Hong Kong Neurology Devices Market Analysis Report 2022 to 2030

Hong Kong Neurology Devices Market Analysis

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Hong Kong Neurology Devices Market size was valued at $20 Mn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 8.80% from 2022 to 2030 and will reach $40 Mn in 2030. The market for neurology devices in Hong Kong is expanding as a result of the enormous frequency of neurological illnesses in the population and the rising costs associated with treating them. The market is segmented by product type and by the end user. Some key players in this market include Medtronic, Abbott Laboratories, Boston Scientific, and Nihon Kohden.

ID: IN10HKMD012 CATEGORY: Medical Devices GEOGRAPHY: Hong Kong AUTHOR: Jigyasu Bhandari

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Hong Kong Neurology Devices Market Executive Analysis

Hong Kong Neurology Devices Market is at around $20 Mn in 2022 and is projected to reach $40 Mn in 2030, exhibiting a CAGR of 8.80% during the forecast period. Healthcare spending in Hong Kong in 2020 was $22.7 Bn, or 6.2 percent of the GDP, making it one of the highest in Asia. In Hong Kong, there are currently 1.27 million people 65 or older, which represents about 16 % of the overall population. By 2036, however, that number is projected to rise to 2.37 million, or 31 percent of the total population. The prevalence of neurological illnesses will rise as the population ages. In Hong Kong, there are 2.1 to 2.5 strokes per 1,000 individuals each year. Adults aged 45 and older are thought to have a 2.9% prevalence of stroke. Alzheimer's disease is the most prevalent type of dementia in Hong Kong, where it is estimated that 5.4% of persons aged 60 or older have dementia. Parkinson's disease is thought to affect 50 to 100 people out of every 0.1 Mn in Hong Kong. One to two cases of multiple sclerosis are thought to occur for every 0.1 Mn people in Hong Kong.

Neurology devices are used to identify, treat, and prevent a wide range of neurological conditions, including Alzheimer's disease, spinal cord injuries, and traumatic brain injuries. For individuals with limb loss or congenital limb differences, these devices are also utilized to restore their hearing and sight. Cerebrospinal fluid management (CSF) devices and equipment, interventional neurology devices and equipment, neurosurgery devices and equipment, and neurostimulation devices are the four primary categories of neurology devices. The neurostimulation device produces electrical impulses that are applied beneath the skin of particular patient body areas. Medical personnel can diagnose and track neurological diseases more precisely and effectively with the use of neurology devices. Better treatment outcomes and earlier diagnosis may result from this.

Hong Kong Neurology Device Market Analysis

Market Dynamics

Market Growth Drivers

In Hong Kong, The rise in the number of elderly people, the high demand for minimally invasive procedures, the rise in disposable income, the expansion of the healthcare system, and the creation of cutting-edge gadgets are the main drivers fueling the growth of the Hong Kong neurology devices market. The prevalence of neurological illnesses has significantly increased, which also fuels market expansion. The market for neurology devices in Hong Kong is expanding as a result of the enormous frequency of neurological illnesses in the population and the rising costs associated with treating them. The introduction of new technological advancements in neurological equipment and devices to aid in the detection of neurovascular illnesses has resulted in effective treatments for these conditions, which are expected to generate profitable corporate growth opportunities.

Market Restraints

Neurological devices in Hong Kong's government healthcare system only receive a little amount of reimbursement, which may limit patient access to them if they cannot afford to pay out of pocket, some of the factors that are likely to impede business development in neurology devices market growth include expensive processes and stringent regulatory government regulations. Neurology device regulations can be complicated, and getting new devices approved in Hong Kong can be a time-consuming and expensive procedure.

Competitive Landscape

Key Players

Medtronic
Abbott Laboratories
Boston Scientific
Nihon Kohden
Siemens Healthineers
Alleva Medical

Recent Notable Deals

December 2022: Boston Scientific, a manufacturer of medical devices based in the United States, will make a partial offer for up to a 65% share in the Hong Kong-based Acotec. Boston Scientific made this agreement to grow the market for neurology devices in Hong Kong.

Healthcare Policies and Regulatory Landscape

The regulatory environment for neurology devices is favourable in Hong Kong and the country's healthcare system is well-developed. The Department of Health's Medical Device Control Office (MDCO) is the federal body in charge of supervising medical device regulation. Before being marketed or sold in Hong Kong, neurological devices must be registered with the Medical Device Control Office (MDCO). A review of the device's effectiveness and safety is part of the registration procedure. Neurology device manufacturers are required to set up and maintain a quality management system in compliance with global norms like ISO 13485. In order to keep an eye on the efficacy and security of neurology devices in Hong Kong, the Medical Device Control Office (MDCO) performs post-market monitoring. Any negative incidents or equipment malfunctions must be reported to the manufacturer.

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.

Additionally, we provide a comprehensive list of Key Opinion Leaders (KOLs) based on your requirements. Our curated list captures various crucial aspects of the KOLs, offering more than just general information. Whether you're looking to boost brand awareness, drive engagement, or launch a new product, our extensive list of KOLs ensures you have the right experts by your side. Covering 30 countries and 36 specialties, our database guarantees access to the best KOLs in the healthcare industry, supporting strategic decisions and enhancing your initiatives.

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.
Regularly updating our existing data sets with new findings and trends.
Ensuring data consistency and accuracy through rigorous validation processes.

With extensive experience in the field, we have developed a proprietary GenAI-based technology that is uniquely tailored to our organization. This advanced technology enables us to scan a wide array of relevant information sources across the internet. Our data-gathering process includes:

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.
Continuously refreshing our database to ensure that the information remains current and reliable.
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.
Conducting thorough data validation and cleansing to remove inconsistencies and errors.
Organizing data into a structured format that is easily accessible and usable for various applications.
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.