Acknowledging the heightened accruals this market is witnessing currently, Market Research Future (MRFR), in its recently published study report, asserts that the global pediatric neurology device market share will register approximately 6.3% CAGR between 2017 -2023, valuing exponentially by 2023.
Pediatric Neurology is a medical segment that deals in diagnosing, treating and managing disorders of the brain and nervous system of children. Pediatric neurology devices are designed to be useful in diagnosis and treatments of various neurological complications occurring in children such as disorders of the nervous system, brain, spinal cord, nerves, muscles, and pain.
Common neurological disorders include stroke, Alzheimer's disease, ADHD, epilepsy, headache, Parkinson's disease, multiple sclerosis, sleep disorders, pain, brain, tremor, and spinal cord injuries, brain tumors, peripheral nervous disorders and amyotrophic lateral sclerosis occurring in children. Also, some not so serious issues such as seizures, delayed speech, poor muscle tone, or frequent headaches can be treated in pediatric neurology.
The pediatric neurology sector has been witnessing the emergence of many advent devices over the past few years that are offering effective outcomes. As a result, the global pediatric neurology device market is increasing pervasively. Factors such as the increasing prevalence of neurological disorders in children are fuelling the market growth to an extent. Also, the risk factors for these disorders are speeding up the market growth, creating the demand for the better diagnostic and treatment methods.
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Additional factors substantiating the market growth include increasing governmental funding and programs especially in the developing regions to support the R&D activities undertaken for the invention of new devices. Technological advancements that took place in the smart and connected devices and the proliferation of some ubiquitous technologies such as the Artificial Intelligence (AI) and Internet of Things (IoT) in the pediatric neurology devices foster the market growth.
Furthermore, factors fostering the market growth include the changing lifestyle led by the growing urbanization and industrialization alongside the improving economic conditions that enable access to the quality care and to the improved healthcare worldwide. Advancements in surgeries, fuel the market growth. Most of the countries around the world, including well-developed and developing regions, are grappling with shortages of pediatric neurology devices.
To respond to this situation, manufacturers are developing devices with the advanced technologies. To identify the unmet clinical needs typically, in close collaboration, some care-giving facilities are aiming to have high-quality screening available in their facilities. Indeed, the intervention of AI technology in medical devices as such could improve the specificity of diagnosis, enhance the confidence of neurologists and improve the estimation of excision margins while reducing the total diagnosis cost.
On the flip side, factors such as huge costs associated with these devices and the low or no awareness towards the availability and advantages of these devices in the developing as well as in the developed economies are some of the major factors obstructing the market growth. However, new products and services made available in the developing and developed countries by the matured market players are some of the factors expected to support the market growth during the anticipated period, filling up the demand and supply gap.
Global Pediatric Neurology Device Market- Segments
MRFR has segmented its analysis into six key dynamics for the convenience of understanding;
By Types : Neurosurgery Devices, Cerebrospinal Fluid (CSF) Management Devices, and Neurostimulator among others.
By Services & Treatments : Intrathecal Baclofen Therapy, Neurological Evaluations, Vagal Nerve Stimulation, and Electroencephalogram, among others.
By Neurological Subspecialties: Neuro-Oncology, Neuromuscular, Neonatal Neurology, Neuro-Immunology, and Stroke among others.
By Age Groups : Neonates, Infants, Children, and Adolescents, among others.
By End-Users : Hospitals, Healthcare Centers, and Neurological Research Centers among others.
By Regions : Europe, North America, APAC and the Rest-of- the-World.
Global Pediatric Neurology Device Market- Regional Analysis
Globally, North America is dominating the global Pediatric Neurology device market. Furthermore, factors such as extensive uptake of technologically advanced medical devices, increasing governmental support for R&D activities and high expenditures in the neurological care substantiate the market growth include. With the growing prevalence of neurological disorders in children, the market is expected to evaluate phenomenally by 2023.
Europe region is another lucrative market for pediatric neurology device. Increasing focus on the development of advent diagnostic devices, rising government support for R&D activities is contributing to the market growth. Also, the increasing numbers of specialty services offered by various healthcare providers foster the growth of the market in the region.
The Asia Pacific is emerging as a promising market for pediatric neurology devices, growing rapidly. Increasing incidents of neurological disorders are fuelling the market growth. Moreover, factors such as the augmenting demand for quality devices in the healthcare and proliferating healthcare technology is projected to provide impetus to the market growth, leading to the increasing the uptake of advanced equipment.
Global Pediatric Neurology Device Market- Competitive Analysis
The competitive market of pediatric neurology devices appears to be is fragmented with a large number of players in the market churning the competition. The increasing incidences of drug resistance have opened doors for the development of new devices and opportunities for the new entrants and leaders alike. The rises of spurious and counterfeit devices have reduced the total market revenues, displacing standard devices off the market.
Key Players:
Some of the leaders in the market which are profiled in the MRFR analysis are Ethicon Inc. (U.S.), Elana, Inc. (the Netherlands), Inova Health System (U.S.), The Nemours Foundation (U.S.), Medtronic (U.S.), Stryker Corporation (U.S.), B.Braun Melsungen AG (Germany), Boston Scientific Corporation (U.S.), Integra LifeSciences Corporation (U.S.), and St. Jude Medical, LLC (U.S.).
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