Indian Neurology Devices Market Analysis

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  • Type: Therapeutics Area
  • Published : April 2021
  • Region: Asia
  • Country: India
  • Report ID : 1204

  • Format: PPT, PDF

Indian Neurology Devices Market: Segmented by Device Type (Cerebrospinal Fluid Management Devices, Interventional Neurology Devices, Neurosurgery Devices, Neurostimulation Devices, Other Types of Devices) and by End User (Hospitals, Neurology Clinics, Ambulatory Care Centres) Growth, Trends, and Forecasts (2019 – 2028)

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Report Overview

The Indian Neurology devices market size stood at around USD XX Billion in 2019 and is projected to reach USD XX Billion by 2028, exhibiting a CAGR of 7.1% during the forecast period.

The increasing healthcare spending, increasing investment by medical device manufacturers, and increasing neurological disease prevalence is expected to drive the overall Neurology devices market growth in India. It is estimated that 30 million Indians suffer from serious neurological disorders a year. The most common include epilepsy at 6-8 million people, strokes at 1-2 million people and headaches at 10-12 million people. Market growth will be driven by increased aging population and improvements in neurological device technology. Increasing rate of neurological disorders prevalence with around 10 million people with epilepsy and high fatality rates of stroke has given rise to product demand.

Market Drivers

The key factors propelling the growth of the Neurology device market in India are the increasing incidence of neurological disorders, huge investments by private players in neurology devices, an increase in R&D in the field of Neurotherapy, and the rising aging population. Another factor is increase in geriatric population will increase the probability of more old people suffering from neurological disorders, resulting in demand for various neurological devices. Growing awareness among people and government initiatives such as National Epilepsy Control Program and established stroke units at different levels of health care pyramid will induce rapid growth over the forecast period.

Major Neurological Diseases with Prevalence

The major neurological diseases in India are stroke, Brain injury, epilepsy, spinal cord injury, Alzheimer’s disease or other dementias, multiple sclerosis, Parkinson’s disease. Of these, people suffering from the effects of strokes are more in number compared to any other disease, it is followed by Brain injury and spinal cord injury. A total of 260 (out of 10,000 studied) individuals were found positive for neurological disorders yielding a crude prevalence of 2.6%. The crude prevalence for rural areas was found to be 2.28% (206/9000), whereas the crude prevalence in urban area was found to be 5.4% (54/1000). Migraine was the most common disorder.

1. Indian Neurology Devices Market Overview…………………………………………..
A. Market Size
2. Market Growth Drivers……………………………………………………..……………
A. Increase in Incidence of Neurological Disorders
B. Increase in R&D in the Field of Neurotherapies
C. Rise in the Aging Population
3. Indian Neurology Disease Market by Prevalence…………………….…………
A. Stroke
B. Brain Injury.
C. Epilepsy.
D. Spinal CordIinjury.
E. Alzheimer’s disease or Other Dementias.
4. Indian Neurology Device Market Segmentation……………………………………….
A. By Device Type
I. Cerebrospinal Fluid Management Devices
II. Interventional Neurology Devices
III. Neurosurgery Devices
IV. Neurostimulation Devices
V. Neurorehabilitation Devices
VI. Other Type of Devices
B. By End User
I. Hospitals
II. Neurology Clinics
III. Ambulatory Care Centres
5. Neurology Devices Major Market Share…………….………………………………
A. Market Analysis, Insights and Forecast by Revenue
6. Competitive Landscape………………………………………………………….……..
A. Major Players
B. Merger and Acquisitions
7. Key Company Profiles…………………………………………………………………….
A. Medtronic plc AG Company overview, Product & Services, Strategies & Financials
B. Boston Scientific Corporation Company overview, Product & Services, Strategies & Financials
C. Stryker Corporation, Product & Services, Strategies & Financials
8. Healthcare Policies and Regulatory Landscape…………………………..……
A. Policy changes and Regulatory Guidelines
9. Factors Driving Future Growth………………………………………………………
A. Key Industry Developments
B. Future Opportunities
10. Conclusion

Market Segmentation

By Device Type:

Based on device type, the market is segmented into cerebrospinal fluid management devices, interventional neurology devices, neurosurgery devices, neurosurgery devices, neurostimulation devices, Neurorehabilitation Devices and other types of devices. Neurostimulation devices is expected to show good growth over the forecast period. Neurostimulation devices are implantable, programmable medical devices that deliver electrical stimulation to a specific part of the patient’s brain, spinal cord or peripheral nervous system to help treat various conditions, including chronic pain, movement disorders, epilepsy, and Parkinson’s disease.

