North America is expected to dominate the global neurology devices market in the near future

 

Neurology Devices Market

The prevalence rate of neurological disorders is high around the globe. This factor is expected to augment the growth of the global neurology devices market over the forecast period. According to Alzheimer’s Association, around 5.8 million people in the U.S. aged 65 and older are living with Alzheimer's dementia in 2020. Growing government initiatives in the form of funding in the R&D of neurological disorders is again uplifting the growth of the neurology devices market. For instance, in December 2019, the U.S. Congress granted US$ 350 million annual appropriations for R&D in Alzheimer’s and dementia. Recently, Patients suffering from Covid-19 have reportedly demonstrated neurologic symptoms, this is expected to create lucrative opportunities for market growth. For example, in April 2020, researchers at the Union Hospital and Huazhong University of Science and Technology in Wuhan, China, reported that over a third of 214 confirmed COVID-19 cases in China had neurologic symptoms that included acute cerebrovascular events, impaired consciousness, and muscle injury.

1.      In May 2020, Helius Medical Technologies, Inc., a neurotech company, received Breakthrough Designation for its PoNS device as a potential treatment for gait deficit due to symptoms of multiple sclerosis.

2.      In April 2020, Braintale SAS received CE mark approval for Brainquant, a quantitative brain measurement device used for managing patients in a coma following brain injury

3.      In December 2019, Raumedic, a medical technology manufacturer, has launched a new home-use device, named Raumed Home ICP, for intracranial pressure (ICP) monitoring. The pricing models help align costs with usage, let hospitals and health systems benefit from the latest technology, and can lower the overall risk for upgrading technology.

4.      In December 2019, Nihon Kohden, a U.S. marketer in precision medical products and services, announced that it has launched subscription-based pricing models for its patient monitoring and neurology products

North America is expected to dominate the global neurology devices market over the forecast period and this is accredited to the growing R &D in neurostimulation devices. For example, in May 2020, researchers from Stony Brook University, U.S., reported the development of an analog circuit as a model for multistable brain dynamics, which is expected to test the efficacy of next-generation neural stimulators.

Neurology devices are highly advanced devices used to treat various neurological disorders such as Alzheimer’s, acute spinal cord injury, epilepsy, Parkinson’s, amyotrophic lateral sclerosis, Bell's palsy, ataxia, brain tumors, cerebral aneurysm, seizures, and other neurological disorders.


Location: India

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