Albany, New York, USA (PRWEB) November 15, 2013
According to a new market report published by Transparency Market Research "Neurology Devices Market (CSF Shunts, CSF Drainage, Clot Retriever, Snare, Embolic Coil, Flow Diversion, Neurosurgery & Neurostimulation Devices) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019," the global neurology devices market was valued at USD 5.0 billion in 2012 and is expected to grow at a CAGR of 15.4% from 2013 to 2019, to reach an estimated value of USD 13.6 billion in 2019.
Browse the full report with complete TOC at http://www.transparencymarketresearch.com/neurology-devices-market.html.
Rising number of neurological disorders such ischemic stroke, Alzheimer's disease, Parkinsonism, glioblastomas (brain cancer), multiple sclerosis and trauma are primary factors responsible for the growth of neurological devices market. Moreover, rise in geriatric and obese population along with augmented demand for minimally invasive surgery techniques have boosted the overall growth of this market. In addition, preference of patients to adopt neurological devices over drugs has been a growing trend, owing to lack of effectiveness and considerable side effects of these drugs.
Lack of reimbursement and unfavorable taxation policies of the U.S. and European governments have negatively affected the growth of this market. Companies in these regions are now vying for growth in emerging markets like India, China and Brazil. Rise in GDP and allocation of healthcare funds in emerging markets such as Asia and Latin America are also aiding the growth. The major players in this industry are also facing stiff competition from the regional manufacturers of these countries. However, significant R&D and branding of these products is helping these companies in improving their bottom line. Companies are heavily focusing on introducing innovative products that are easy to use for physicians as well as patients and are aiming to make them more portable. The indomitable players of this market are Medtronic, St.Jude, Boston Scientific, Covidien and Integra.
The neurostimulation devices market segment was valued to be the largest market and anticipated to grow at the highest growth rate of over 15% from 2013 to 2019. The interventional neurology devices market segment is also expected to foresee a healthy growth. The rise in interventional devices has been attributed to rising incidence of aneurysms and stroke thus compelling the demand for these devices.
The neurothrombectomy devices market was valued to be more than USD 60 million in 2012 and is expected to grow at the highest growth rate of over 15% from 2013 to 2019 of the entire interventional neurology market. Whereas, the sacral nerve stimulation market of the overall neurostimulation market is expected to have a healthy growth rate of over 20% from 2013 to 2019. This growth is primarily attributed to raise in demand for urinary and fecal incontinence devices.
Geographically the North American market accounted for the largest share of neurology devices and is valued to be more than USD 3.0 billion in 2012. However, Asian countries namely India and China are witnessing fast growth and are predicted to emerge as dominating markets in the near future owing to rise in awareness of neurological diseases and increased disposable income in these nations.
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Neurological disorders are an important cause of mortality and account for almost 12% of the total number of deaths globally. Of these, cerebrovascular diseases are responsible for 85% of the deaths reported. In addition, a rise in the world’s ageing population and an increasing awareness of neurological disorders has triggered the growth of this industry. The growing burden of these diseases on the healthcare system coupled with uncertain economic conditions in the U.S. and Europe has compelled OEMs to introduce cost effective devices for the treatment of neurological disorders. Tax reforms along with increased regulatory compliance norms introduced by several countries are restraining the growth and profitability of companies in this sector.
These restraining factors experienced in mature markets have made it imperative for OEMs to tap the potential market in emerging economies such as India, China, Brazil and Russia. There has been significant growth in these emerging economies owing to increase healthcare awareness, rising disposable incomes, a rising middle class and favorable insurance sector policies in these countries. These factors are anticipated to make these regions the most attractive markets during our forecast period of 2011 - 2019.