conditions. Additionally, medical professionals and patients are also opting for neurology devices over drugs, as the former offer a better solution to medical conditions. The factors restraining the growth of this market are the stringent taxation policies in the U.S. and Europe and poor reimbursement policies.
The global neurology devices market is segmented into neurostimulation devices, interventional neurology, CSF management devices, and neurosurgery. Geographically, this market is segmented into Latin America, Asia Pacific, Europe, North America, and Rest of the World. Out of these segments, the neurostimulation devices market segment dominates the overall market and is expected to register a CAGR of 15% during the forecast period. The high incidence of stroke and aneurysms is expected to drive the interventional neurology devices market segment in the near future.
In terms of geography, the neurology devices market in North America was the largest in 2012. However, analysts predict that the Asia Pacific regional market is expected to expand at a CAGR of 18% from 2013 to 2019. This growth will be due to the increasing number of cases of patients suffering from respiratory problems and growing disposable incomes, which make healthcare affordable to them.
Some of the important players in the global neurology devices market are Medtronic, St. Jude, Integra, Boston Scientific, and Covidien. The research report gives an accurate analysis of the competitive landscape in the global neurology devices market and explains the financial overview, research and development activities, investment outlook, strategic mergers and acquisitions, business and marketing strategies, and product portfolio of these key players.
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