Neurology Devices Global Market Size:
The global neurology devices market was valued at around $8 billion in 2017. Asia Pacific was the largest region in the neurology devices market in 2017, accounting for around 34% of the total market. The USA was the largest country in the market in 2017, accounting for around 23% of the total market.
Neurology Devices Global Market Overview:
Wearable technology innovations are a new trend in the neurology device market. Wearable technology helps monitor symptoms automatically and also predicts some serious conditions such as seizures and disease progression before the patient is aware of them. These devices can collect health related data at anytime and anywhere and thus are useful in monitoring or diagnosing several kinds of neurological disorders such as Parkinson’s disease, multiple sclerosis and epilepsy and also helpful to neurologists treating those patients. For instance, Massachusetts Institute of Technology is testing a watch which is able to predict seizures by measuring skin moisture. Neurology devices with electro encephalo graphic (EEG) sensors are also being developed to record electrical signals along the scalp to measure brain activities.
THE BUSINESS RESEARCH COMPANY EXPECTS THE NEUROLOGY DEVICES MARKET TO GROW TO $8 BILLION BY 2021
Asia Pacific was the largest region in the neurology devices market in 2017, accounting for one-third of the market share.
According to The Business Research Company’s Consultant, Nitin Gianchandani, the past three years have witnessed an acquisition binge in the medical device industry. Neurology device companies are acquiring strategically to bring in considerable product variety. Furthermore, this also helps companies in establishing category leadership and eventually increase revenues. For instance, Medtronic and Stryker are the major medical device companies with a strong acquisition strategy. Similar inorganic growth strategy is observed in Boston Scientific’s recent acquisition. For example, in 2015, Medtronic acquired Aptus Endosystems, which specializes in advanced technology for endovascular aneurysm repair and thoracic endovascular aneurysm repair for more than a hundred million. In 2014, Medtronic acquired Sapiens, brain-stimulation firm for cash deal of $200 Million. In July 2016, Boston Scientific Corporation acquired Cosman Medical, Inc., manufacturer of radiofrequency.
Medtronic, plc was the largest competitor with 27.7% of the market, generating revenues of $2.1 billion for the financial year 2016. Medtronic’s growth strategy is to capture untapped business opportunities in emerging markets through public and private partnerships. Medtronic entered into a partnership with the Chengdu government in Sichuan Province to manufacture portable hemodialysis equipment.
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Neurology devices are designed to aid diagnose, prevent, monitor and treat a variety of neurological disorders and conditions such as Parkinson’s disease, Alzheimer’s disease, epilepsy, major depression, spinal cord and traumatic brain injuries.
Neurology Devices Global Market Report 2018 is a detailed report giving a unique insight into this market. The report is priced at $4000 for an individual user. To use across your office, the price is $6000 and $8000 if you wish to use across a multinational company.
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