New York, February 24, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the report “Global Neurology Devices Market Report 2021: Impact and Recovery of COVID 19 to 2030” – https://www.reportlinker.com / p06027733 /? utm_source = GNW
85 billion in 2020 to $ 13.38 billion in 2021 at a complex annual growth rate (CAGR) of 12.9%. The growth is largely due to the companies reorganizing operations and recovering from the effects of COVID-19, which had previously introduced restrictive measures including social distance , remote operation, and closure of commercial activity leading to operational challenges. The market is expected to reach $ 19.25 billion in 2025 at a CAGR of 10%.
The neurology tools market includes the sale of neurology devices and related services by organizations (organizations, sole vendors and partners) that manufacture neurology tools for the detection and treatment of diseases. neurological. This market is segmented into cerebrospinal fluid (CSF) regulatory machinery and equipment; intervention neurology tools and equipment; surgical instruments and equipment; neurostimulation mechanisms.
North America was the largest segment in the global neurology devices market, accounting for 31% of the market in 2020. Asia Pacific was the second largest segment accounting for 31% of the market. global neurology tools.
Africa was the smallest segment in the global neurology devices market.
Manufacturers of neurology devices are investing in research and development of portable wireless brain devices to treat neurological and psychiatric diseases. The neuromodulation devices are tiny devices with a wireless neuromodulator, inserted inside the cranium (skull) to communicate with the brain and to stimulate nerves in the body.
They are equipped with antennas, application-specific connected circuits, ceramic coating and feedthrough. These tools are used to relieve depression, traumatic brain injury, stress and bipolar disorder by treating brain symptoms accordingly.
For example, in 2018, Draper Inc., a Cambridge, Massachusetts-based engineering firm developed a small wireless neuromodulation device to treat brain disorders.
Management changes are likely to lead to increased costs for new product development and client service offerings. These rules include changes to equipment licensing procedures and others.
For example, the U.S. Food and Drug Administration is seeking more clinical data to support claims, thus increasing the time to 510 (k) in processing by more than 55% over the ten years. gone. The potential loss of revenue due to delays in product distribution and additional costs as a result of strict licensing processes puts pressure on investments associated with new product development, so influencing market growth.
The increase in patient pool due to an increase in geriatric numbers worldwide contributed significantly to the growth of the neurology devices market during the historical period. According to the People’s Bureau of Reference, the population over the age of 65 in the global population increased from 8% in 2015 to 9% in 2019.
The global population aged 65 or over in 2019 was 703 million. This increase in the geriatric population increased the demand for medical care and reduced health care spending.
For example, in 2017, half of the Dutch health care budget was spent on the elderly over 65. These factors increased the demand for neurology devices and propelled the market during the period. historical.
Read the full report: https://www.reportlinker.com/p06027733/?utm_source=GNW
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