COVID 19 Impact
The COVID 19 pandemic is expected to have a significant impact on the world's healthcare systems, with severe consequences for not only those who are infected with COVID 19 but also for others. As a result, treatment and surgeries have had to be postponed in order to manage and reserve resources. For instance, in June 2020, the World Health Organisation (WHO) released the results of a survey that was carried out by 155 countries over the course of three weeks in May 2020. The survey focused on the prevention and treatment of various chronic diseases, including neurodegenerative disorders like dementia and Parkinson's disease, which have become a source of concern for patients with severe illnesses.
In an effort to lessen the severity and likelihood of patient death from neurovascular conditions, medical professionals and neurosurgeons have begun to investigate alternate therapeutic options. The need for neurovascular treatments is rising dramatically in several nations, including Japan, the United States, China, Germany, and India, since the number of patients with neurovascular disorders is rising and their medical conditions are becoming more severe.
Additionally, it is predicted that the market for neurological disorders would develop due to the rise in neurological illnesses, rising demand for minimally invasive procedures, and technical advancements in neurology equipment. Devices used in interventional neurology are frequently utilised to diagnose and treat vascular disorders of the brain and central nervous system.
Product Insights
Neurostimulation devices segment is dominating the market with the largest market share over the forecast period
On the basis of product, the global neurology devices market is segmented into neurostimulation, CSF management, interventional neurology, and neurosurgery devices. Among these, neurostimulation devices segment holds the largest market share over the forecast period. The ability of this device to treat nervous system and locomotor problems is credited with the rise. of addition to this, a second factor influencing segmental expansion is the increase of chronic nerve condition instances.
On the other hand, the category of interventional neurology is experiencing the quickest rate of market expansion due to the rise in shunting techniques and the prevalence of hydrocephalus, both of which are positively affecting market growth.
Regional Insights
North America is dominating the market with the largest market share over the forecast period
Due to the strategic government initiatives, high end healthcare infrastructure, and research and development in neuroscience, pharmaceuticals, and brain tumours, as well as the crucial presence of high CNS research, North America is dominating the market with the largest market share over the forecast period. These factors are driving regional growth.
On the other hand, Asia Pacific is experiencing the fastest market growth due to the region's high medical demand, significant increase in investments in the industry's research and development, and rising healthcare costs in developing nations like China and India.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Spherical Insights has segmented the global Neurology Devices Market based on the below-mentioned segments:
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