Singapore Neurology Devices Market Analysis Report [2022-30]

Singapore Neurology Devices Market Analysis

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The Singapore Neurology Devices Market size was valued at $15 Mn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of xx% from 2022 to 2030 and will reach $xx Mn in 2030. The rising demand for minimally invasive procedures, the rise in disposable income, the expansion of the healthcare system, and the development of cutting-edge technology are all factors driving the market growth for Singapore neurology devices. The market is segmented by product type and by the end user. Some key players in this market include Medtronic, Abbott Laboratories, Optima Medical, Natus Medical, and Nihon Kohden.

ID: IN10SGMD012 CATEGORY: Medical Devices GEOGRAPHY: Singapore AUTHOR: Jigyasu Bhandari

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Singapore Neurology Device Market Executive Analysis

The Singapore Neurology Device Market is at around $15 Mn in 2022 and is projected to reach $xx Mn in 2030, exhibiting a CAGR of xx% during the forecast period. With a 22% growth from 2014 to 2020, there are now more than 50,000 neurological diseases in Singapore. Currently, Singapore has roughly 40,000 dementia patients. According to estimates, Singapore will have 80,000 dementia sufferers by the year 2030. In Singapore 9.81 per 100,000 people were affected annually by neurology disorders, according to the 95% confidence interval. As people aged, the incidence went up. After age was taken into account, the yearly incidence was equal for men (10.75 per 100,000) and women (9.00 per 100,000), but higher for Chinese (10.33 per 100,000) and Indians (9.34 per 100,000) than for Malay people (10.33 per 100,000). (6.62 per 100,000). Abducens nerve palsy (1.27 per 100,000), anterior ischemic optic neuropathy (1.08 per 100,000), and oculomotor nerve palsy were the three most prevalent particular neuro-ophthalmic disorders (0.91 per 100,000).

In Singapore, neurological illnesses and disorders are widespread; The Parkinson Society Singapore estimates that there are 6,000 cases of Parkinson's disease in Singapore per year, with an incidence rate of 3.5 cases per 100,000 individuals. The prevalence of epilepsy in Singapore is estimated to be 4.8 per 1,000 people. The annual incidence rate is roughly 60 per 100,000 people. In Singapore, stroke is a leading cause of disability and fatalities. The Singapore Stroke Registry reports that there were 7,946 new stroke cases in Singapore in 2019, with a rate of incidence of 128.4 per 100,000 people per year. Due to its aging population; dementia is becoming a significant worry in Singapore. 10.3% of Singaporeans 60 years of age and older have dementia. In Singapore, the prevalence of Multiple Sclerosis (MS) is thought to be 3.4 per 100,000 people.

singapore neurology devices market analysis

Market Dynamics

Market Growth Drivers

The demand for neurology devices in Singapore is expected to grow because of the increasing prevalence of neurological conditions such as Parkinson's disease, epilepsy, and stroke. The prevalence of these disorders is probably going to rise as the population becomes older, which will increase the need for diagnostic and therapeutic tools. The rising demand for minimally invasive procedures, the rise in disposable income, the expansion of the healthcare system, and the development of cutting-edge technology are all factors driving the market growth for Singapore neurology devices. The development of neurology devices such as brain-computer interfaces and neuromodulation devices is anticipated to fuel market expansion. These innovations provide fresh possibilities for treating neurological diseases and could lead to better patient outcomes. Due to their lower risk and greater patient comfort, non-invasive neurology equipment like Transcranial Magnetic Stimulation (TMS) and electroencephalography are becoming more and more popular in Singapore. This is anticipated to increase demand for these devices and support market expansion.

Market Restraints

Singapore's complicated regulatory environment for medical devices includes several regulatory criteria for various device categories. This may make it difficult for some businesses, especially Small and Medium-sized ones (SMEs), to enter the market. Singapore's healthcare spending is growing, yet there are few options for paying for neurological devices. Adoption may be hampered by this, especially for newer devices that are not yet covered by insurance. In some instances, complementary treatments over neurological equipment may be preferable, such as acupuncture and traditional Chinese medicine. This may prevent some neurology devices from being adopted and used, especially in the private healthcare industry.

Competitive Landscape

Key Players

Medtronic
Optima Medical
Abbott Laboratories
Natus Medical
Mindray Medical
Nihon Kohden

Notable Recent Deals

February 2022: The acquisition of Neurosoft by Natus Medical, a multinational provider of medical technology. EEG, EMG, and nerve conduction devices are just a few of the clinical neurophysiology devices that Neurosoft develops and manufactures. The acquisition is a component of Natus Medical's plan to increase its market share in the worldwide market for neurology devices.

Healthcare Policies and Regulatory Landscape

Singapore has well-established healthcare policies and a regulatory landscape for neurology devices. The Health Sciences Authority (HSA), which is in charge of regulating the quality, safety, and efficacy of medical devices in Singapore, is in charge of overseeing the regulatory environment. The Health Products Act Regulations govern neurology devices in Singapore. These rules create a framework for classifying, registering, and approving neurology devices. Before neurology devices can be sold in Singapore, enterprises must register them with the Health Sciences Authority (HSA). Technical documents and other materials proving the device's safety and effectiveness are submitted as part of the registration process.

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.