Neurology devices Market by Product and End User: Global Opportunity Analysis and Industry Forecast, 2019-2026

According to the report, titled, 'Neurology Devices Market by Type and End User: Global Opportunity Analysis and Industry Forecast, 2018-2026,' the global neurology devices market size is expected to reach $17,410 million by 2026, registering a CAGR of 8.1% from 2019 to 2026, in terms of value.

Neurology is referred to the study of diseases associated with the nervous system, which mainly comprise the brain, blood vessels, muscles, and nerves. Rapid technological improvements in neurological devices have provided relief to an unprecedented number of patients affected by neurological and psychiatric disorders. The major types of neurological devices include neurostimulation devices, neurosurgery devices, interventional neurology devices, cerebrospinal fluid management devices, and others. Furthermore, neurology devices such as neurostimulation devices make use of invasive and noninvasive methods that include the application of electrical stimulation to drive neural function within a circuit. These implantable devices target specific subcortical, cortical, spinal, cranial, and peripheral nerve structures to modify the neuronal activity, providing therapeutic effects for a myriad of neuropsychiatric disorders.

Rise in geriatric population across the globe, surge in disposable income in developing economies, improvement of healthcare infrastructure, and development of advanced technological devices for treatment & diagnosis of neurological disorders are the major factors that significantly contribute toward the growth of the global neurological market. Furthermore, surge in incidence of neurological disorders across the globe propels the market growth. However, implementation of stringent government regulations toward the approval of these devices and dearth of skilled neurosurgeons are the key factors anticipated to hamper the market growth. On the contrary, the introduction of new products and technological advancements have aided in efficient treatment of many neurovascular disorders, which is anticipated to create lucrative growth opportunities for the market during the forecast period.

By product, the cerebrospinal fluid management devices segment dominated the neurological devices market in 2018, and is anticipated to maintain its dominance during the forecast period. This is attributed to surge in usage of these devices for diagnosis of various neurological diseases. For instance, these management devices are widely being used for the diagnosis of diseases such as multiple sclerosis, myelitis, and encephalitis.
By end user, the hospital segment accounted for the majority of market share in 2018, and is anticipated to continue the trend during the forecast period. This is attributed to easy availability of neurological devices in hospital settings and preference among patients to visit hospitals for effective diagnosis & treatment of neurological devices.

Key Findings of the Study
By product, the cerebrospinal fluid management devices segment accounted for the highest market share of 30% in 2018, and is anticipated to grow at the fastest rate during the forecast period.
Region wise, North America was the major shareholder in 2018, accounting for the highest share of 42%.
Depending on end user, the neurological clinics segment is expected to grow at a CAGR of 9.0% during the forecast period.
On the basis of product, the neurosurgery devices segment dominated the market in 2018, and is anticipated to maintain its dominance during the forecast period.

Comprehensive competitive analysis and profiles of major market players such as Abbott Laboratories., B. Braun Melsungen AG, Boston Scientific Corporation., Integra LifeSciences Holdings Corporation, LivaNova PLC, Johnson & Johnson, Medtronic Plc., Magstim Co Ltd., Penumbra, Inc., and Stryker Corporation are provided in this report.