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South Korea, Seoul, Sept. 16, 2022 (GLOBE NEWSWIRE) -- As per a new report by Fact.MR, a market research and competitive intelligence provider, the global demand for neurology devices is anticipated to reach a valuation of US$ 13 billion by 2027.

The prevalence of several neurological conditions as well as cerebrovascular disorders such as stroke, migraine, and headache is increasing across the world, which is driving up demand for neurology devices. Growing preference for minimally-invasive procedures and ongoing innovations in neurology equipment are also increasing market value.

With the support of non-invasive, image-guided neurology technologies, neurovascular issues such as tumors, cavernous malformations, and stroke are addressed. The market for neurology devices is expanding as a result of many key variables, including an increase in head traumas, high rates of stress in young people, an increase in the geriatric population, and a large patient base.

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Rising patient awareness regarding the availability of treatment and reimbursement for neurovascular illnesses, particularly in emerging countries, are factors that will accelerate market expansion.

The use of artificial intelligence (AI) in neurology is anticipated to support market expansion. Computer-aided diagnosis (CAD) systems that employ AI and advancedsignal processing methods can assist physicians in analyzing and understanding physiological signals and images more accurately.

New Market Entrants Focused on Advancements in Neurological Medical Devices

A condition known as hydrocephalus causes an abnormal accumulation of intracranial fluid in the brain cavities. The implantation of a shunt to drain the surplus accumulation is one of the traditional treatments for chronic hydrocephalus. Data on intracranial pressure is continuously monitored and collected by newer systems, such asInternet of Things (IoT) sensors.

New companies offer neuromodulation solutions to help patients manage their discomfort from neurological illnesses. Aspiring market players are working on developments in neurological medical devices.

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Key Takeaways from Market Study

Key Segments in Neurology Devices Industry Research

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Winning Strategy

Top companies are engaged in the introduction of magnetic stimulation technology as a result of innovationsin neurostimulation and neuromodulation techniques. Key market players are collaborating with research organizations to increase their presence and contribute to the creation of modern as well as safe processes.

For instance,

Competitive Landscape

Key producers of neurology devices are focusing on innovation by manufacturing and releasing new products as part of their strategy to maintain their position in the neurology devices market on a worldwide scale. To diversify their product offerings, top neurology medical device companies are concentrating on getting new devices approved.

For instance :

Key Companies Profiled

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global neurology devices market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2027.

The study divulges essential insights on the market on the basis of product (cerebrospinal fluid management devices, interventional neurology devices, neurosurgery devices, neurostimulation devices) and end user (hospitals, ambulatory surgery centers, neurology clinics), across five major regions (North America, Europe, Asia Pacific, Latin America, and MEA).

Check out more related studies published by Fact.MR Research:

Neurointerventional Devices Market:The neurointerventional devices market was worthUS$ 2.3 Bnin 2020, and is predicted to expand2.1Xby the end of the decade.North America dominates the global market, global demand for neurointerventional treatment devices is predicted to increase at a robust CAGR of8%through 2031. The proliferationof technology in surgical procedures has completely changed the way diseases are dealt with and treated. The prevalence of brain tumors, aneurysms, and strokes majorly influence the neurointerventional treatment market.

Neurology Diagnostics Devices Market:At the end of 2021, the global neurology diagnostics devices market was valued atUS$ 8.24 billionand is anticipated to reachUS$ 21.1 billionby 2032, expanding at a highCAGR of 8.9%over the 2022-2032 time frame. As per a detailed industry analysis by Fact.MR, market research and competitive intelligence provider, CT Scanners dominated the global market in 2021 accounting for37.3%market share.

Nerve Ablation Devices Market:The global market for nerve ablation devices market is estimated to be a growing market, as the industry players are coming up with a new innovative versions of nerve ablation devices, to reduce the pain while inserting the microelectrodes and also looking for increase the treatment area which can be more accurate for targeted nerve for pain.The nerve ablation devices market is expected to witness significant growth over the forecast period due to the increasing number of patients suffering from pain.

ENT Medical Devices Market:The global ENT medical devices market is gaining traction and is likely to ascend at around 5.5% CAGR during the forecast period of 2021 to 2031. While the advanced healthcare sector and growing awareness about health have resulted in an increasing geriatric population, it has surged the demand for ENT medical devices, owing to the rise in ENT-related issues in elderly people.

Wireless Portable Medical Devices Market:Fact.MRs wireless portable medical devices industry analysis reveals that the global market was valued atUS$ 15 Bnin 2020, and is projected to topUS$ 33 Bnby 2031, expanding at a CAGR of11%.Demand for monitoring devices is projected to expand at a CAGR of11%reaching a valuation of aroundUS$ 16 Bn, with that for medical therapeutic devices also surging at11%.

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World to Benefit from Rapid Implementation of Artificial Intelligence in Neurology Devices: Fact.MR Study - GlobeNewswire