Neurointerventional devices,neurostimulation devices, cranial dopplers, electromyographs, implantableneurostimulators, neurosurgery surgical robots, and skull clamps are some ofthe most widely used neurology devices.
Statistics:
The global NeurologyDevices Market is estimated to account for US$ 44,045.9 Mn in terms ofvalue by the end of 2027.
Global Neurology Devices Market:Drivers
R&D of new neurology devicesis expected to propel growth of the global neurology devices market over theforecast period. For instance, in March 2020, researchers at the Institute forGenomic Medicine at Columbia University Irving Medical Center reporteddevelopment of enhancement-mode ion-based transistor designed to record theelectrical activity of neurons and to perform real-time calculations that helpin identifying and monitoring neurological disorders.
Global Neurology Devices Market:Opportunities
Development of novel imagingsoftware for neurological disorders is expected to offer lucrative growthopportunities for players in the global neurology devices market. For instance,in February 2020, Qynapse, a France-based medical technology company, received510(k) clearance from the U.S. Food and Drug Administration for its QyScoreneurodegenerative disease imaging software.
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Global Neurology Devices Market:Restraints
Product recalls are expected tohamper the market growth. For instance, in November 2019, The U.S. Food andDrug Administration (FDA) issued a class 1 recall for Zimmer Biomet’s ROSABrain device, citing a software issue.
Key Takeaways:
The global neurology devicesmarket was valued at US$ 13,572.1 Mn in 2019 and is forecast to reach a valueof US$ 44,045.9 Mn by 2027 at a CAGR of 15.9% between 2020 and 2027. IncreasingR&D of new neurology devices is expected to propel growth of the globalneurology devices market over the forecast period.
Neuro-stimulation Devices segmentheld dominant position in the global neurology devices market in 2019,accounting for 71.4% share in terms of value, followed by InterventionalNeurology Devices and CSF Management devices, respectively. Increasingprevalence of neurological disorders is expected to propel growth of the segmentduring the forecast period.
Market Trends
Major players in the market aredonating neurology devices to aid healthcare systems during Covid-19 pandemic.For instance, in May 2020, BIONIK Laboratories Corp. donated an InMotionrobotic system, used to help stroke survivors and those with other neurologicalconditions regain arm movement, to Einstein Healthcare Network's MossRehab, anindependent medical center in Philadelphia, U.S.
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Major players in the market arefocused on approval and launch of new devices to expand their productportfolio. For instance, in February 2020, Avanos Medical, Inc. received theU.S. Food and Drug Administration (FDA) approval for its 80-Watt COOLIEF Radiofrequency(RF) system for neurological lesion procedures.
Global Neurology Devices Market:Competitive Landscape
Major players operating in theglobal neurology devices market include, B. Braun Melsungen AG, BostonScientific Corporation, BIONIK Laboratories Corp., Integra LifeSciencesHoldings Corporation, Johnson and Johnson, Magstim Co Ltd., Braintale SAS,Medtronic, plc., Abbott, Zimmer Biomet, Stryker Corporation, Helius MedicalTechnologies, Inc., Avanos Medical, Inc., W.L. Gore & Associates, Inc.,HeadsafeIP Pty Ltd., Cerus Endovascular Ltd., and Cyberonics, Inc.
Global Neurology Devices Market:Key Developments
May 2020: HeadsafeIP Pty Ltd., aprivately held brain health technology company, received 510(k) clearance fromthe U.S. Food and Drug Administration (FDA) for its NUROCHEK system for brainassessment
April 2020: Cerus EndovascularLtd. received CE Mark approval for its 021 Contour Neurovascular System,compatible with smaller commercially available 021 microcatheters for thetreatment of saccular intracranial aneurysms
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