(MENAFN- EIN Presswire) Pediatric Neurology Device market 2030
PORTLAND, OREGON, UNITED STATES, April 28, 2023 /einpresswire.com / -- The pediatric Neurology Device Market refers to the market for medical devices that are specifically designed to diagnose, monitor, and treat neurological disorders in children. These devices include electroencephalography (EEG) machines, magnetic resonance imaging (MRI) machines, and various other diagnostic and therapeutic devices.
This market is driven by the increasing prevalence of neurological disorders in children, such as epilepsy, cerebral palsy, and developmental delays. The devices used in pediatric neurology are often smaller and designed to fit the unique needs of children, as their bodies and brains are still developing.
The market includes both established companies that specialize in pediatric neurology devices as well as newer players looking to enter the market. As the demand for these devices continues to grow, there is likely to be significant innovation and competition in this space.
According to the report published by Allied Market Research, the global pediatric neurology devices market was estimated at $2.8 billion in 2021 and is expected to hit $5.8 billion by 2031, registering a CAGR of 7.8% from 2022 to 2031.
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Understanding the Impact of Covid-19 on Pediatric Neurology Devices Industry
Cancellation of non-emergency procedures and decrease in the number of neurological surgeries during the pandemic had a negative impact on the global pediatric neurology devices market.
However, as the global situation has recovered, the market has also got back on track, due to the increased demand for neurological exams.
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The Pediatric Neurology Device Market presents several opportunities for growth and innovation. Here are some potential areas of opportunity:
Technological advancements: There is a growing need for more advanced and innovative pediatric neurology devices that can provide more accurate diagnoses and better treatment outcomes. Advancements in technology, such as artificial intelligence and machine learning, could play a significant role in improving the accuracy and efficiency of pediatric neurology devices.
Global expansion: The demand for pediatric neurology devices is not limited to developed countries. There is a significant opportunity to expand into emerging markets where there is a growing demand for these devices due to an increase in neurological disorders in children.
Home-based care: There is a growing trend towards home-based care for children with neurological disorders. This presents an opportunity for companies to develop devices that are portable, easy to use, and can be used at home by parents and caregivers.
Telemedicine: The use of telemedicine in pediatric neurology has increased significantly in recent years. There is a growing opportunity to develop devices that can be used remotely and can provide real-time monitoring and diagnosis of neurological disorders in children.
Pediatric-focused research: There is a need for more research focused specifically on pediatric neurology devices. This presents an opportunity for companies to invest in research and development to improve existing devices or create new ones that better serve the unique needs of children.
The Pediatric Neurology Device Market faces several challenges that could impact growth and innovation. Here are some potential challenges:
High development costs: The development of pediatric neurology devices is expensive and time-consuming. This can make it challenging for smaller companies to enter the market and compete with larger, established players.
Stringent regulations: Pediatric neurology devices are subject to stringent regulatory requirements to ensure their safety and effectiveness. This can make it difficult for companies to get new devices approved and to keep up with evolving regulations.
Limited reimbursement: Some pediatric neurology devices may not be covered by insurance or may have limited reimbursement, which can impact their adoption and use.
Lack of awareness: There may be a lack of awareness among parents, caregivers, and healthcare providers about the availability and benefits of pediatric neurology devices. This can impact their adoption and use, even if the devices are effective.
Unique patient population: Children are a unique patient population, and pediatric neurology devices must be designed to meet their specific needs. This can require significant research and development and may require specialized expertise that not all companies possess.
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By region, North America held the major share in 2021, contributing to around two-fifths of the global pediatric neurology devices market revenue. Asia-Pacific, simultaneously, would showcase the fastest CAGR of 9.2% from 2022 to 2031. The other provinces studied through the report include Europe and LAMEA.
The key market players analyzed in the global pediatric neurology devices market report include Integra Lifesciences Holdings, B.Braun SE, Medtronic Plc, Natus Medical Incorporated, Stryker Corporation, Boston Scientific Corporation, Abbott Laboratories, Livanova Plc, Zimmer Biomet Holding Inc., and Karl Storz SE and CO. KG. These market players have embraced several strategies including product launch, product approval, and acquisition to highlight their prowess in the industry. The report is helpful in formulating the business performance and developments by the top players.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
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