By End User:

On the Basis of end user market is segmented into Hospitals, Neurology Clinics, Ambulatory Care Centres. Out of all these, hospital segment has maximum share in India, and is anticipated to continue this during the forecast period. This is attributed to the easy availability of neurological devices in hospital settings and preference among patients to visit hospitals for diagnosis and treatment of neurological devices

Major Players

In India, the geriatric population is rising. As a result, the incidence of neurological disorders is also expected to rise in India. With the increasing demand for neurology devices has in-turn helped market growth of neurology devices market.  Abbott Laboratories, B. Braun Melsungen AG, Boston Scientific Corporation, Johnson and Johnson, Medtronic PLC, MicroPort Scientific Corporation, Nihon Kohden Corporation, Smith & Nephew, Stryker Corporation are major players in Neurology Device Market in India.

Research Methodology

Insights10 will provide you reports within 10 key parameters which are:

  1. Market overview
  2. Market growth drivers & restraints
  3. Epidemiology or disease type
  4. Market segmentation
  5. Market share
  6. Competitive landscape
  7. Key company profiles
  8. Healthcare policies & regulatory framework
  9. Reimbursement scenario
  10. Factors driving future growth

Based on our many years of experience, we believe that these are the parameters that are critical to decision making for business stakeholders. Our focused approach to develop reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.

Our analysis methodology involves three critical stages:

Stage I: Market Data Collection

Primary Interviews: We have developed a network of experts, freelancers and researchers across countries through which we engage with local experts to gather key data points and assumptions around each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.

Secondary Data Collection: We have developed strong expertise and experience in secondary data collection methods for developing unique data sets and research material. We gather data from multiple reliable sources to maintain the high level of accuracy and consistency. The market data is analysed and forecasted using appropriate statistical and coherent models. The report offers an overall analysis of the market size, growth, market share as well as segment-level analysis of the specific market. Our report includes precise, to the point information related to the overall market, competition, growth drivers, challenges, regulatory updates, and competition.

Data Sources: We have access to multiple highly reliable free and subscription data sources. We have many years of experience to understand which sources are more dependable for what and which to prefer for the reliable and latest information. The key sources of information include the following, but are not limited to:

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Stage II: Market Data Analysis and Statistical Model

Market Trends: We generally look at macro parameter and micro indicators. The macro parameters includes changes in government policies, demand and supply of the market, government intervention programs and major market share. The micro indicators GDP growth, market size, market volume etc. We also understand nuances specific to each country like US, Canada, India, Germany, etc. and have worked across 60+ countries and hence no only understand global trends, but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.

Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. start with large overall market and segment different areas and bottom-up approach i.e. start with population and epidemiology and roll up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.

The top-down approach mainly used for new product forecasting and bottom-up approach is used for demand estimation of any product for different countries summed up to form total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.

The study on the market covers the analysis of the leading geographies such as North America, Europe, Asia-Pacific, and Africa for the period of 2020 to 2028. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape and policy and regulatory scenario and the quantitative analysis covers different market estimates and forecasts.

Data Triangulation & Validation:

Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases and the company level averages etc.

We make sure to finalize the numbers in alignment to the market research. Firstly, our internal experts ensure thorough validation and checking to ensure the accurate and precise analysis and then validation is also done using multiple data analysis model.  Two level validation is done and entails finalization of report scope and to way of representation pattern.

Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analysed and synthesized. A second series of interviews are done if necessary to check and validate. The future opportunities are analysed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results are then, interpreted by considering following parameters: (a partial list)

  • Establishing market drivers and trends
  • Analyzing regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue / volume
  • Analyzing current needs and determining penetration to estimate market

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Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.

Presentation & Reporting: The market research report is presented in different forms such as charts by using a scientific approach for easy understanding. Historic, current and future analysis is provided for each market in terms of both value and volume. The size of the market is interpreted in the US Dollar value and the respective unit, based on the product, for volume consumptions.
The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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