Belgium Neurology Devices Market Analysis

Belgium Neurology Devices Market Analysis


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The Belgium Neurology Device Market is expected to witness growth from $xx Bn in 2022 to $xx Bn in 2030 with a CAGR of xx% for the forecasted year 2022-2030. Belgium's market for neurological devices is developing as a result of an aging population, improved healthcare facilities, and an increase in neurological illnesses. The market is segmented by product type and by the end user. Major Key players in Malaysia's neurology devices market include Medec, Heyer nv, Nihon Kohden, Medtronic, Boston Scientific, and Johnson and Johnson.

ID: IN10BEMD012 CATEGORY: Medical Devices GEOGRAPHY: Belgium AUTHOR: Jigyasu Bhandari

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Belgium Neurology Devices Market Executive Analysis

The Belgium Neurology Devices Market size 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. Belgium spent 0.3% of its GDP on public healthcare administration and insurance in 2015, which is in line with the EU average for the same year. The total amount spent on health in Belgium has consistently climbed as a share of GDP, rising from 10.5% in 2015 to 12.5% in 2020. The overall budget is greater than the average for the EU. Public (total) spending has risen rather gradually over the past ten years and is generally in line with European Union (EU) levels.

In Belgium, there were reportedly 202,000 dementia sufferers. About 5.5 epileptic cases per 1,000 people are thought to exist in Belgium. Every year, about 19,000 people in Belgium experience a stroke. Parkinson's disease is thought to affect 108.2 out of every 100,000 people in Belgium. According to the Belgian MS Association, the frequency of multiple sclerosis (MS) is thought to be between 12,000 and 13,000 people in Belgium. Neurology devices are necessary for the detection, management, and treatment of neurological illnesses. A variety of neurology equipment is required in Belgium to help the healthcare system meet the demands of individuals with neurological problems. Patients recovering from neurological diseases like spinal cord injuries and stroke use neurology devices, such as robotic exoskeletons and virtual reality systems. Devices for neurology are used to treat neurological conditions like spasticity, mobility problems, and chronic pain. Intrathecal pumps, deep brain stimulation equipment, and neurostimulation equipment are some of these technologies. Neurology equipment, such as magnetoencephalography and transcranial magnetic stimulation machines, are needed for the investigation and development of novel treatments for neurological issues.

Market Dynamics

Market Growth Drivers

In Belgium, neurology equipment is essential for improving the diagnosis and treatment of neurological disorders and for providing high-quality patient care. Belgium's market for neurological devices is developing as a result of an aging population, improved healthcare facilities, and an increase in neurological illnesses. As the population ages, it is anticipated that neurological illnesses including Alzheimer's, Parkinson's, and multiple sclerosis would become more common. The demand for neurology devices that can aid in the diagnosis, treatment, and management of these disorders is anticipated to rise as a result. The need for newer and more advanced devices is anticipated to be driven by improvements in neurology device technology, particularly more sophisticated imaging methods, and minimally invasive procedures. Manufacturers who can keep up with these technological improvements will probably continue to grow.

 Market Restraints

Belgium's neurology devices market is extremely crowded with well-established competitors. New manufacturers may find it challenging to enter the market and outpace recognized names as a result. The purchasing power of healthcare professionals and patients may be restricted by financial and budgetary constraints, which may impact the market's demand for neurology devices in Belgium.

Competitive Landscape

Key Players

  • Medec (BE)
  • Heyer nv (BE)
  • Nihon Kohden
  • Medtronic
  • Boston Scientific
  • Johnson and Johnson

Notable Recent Deals

2021: Stimgenics, a Belgian company that specializes in the creation of neuromodulation therapies for the treatment of chronic pain, was acquired by Medtronic. By incorporating Stimgenic's exclusive technology into its portfolio, the acquisition is anticipated to improve Medtronic's position in the market for neurology devices.

Healthcare Policies and Regulatory Landscape

The Federal Agency for Pharmaceuticals and Health Products (FAMHP) is in charge of regulating and setting healthcare standards in Belgium for neurological devices. The marketing and usage of neurology devices are governed by FAMHP. Belgium's neurology device regulations are in compliance with those of the European Union (EU). To guarantee the efficacy and safety of medical equipment, particularly neurology devices, the EU has created a set of regulations. These regulations include the Medical Devices Regulation (MDR) and In Vitro Diagnostic Medical Devices Regulation (IVDR), which have taken the place of the former Medical Devices Directive (MDD) and In Vitro Diagnostic Medical Devices Directive (IVDD).

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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Primary Interviews: We have developed a network of experts, freelancers, and researchers across countries through which we engage with local experts to gather key data points and assumptions about each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.

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Data Sources: We have access to multiple highly reliable free and subscription data sources. We have many years of experience to understand which sources are more dependable for what and which to prefer for the reliable and latest information. The key sources of information include the following, but are not limited to:

 

 

Stage II: Market Data Analysis and Statistical Model

Market Trends: We generally look at macro parameters and micro indicators. The macro parameters include changes in government policies, demand and supply of the market, government intervention programs, and major market share. The micro indicators are GDP growth, market size, market volume, etc. We also understand nuances specific to each country like the US, Canada, India, Germany, etc., and have worked across 60+ countries and hence not only understand global trends but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.

Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. starting with the large overall market and segmenting different areas and the bottom-up approach i.e. starting with population and epidemiology and rolling up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.

The top-down approach is mainly used for new product forecasting and the bottom-up approach is used for demand estimation of any product for different countries summed up to form the total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.

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.

Data Triangulation & Validation:

Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases, and company-level averages, etc.

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
  • ​Analyzing current needs and determining penetration to estimate the market

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Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.

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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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