The South Korea neurology devices market size is projected to register a high CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the rising prevalence of neurological diseases.
Neurology devices are used in the treatment of Alzheimer’s, Parkinson’s, seizures, ataxia, acute spinal cord injury, amyotrophic lateral sclerosis, brain cancers, cerebral aneurysm, epilepsy, Bell’s palsy, and other neurological disorders. Neurology devices are medical devices that help to diagnose, prevent, and treat diseases of the nervous system. These treatment options can range from medication management to neurosurgical procedures. A wide array of neurology devices available in today’s market that serves different purposes such as diagnosis or measuring various functions of the nervous system. Neurology devices are also used in the development of pharmaceutical drugs.
The populace in the South Korea is aging quickly. As indicated by the World Population Aging 2019 report, in South Korea populace matured over 65 years or over is relied upon to arrive at 12.658 million (24.7%) by 2030 from 7.715 million (15.1%) in 2019.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing demand for minimally invasive devices is expected to boost the neurology devices market.
- Growing geriatric population is estimated to accelerate the growth of the market.
- Increasing technological advancement in devices is one of the key factors driving the market growth.
- Rising investment in R&D activities is estimated to foster the market growth.
- Increasing health awareness can restrain the growth of the market.
- Government initiatives to control the neurological disorder and policies in favor of the industry is estimated to foster the market growth.
Scope of the Report
The report on the neurology devices market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Neurology Devices Market - South Korea Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Type of Devices (Cerebrospinal Fluid Management Devices, Interventional Neurology Devices [Interventional/Surgical Simulators, Neurothrombectomy Devices, Carotid Artery Stents, Embolic Coils, and Support Devices], Neurosurgery Devices [Neuroendoscopes, Stereotactic Systems, Aneurysm Clips, and Others], Neurostimulation Devices [Spinal Cord Stimulation Devices, Deep Brain Stimulation Devices, Sacral Nerve Stimulation Devices, and Others] and Others)
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Country Scope
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South Korea
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Abbott Laboratories; Medtronic PLC; B. Braun Melsungen AG; Boston Scientific Corporation; and Stryker Corporation.
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Neurology Devices Market Segment Insights
Sacral nerve stimulation devices segment is expected to grow at a rapid pace
Based on type of devices, the market is divided into cerebrospinal fluid management devices, interventional neurology devices, neurosurgery devices, neurostimulation devices, and others. The interventional neurology devices segment is further classified as interventional/surgical simulators, neurothrombectomy devices, carotid artery stents, embolic coils, and support devices. The neurosurgery devices segment is further classified as neuroendoscopes, stereotactic systems, aneurysm clips, and others. The neurostimulation devices segment is further segregated into spinal cord stimulation devices, deep brain stimulation devices, sacral nerve stimulation devices, and others. The sacral nerve stimulation devices segment estimated to account for a significant share of the market owing to surge in usage of these devices for diagnosis of various neurological devices. Sacral nerve stimulation (SNS) is embedded as a device to control bladder functions by delivering controlled electrical impulses to sacral nerves that regulate the neural pathways. It is an effective and safe treatment for patients experiencing from fecal and urinary dysfunction. This treatment is prescribed for patients who failed to get accurate result from therapy as well as medication.
Segments
The South Korea neurology devices market has been segmented on the basis of
Type of Devices
- Cerebrospinal Fluid Management Devices
- Interventional Neurology Devices
- Interventional/Surgical Simulators
- Neurothrombectomy Devices
- Carotid Artery Stents
- Embolic Coils
- Support Devices
- Neurosurgery Devices
- Neuroendoscopes
- Stereotactic Systems
- Aneurysm Clips
- Others
- Neurostimulation Devices
- Spinal Cord Stimulation Devices
- Deep Brain Stimulation Devices
- Sacral Nerve Stimulation Devices
- Others
Country
Key Players
- Abbott Laboratorie
- Medtronic PLC
- B. Braun Melsungen AG
- Boston Scientific Corporation
- Stryker Corporation
Competitive Landscape
Key players competing in the neurology devices market are Abbott Laboratorie; Medtronic PLC; B. Braun Melsungen AG; Boston Scientific Corporation; and Stryker Corporation.
Companies are engaging in partnerships and mergers & acquisitions to expand their market share.
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