Bulgaria Neurology Devices Market Analysis Report 2022 to 2030

Bulgaria Neurology Devices Market Analysis

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The Bulgaria Neurology Devices Market size was valued at $xx Bn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of xx% from 2022 to 2030 and will reach $xx Bn in 2030. The prevalence of neurology diseases is projected to increase in Bulgaria, which will increase the demand for neurology devices. The market is segmented by product type and by the end user. Some key players in this market include Neurosoft, GMS Instruments, GE Healthcare, Johnson and Johnson, Philips Healthcare, and Boston Scientific.

ID: IN10BGMD012 CATEGORY: Medical Devices GEOGRAPHY: Bulgaria AUTHOR: Jigyasu Bhandari

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Bulgaria Neurology Devices Market Executive Analysis

The Bulgaria Neurology Devices Market is at around $xx Bn in 2022 and is projected to reach $xx Bn in 2030, exhibiting a CAGR of xx% during the forecast period. In Bulgaria in 2019, neurological illnesses made up 7.8% of the overall disease burden. About 6.2% of Bulgaria's GDP was spent on health care (GDP). The Bulgarian government allocated additional funds to the healthcare system in 2020 compared to the previous year to improve access to services and facilities, increasing the health budget by 17%.From 4.5% in 2010 to 6.2% in 2019, Bulgaria's health spending as a percentage of GDP climbed at an average yearly rate of 3.46%.

The incidence rate of new stroke cases in Bulgaria in 2019 was 157.7 per 100,000 individuals, which estimates that there were about 12,000 new cases. There are 5 epileptics for every 1,000 individuals in Bulgaria, and the condition affects 40–50 per 100,000 persons annually. There are between 30 to 60 cases of Multiple Sclerosis (MS) for every 100,000 persons in Bulgaria. Parkinson's disease is a neurological condition that affects movement and progresses over time. According to estimates, 75–100 persons in Bulgaria have Parkinson's disease for every 100,000 people. Neuroprosthetic devices for patients with paralysis or amputations are among the neurology devices used for the rehabilitation of neurological illnesses. Magnetic resonance imaging (MRI) systems are among the neurology research tools employed. These tools look at the way the brain works and is structured.

Market Dynamics

Market Growth Drivers

In Bulgaria, neurological conditions including multiple sclerosis, Parkinson's disease, stroke, epilepsy, and headaches are relatively common. The prevalence of these diseases is projected to increase, which will increase demand for neurology devices such as imaging systems, surgical tools, and neurostimulation devices. Bulgaria's population is ageing, much like that of many other European nations. Demand for neurology devices, particularly for the treatment of age-related neurological illnesses like dementia, may be driven by the growing older population. The Bulgaria neurology devices market is continually changing as new and cutting-edge technologies are created. Neurology device Manufacturers in Bulgaria may have opportunities to release new and enhanced products on the market as a result of the development of new technologies such as sophisticated neuroimaging methods, neuromodulation devices, and telemedicine solutions.

Market Restraints

Neurology device regulations in Bulgaria are complicated. It can take a long time and be expensive to obtain regulatory clearances and certifications, which can restrict manufacturers’ ability to release innovative neurological equipment on the market. The adoption of new and expensive devices may be constrained by the frequently low reimbursement rates for medical equipment.

Competitive Landscape

Key Players

Neurosoft (BG)
GMS Instruments (BG)
GE Healthcare
Boston Scientific
Stryker
Johnson and Johnson
Medtronic

Recent Notable Deals

2022: The Bulgarian manufacturer Neurosoft, which specializes in the creation of neurology devices, has seen some of its stock purchased by Stryker. The acquisition strengthened its position in Bulgaria's neurology devices market.

Healthcare Policies and Regulatory Landscape

The Bulgarian Ministry of Health (BMH) and the Bulgarian Drug Agency (BDA) oversee the regulatory environment for neurology devices, Neurology devices evaluation, approval, and post-market surveillance are all under the BDA's purview. Healthcare providers must be reimbursed by the National Health Insurance Fund (NHIF) for the price of the neurology devices they use to treat patients. Patients, especially those with limited financial resources, may benefit from improved access to neurology devices due to this funding method.

1. Executive Summary
1.1 Device Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Regulatory Landscape for Medical Device
1.6 Health Insurance Coverage in Country
1.7 Type of Medical Device
1.8 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Neurology Device Market Segmentation

The Neurology Device Market is segmented as mentioned below:

By Product Type (Revenue, USD Billion):

Neurostimulation
?Spinal Cord Stimulation Devices
Deep Brain Stimulation Devices
Sacral Nerve Stimulation
Vagus Nerve Stimulation
Gastric Electric Stimulation
Interventional Neurology
- Aneurysm Coiling & Embolization
- Embolic Coils
- Flow Diversion Devices
- Liquid Embolic Agents
- Cerebral Balloon Angioplasty & Stenting
- Carotid Artery Stents
- Filter Devices
- Balloon Occlusion Devices
- Neurothrombectomy
- Clot Retriever
- Suction Aspiration Devices
- Snares
CSF Management
- CSF Shunts
- CSF Drainage
Neurosurgery Devices
- Ultrasonic Aspirators
- Stereotactic Systems
- Neuroendoscopes
- Aneurysm Clips

By End User (Revenue, USD Billion):

??Hospitals and Clinics
Specialty Centres
Others

Methodology for Database Creation

Our database offers a comprehensive list of healthcare centers, meticulously curated to provide detailed information on a wide range of specialties and services. It includes top-tier hospitals, clinics, and diagnostic facilities across 30 countries and 24 specialties, ensuring users can find the healthcare services they need.

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How Do We Get It?

Our database is created and maintained through a combination of secondary and primary research methodologies.

1. Secondary Research

With many years of experience in the healthcare field, we have our own rich proprietary data from various past projects. This historical data serves as the foundation for our database. Our continuous process of gathering data involves:

Analyzing historical proprietary data collected from multiple projects.
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Ensuring data consistency and accuracy through rigorous validation processes.

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Searching through academic conferences, published research, citations, and social media platforms
Collecting and compiling diverse data to build a comprehensive and detailed database
Continuously updating our database with new information to ensure its relevance and accuracy

2. Primary Research

To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:

Collaborating with local healthcare providers, hospitals, and clinics to gather real-time data.
Conducting surveys, interviews, and field studies to collect fresh data directly from the source.
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Validating secondary data through cross-referencing with primary data to ensure accuracy and relevance.

Combining Secondary and Primary Research

By integrating both secondary and primary research methodologies, we ensure that our database is comprehensive, accurate, and up-to-date. The combined process involves:

Merging historical data from secondary research with real-time data from primary research.
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Continuously monitoring and updating the database to reflect the latest developments and trends in the healthcare field.

Through this meticulous process, we create a final database tailored to each region and domain within the healthcare industry. This approach ensures that our clients receive reliable and relevant data, empowering them to make informed decisions and drive innovation in their respective fields.