The Australia Neurology Devices Market is expected to grow with a CAGR of 6.1% in the forecast period. The key factors propelling the growth of the market are the increasing incidence of neurological disorders, huge investments by private players in neurology devices, and the rising aging population.
According to the Australian Bureau of Statistics, 2019, the proportion of the population aged 65 years and over increased from 12.3% to 15.9% over the 20 years. the increasing geriatric population has a heavy risk of developing neurological diseases like sleeping disorders, Parkinson's diseases, etc. therefore, the growing geriatric population boosts the market growth in the country.
However, the high cost of the devices and stringent regulations and guidelines for new devices is restraining market growth.
Key Market Trends
Neurostimulation Devices is Expected to Grow Fastest during the Forecast Period
The fastest growth of the segment is due to the increasing usage of the sacral nerve stimulation devices and deep brain stimulation devices. The deep brain stimulation devices are generally used to treat neuropsychiatric disorders and are effectively used in treating various other neurological disorders, like Parkinson's disease, essential tremor, dystonia, chronic pain, major depression, and obsessive-compulsive disorder.
According to PainAustrlia.org, 3.24 million Australians were living with chronic pain in 2018. 1.74 million were women and 1.50 million were men. The neurostimulation devices are majorly used for chronic neuropathic pain, that is not controlled by anticonvulsants and antidepressants. hence the large patient pool is a boosting factor for the segment growth.
Competitive Landscape
The Australia Neurology Devices Market is moderately competitive with several major players. Some of the strategies implemented include agreements, collaborative models, business expansion, and product developments. Some of the major players are B. Braun Melsungen AG, Boston Scientific Corporation, Stryker Corporation, Medtronic PLC, Abbott Laboratories, Johnson and Johnson, Smith & Nephew
Reasons to Purchase this report:
According to the Australian Bureau of Statistics, 2019, the proportion of the population aged 65 years and over increased from 12.3% to 15.9% over the 20 years. the increasing geriatric population has a heavy risk of developing neurological diseases like sleeping disorders, Parkinson's diseases, etc. therefore, the growing geriatric population boosts the market growth in the country.
However, the high cost of the devices and stringent regulations and guidelines for new devices is restraining market growth.
Key Market Trends
Neurostimulation Devices is Expected to Grow Fastest during the Forecast Period
The fastest growth of the segment is due to the increasing usage of the sacral nerve stimulation devices and deep brain stimulation devices. The deep brain stimulation devices are generally used to treat neuropsychiatric disorders and are effectively used in treating various other neurological disorders, like Parkinson's disease, essential tremor, dystonia, chronic pain, major depression, and obsessive-compulsive disorder.
According to PainAustrlia.org, 3.24 million Australians were living with chronic pain in 2018. 1.74 million were women and 1.50 million were men. The neurostimulation devices are majorly used for chronic neuropathic pain, that is not controlled by anticonvulsants and antidepressants. hence the large patient pool is a boosting factor for the segment growth.
Competitive Landscape
The Australia Neurology Devices Market is moderately competitive with several major players. Some of the strategies implemented include agreements, collaborative models, business expansion, and product developments. Some of the major players are B. Braun Melsungen AG, Boston Scientific Corporation, Stryker Corporation, Medtronic PLC, Abbott Laboratories, Johnson and Johnson, Smith & Nephew
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
Table of Contents
1 INTRODUCTION
4 MARKET DYNAMICS
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- B. Braun Melsungen AG
- Boston Scientific Corporation
- Stryker Corporation
- Medtronic PLC
- Abbott Laboratories
- Johnson and Johnson
- Smith & Nephew PLC
- Nihon Kohden Corporation
- Penumbra Inc.
Methodology
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