Austria Neurology Devices Market Analysis

Austria Neurology Devices Market Analysis


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The Austria Neurology Device market size was valued at $50 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 neurology devices market in Austria is expanding as a result of factors such as an ageing population, technological improvements, and an increase in the frequency of neurological disorders. The market is segmented by product type and by the end user. Some key players in this market include medPhoton GmbH, Medtronic, Abbott Laboratories, and Nihon Kohden.

ID: IN10ATMD012 CATEGORY: Medical Devices GEOGRAPHY: Austria AUTHOR: Jigyasu Bhandari

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Austria Neurology Device Market Executive Analysis

The Austria Neurology Devices Market is at around $50 Mn in 2022 and is projected to reach $xx Mn in 2030, exhibiting a CAGR of xx% during the forecast period. Healthcare spending in Austria reached $45.4 billion in 2017 (10.4% of GDP). 75% of the total is paid for by the public. When taken as a whole, Austrian healthcare spending has grown at an average annual rate of 4.9% during the past 20 years. In 2019, Austria's healthcare spending accounted for 10.4% of GDP, higher than The Organization for Economic Cooperation and Development (OECD) average of 8.8%.

Around 20,000 new occurrences of stroke are reported in Austria each year, making it one of the most prevalent neurological conditions there. The frequency of stroke is higher in males than in women, and the risk of stroke rises with age, according to the Austrian Stroke Unit Registry. There are an estimated 130,000 people living with dementia in Austria, making it a significant health concern. Dementia is more prevalent in women than in men, and its prevalence rises with age. Another prominent neurological disorder in Austria that affects about 25,000 people is Parkinson's disease. Parkinson's disease affects more people as they get older, and males are slightly more likely than women to develop it. Over 12,000 people in Austria have Multiple Sclerosis (MS), a chronic autoimmune illness of the central nervous system. Women are more likely than men to have MS, and those between the ages of 20 and 40 are typically diagnosed with the disease. An estimated 80,000 persons in Austria are thought to suffer from epilepsy, a neurological disorder marked by recurring seizures. Although the ailment can affect anyone at any age, it is typically identified in young children and elderly people.

Austria Neurology Device Market Analysis

Market Dynamics

Market Growth Drivers

Austria's neurology devices market is anticipated to expand in the years to come as a result of the rising incidence of neurological disorders, technological improvements, advantageous reimbursement policies, and an ageing population. In Austria, the incidence of neurological conditions such as stroke, dementia, Parkinson's disease, and multiple sclerosis is rising. As a result, there is an increase in demand for neurology devices. The market expansion in Austria is being driven by advancements in neurology devices. For instance, non-invasive and minimally invasive technology advancements are creating safer and more efficient treatment options. Similar to how robotics and artificial intelligence are being adopted, neurosurgery is becoming more precise and accurate. The need for neurology devices in Austria is being driven by the country's ageing population. Ageing raises the likelihood of developing neurological conditions including dementia and stroke. The need for neurology devices is consequently rising.

Market Restraints

The approval and marketing of neurology devices may be delayed in Austria because of the country's rigorous regulatory regulations. For startups and smaller businesses, this might be a considerable entry barrier. The Austrian government offers compensation for a number of medical treatments and devices, while coverage for specific neurological devices may be restricted. Due to this, it may be challenging for healthcare professionals to defend the acquisition and usage of these devices.

Competitive Landscape

Key Players

  • medPhoton GmbH (AT)
  • Leonhard Lang (AT)
  • Medtronic
  • Abbott Laboratories
  • Nihon Kohden
  • Boston Scientific

Notable Deals

2022: medPhoton and Brainlab maintained their close cooperation in the field of intraoperative imaging. Brainlab invested a deliberate investment in medPhoton, contributed to the development of Loop-X, and was appointed the device's sole distributor in the surgical area.

Healthcare Policies and Regulatory Landscape

The Austrian Federal Office for Safety in Healthcare (BASG) is the regulatory body in Austria in charge of overseeing neurological devices. Neurology device evaluation, approval, and oversight are the purview of the BASG. The social insurance concept serves as the foundation for the Austrian healthcare system, which mandates health insurance for all citizens. The healthcare system is heavily regulated and funded by the government, which has an effect on the accessibility and payment of neurological devices.

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

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

  1. Market Overview
  2. Market Growth Drivers & Restraints
  3. Epidemiology of 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 developing reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.

 

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The study on the market covers the analysis of the leading geographies such as Asia-Pacific, Africa, Europe, Middle East, North America, and  Latin America for the period of 2022 to 2030. 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.

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

 

 

Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analyzed and synthesized. The second series of interviews are done if necessary to check and validate. The future opportunities are analyzed 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 is then, interpreted by considering the following parameters: (a partial list)

  • Establishing market drivers and trends
  • Analyzing the regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue/volume
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The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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Last updated on: 28 February 2023
Updated by: Shivam Zalke

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