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According to The Business Research Company’s neurology devices industry analysis, the neurology devices industry has been impacted from the supply disruptions caused by the COVID-19 pandemic lockdowns which has also caused pricing pressures. Amidst the unprecedented outbreak of coronavirus, governments across the world are advising people to stay indoors and practice in social distancing, to reduce the spread of the pandemic. This has decreased short-term potential growth for medical devices used in minimally invasive and elective procedures. Healthcare systems in several countries have been on the brink of collapse due to pandemic.
Healthcare service providers are struggling to focus on non-essential or non-urgent treatments as they are preserving spaces and resources to treat coronavirus infected patients. The COVID-19 pandemic has halted the economic activity in the majority of countries. Medical devices manufacturers are advised to focus on the production of supplies and medical devices which are used to treat COVID-19 patients to support the growth during the pandemic.
However, in this year and the coming years, growth is up due to companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The global neurology devices market size is expected to grow from $11.85 billion in 2020 to $13.38 billion in 2021 at a compound annual growth rate (CAGR) of 12.9%. The market is expected to reach $19.25 billion in 2025 at a CAGR of 10%.
North America is the largest region in the global neurology devices market, accounting for 30.8% of the total in 2020. It was followed by Asia Pacific, Western Europe, and then the other regions. Going forward, the fastest-growing regions in the neurology devices market will be the South America and Africa, where growth will be at CAGRs of 13.1% and 12.5% respectively. These will be followed by Asia Pacific and Middle East where the markets are expected to grow at CAGRs of 12.4% and 10.4% respectively, during 2020-2025.
The Business Research Company’s report titled Neurology Devices Global Market Report 2021: COVID-19 Impact and Recovery to 2030 covers major neurology devices companies, neurology devices market share by company, neurology devices manufacturers, neurology devices market size, and neurology devices market forecasts. The report also covers the global neurology devices market and its segments.
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The North America neurology devices market was valued at $3.64 billion in 2020. The market accounted for 0.014% of the global GDP. In terms of per capita consumption, the market accounted for $7.32. The market size can be attributed to a high number of patients suffering from neurological diseases, private healthcare sector and high per capita healthcare expenditure.
The North American neurology devices market grew from 2015 to 2020 at a compound annual growth rate (CAGR) of 2.5%. The above-global average market growth in the historic period can be attributed to an increase in the number of fatal cases from neurological diseases such as traumatic brain injury in the USA that improved the awareness about regular health checkups.
The neurology devices or equipment market consists of sales of neurology devices and related services by entities that manufacture neurology devices used to diagnose and treat neurological diseases. It consists of devices used to examine and treat neurovascular diseases and neurosurgery devices, thus including the interventional neurology devices market and the neurology monitoring devices market.
Neurology is the branch of medicine that deals with the anatomy, functions, and organic disorders of nerves and the nervous system. Neurology devices are devices used to diagnose, prevent and treat neurological disorders and conditions such as Alzheimer’s disease, Parkinson’s disease, major depression, epilepsy, spinal cord injury, and traumatic brain injury. Neurological devices can be used to help restore hearing and sight, especially after a stroke incident, and provide increased function for those with limb loss or congenital limb differences. Examples of neurological devices include neurodiagnostic, neurointerventional, and neurostimulation devices.
The medical device industry in North America is export oriented with the USA being the largest exporter globally. The aging population and product innovations have kept industry demand steady in Canada. For instance, as of 2020, the population of the elderly in Canada over the age of 65 was seen at about 6.84 million. Of which, 3.15 million were males and 3.69 were females, respectively, which strengthens the demand for medical device in the country.
Boston Scientific, Johnson & Johnson, Medtronic, St. Jude, Stryker Corporation, Philips Healthcare, Penumbra, Integer, Nevro are the companies that manufacture neurology devices in North America.
Neurology Devices Global Market Report 2021: COVID-19 Impact and Recovery to 2030 is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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