Transparency Market Research, U.S.-based intelligence firm has published a new report titled, “Neurology Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019”. The report states, the global neurology was valued US$5.0 billion in 2012 and is expected to reach US$13.6 billion in 2019, growing at a CAGR of 15.4%. The report gives a comprehensive overview about the market growth in the coming five years, the trends to watch out for, and the players who are likely to make all the difference.
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The key factors contributing to the growth of the global neurology devices market are increasing incidences of neurological disorders such Alzheimer's disease, ischemic stroke, multiple sclerosis, brain cancer, and other such traumas to the brain. Additionally, as a geriatric population is growing, the global neurology devices market is also witnessing a huge encouragement. As most patients are opting for use of neurology devices over use of drugs due to no side effects and better effectiveness. However, poor reimbursement policies, tough taxation policies in U.S. and Europe are few factors that are holding back this market.
The neurology devices market has been segmented into interventional neurology, CSF management devices, neurostimulation devices, and neurosurgery. On the basis of geography, the global neurology devices market has been divided into North America, Europe, Asia Pacific, Latin America, and Rest of the World. Out of these segments, neurostimulation devices market segment was valued as the dominating segment and is expected to grow at a CAGR of 15% from 2013 to 2019. The interventional neurology devices market segment will also grow at a fast pace due to rising incidence of aneurysms and stroke.
Some of the great opportunities for the global neurology devices market are increase of GDP and better allocation of healthcare funds in regions such as Latin America and Asia. European and U.S. companies are now looking at these regions for growth as they are clearly in the emerging markets in the forecasted period. As a result, some of the major companies in these regions are facing tough competition from new entrants.
Thus, companies will have to invest in aggressive research and development activities, smart branding, and providing better services will prove to be beneficial for the several companies in improving their foothold in the market. Companies will have to look at being innovative in designing their products. Two things that are will hold the key in making these neurology devices a success are how easy they are to use and their portability. Some of key players in the global neurology devices market are St.Jude, Medtronic, Boston Scientific, Integra, and Covidien.