Neurology Devices Market: Current Analysis and Forecast (2022-2028)
The neurology devices market is expected to register a CAGR of approx. 8% over the period of 2022-2028. The science of neurology focuses on conditions affecting the nervous system, which includes the brain, blood vessels, muscles, and nerves in large part. The use of neurovascular devices for the treatment of neurological disorders like Alzheimer's, tumors, and Parkinson's disease includes devices for managing cerebrospinal fluid, interventional devices, and others. Furthermore, cerebrospinal fluid management devices include shunts, valves, and external drainage systems to keep cerebrospinal fluid flowing and excess fluid out of the brain. Furthermore, a shunt provides an alternative fluid pathway through which the cerebrospinal fluid avoids obstructions in the brain's fluid compartments and acts when fluid absorption is otherwise reduced. The growing demand for neurology devices can be attributed to the Increase in the number of geriatric populations coupled with the increased prevalence of age-related neurological disorders across the globe. For instance, according to WHO, the number and proportion of people aged 60 years and older in the population are increasing. In 2019, the number of people aged 60 years and older was 1 billion. This number will increase to 1.4 billion by 2030 and 2.1 billion by 2050. Owing to the glaring statistics, the rising geriatric disorders are increasing the demand for neurology devices and are anticipated to grow in the forthcoming years mainly. Furthermore, the neurology devices market is anticipated to grow on account of the increasing number of diagnostic procedures. In addition, rapid technological advancements drive market growth. However, some of the restraints in the market including the high cost of equipment and stringent food and drug administration validation and guidelines for new devices are impeding the growth of this market all over the world.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook