Published: Nov, 2016
Medtronic, Inc., Covidien PLC, and Stryker Corporation occupied a massive 66% of the global neurology devices market in 2012, pointing to a strongly consolidated competitive landscape. Medtronic has been a dominant force in this market for a while already and is expanding its horizons through innovative efforts and mergers and acquisitions.
According to a research report released by Transparency Market Research, global neurology devices market experiences a high intensity of competitive rivalry. Product differentiation rates are low and the scope of growth for each player is high, thus creating an incremental nature of competitive rivalry in the market. Meanwhile, the threat of new entrants is expected to remain moderate to low due to the implementation of a highly strict regulatory environment.
Between 2013 and 2019, the global neurology devices market is expected to expand at a CAGR of 15.4% in terms of revenue. This revenue is expected to reach US$7.63 bn by the end of 2016 and US$13.57 bn by the end of 2019. The largest device segment in the global neurology devices market so far is neurostimulation. Neurostimulation devices as a segment is expanding at a CAGR of 17% from 2013 to 2019. By the end of 2019, this segment is expected to reach US$8.11 bn.
North America Tops Demand for Neurology Devices
By the end of 2019, North America is expected to generate a demand for neurology devices valued at US$7.93 bn. This is a vastly dominant position for North America as Europe, which is second in terms of demand volume, is expected to reach only US$2.79 bn by 2019. Asia Pacific and the rest of the world are still catching up to the overall demand volume. However, Asia Pacific is showing a massive surge in its demand for neurology devices, at a stunning projected CAGR of 19.9% from 2013 to 2019.
Demand-based Technological Advancements Spur Global Neurology Devices Market
“The evolution of devices shown by players in the global neurology devices market has been phenomenal over the past few years. Information technology has played a key role in device development in the market, along with the incorporation of stereotactic and sensing technologies. The level of promise these new technologies are showing is prompting many players – both government and private – to hike their investments in the global neurology devices market,” states a TMR analyst.
Some of the key types of evolutions seen in the global neurology devices market are the adoption of advanced mobile health monitoring, wireless communication, remote monitoring, and product miniaturization. The global neurology devices market is also receiving a massive impetus through the demand from a growing geriatric demographic across the world. The introduction of more devices that are capable of performing minimally invasive surgeries are also driving the growth of the global neurology devices market.
Clinical Trials for Neurology Devices Getting More Complex
The global neurology devices market suffers from the key restraint of a lower rate of clinical trials for neurological disease. Compared to cardiology and oncology, neurology receives much less in terms of funding and research efforts. Adding this to the heavy dependence of the global neurology devices market on advanced and expensive infrastructure, these clinical trials end up costing much more than the practical amount.
“While costs of clinical trials and its problems are being mitigated in the global neurology devices market, players can begin looking for opportunities in the emerging economies of the world. Asia Pacific and Latin America are showing a meteoric rise in demand for neurology devices, and players can easily introduce their current device lineup to these regions for generating better profits,” the analyst adds.
The information presented in this review is based on a Transparency Market Research report, titled, “Neurology Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019.”
Key segments of the Global Neurology Devices Market:
Global Neurology Devices Market, by Segments
- Cerebrospinal Fluid Management Devices Market
- Cerebral Shunts
- Cerebral External Drainage
- Interventional Neurology Devices Market
- Neurothrombectomy Devices
- Clot Retrievers
- Suction Aspiration Devices
- Snare Devices
- Cerebral Balloon Angioplasty & Stents
- Carotid Artery Stents
- Filter Devices
- Balloon Occlusion Devices
- Aneurysm Coiling & Embolization
- Embolic Coils
- Liquid Embolic Agents
- Flow Diversion Devices
- Support Devices
- Micro Catheters
- Micro Guidewires
- Neurosurgery Devices
- Stereotactic Systems
- Aneurysm Clips
- Ultrasonic Aspirators
- Neurostimulation Devices
- Spinal Cord Stimulation Devices
- Deep Brain Stimulation Devices
- Sacral Nerve Stimulation Devices
- Vagus Nerve Stimulation Devices
- Gastric Electric Stimulation Devices
- Neurothrombectomy Devices
Neurological Devices Market, By Geography
- North America
- Asia Pacific
- Rest of the World
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