Lebanon Neurology Devices Market Analysis

Lebanon Neurology Devices Market Analysis


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The Lebanon 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. The prevalence of neurodegenerative diseases like Alzheimer's and Parkinson's disease is rising in Lebanon as the population matures. The demand for Neurology devices, such as diagnostic instruments or brain stimulation devices, may increase as a result of the expanding patient population. The market is segmented by product type and by the end user. Some key players in this market include Johnson and Johnson, GE Healthcare, Stryker, Medtronic, Abbott Laboratories and Philips Healthcare.

ID: IN10LBMD012 CATEGORY: Medical Devices GEOGRAPHY: Lebanon AUTHOR: Jigyasu Bhandari

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Lebanon Neurology Devices Market Executive Analysis

The Lebanon 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. The cost of contemporary health care represented 8.80% of Lebanon's Gross Domestic Product (GDP) in 2020. Lebanon's GDP per individual is approximately $8,259. Health expenditures are roughly $662, and public health spending is approximately $345. Lebanon's health spending rose by 57% over the previous 15 years to $719 per person in 2017. Lebanon's health expenses as a share of GDP rank among the highest in the Arab world (8.80% in 2021).

Better patient outcomes can be achieved by using neurology devices to diagnose and manage neurological conditions more precisely. Numerous neurology devices are non-invasive, which means they don't need to be surgically implanted or involve other intrusive procedures. This lowers the possibility of complications and makes patient therapy safer. Numerous neurological disorders, such as epilepsy, Parkinson's disease, multiple sclerosis, Alzheimer's disease, and others are diagnosed using neurology devices. These diseases are diagnosed using tools like computed tomography scanners, magnetic resonance imaging machines, and electroencephalogram machines. Neurology device is used in a number of ways to address neurological conditions. For instance, vagus nerve stimulation devices are used to treat epilepsy and melancholy, while deep brain stimulation devices are used to treat Parkinson's disease and essential tremors. Neurology devices are also used to track the progression of neurological disorders. The neurological function is monitored and any alterations in neurological conditions are detected using equipment like nerve conduction studies, electroencephalography machines, and electromyography machines.

Market Dynamics

Market Growth Drivers

The prevalence of neurodegenerative diseases like Alzheimer's and Parkinson's disease is rising in Lebanon as the population matures. The demand for Neurology devices, such as diagnostic instruments or brain stimulation devices, may increase as a result of the expanding patient population. The demand for neurology devices in Lebanon may be fueled by new developments and inventive goods that enhance patient outcomes in terms of diagnosis, treatment, and outcomes. For instance, patients and healthcare professionals may find interest in the creation of minimally invasive procedures or wearable technology. Government policies in Lebanon that are advantageous, such as tax breaks or subsidies, may promote the creation and production of neurology devices there. Additionally, laws that support the effectiveness, safety, and high quality of neurology devices can foster market expansion and industry confidence.

Market Restraints

Recent economic and political unrest in Lebanon may have an impact on the desire for and cost neurology devices. Healthcare expenditure may decline as a result of instability, making it difficult for hospitals and clinics to make costly purchases of neurology devices. Neurology devices prices in Lebanon may rise as a result of import tariffs and taxes, making it more difficult for healthcare providers to buy them. High taxes and tariffs may make it more difficult for international companies to compete in the Lebanese market for neurology devices.

Competitive Landscape

Key Players

  • Philips Healthcare
  • Medtronic
  • Abbott Laboratories
  • Johnson & Johnson
  • Boston Scientific
  • Nihon Kohden
  • GE Healthcare
  • Stryker

Notable Recent Deals

October 2020: A Medical technology firm called LivaNova declared in 2020 that the first Vagus Nerve Stimulation (VNS) Therapy System implantation in Lebanon had been successfully completed. Epilepsy and melancholy that is resistant to therapy are both treated with the VNS Therapy System.

Healthcare Policies and Regulatory Landscape

The Lebanese Ministry of Public Health (MoPH) and the Lebanese Order of Physicians (LOP) oversee the regulatory framework for healthcare in Lebanon and the market for neurology devices. In Lebanon, the MoPH is in charge of establishing the rules and policies governing the use of neurology devices. Additionally, it is in charge of issuing licences for the importation, marketing, and retailing of neurology devices in Lebanon. The MoPH has published recommendations for the registration of neurology devices in Lebanon, including particular regulations pertaining to neurology devices. The requirements for the registration of neurology devices are outlined in the guidelines, including the requirement for clinical data and proof of safety and effectiveness. To further monitor the security of neurology devices in Lebanon, the MoPH created a medical device vigilance system. This method enables the reporting of unfavourable incidents and offers a way to monitor and address safety issues with regard to neurology 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”.

 

Stage I: Market Data Collection

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.

Secondary Data Collection: We have developed strong expertise and experience in secondary data collection methods for developing unique data sets and research material. We gather data from multiple reliable sources to maintain a high level of accuracy and consistency. The market data is analyzed and forecasted using appropriate statistical and coherent models. The report offers an overall analysis of the market size, growth, and market share as well as a segment-level analysis of the specific market. Our report includes precise, to-the-point information related to the overall market, competition, growth drivers, challenges, regulatory updates, and competition.

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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The market is segmented by product type and by end-user.

The Lebanon Neurology devices market is studied from 2022-2030.

Johnson and Johnson, GE Healthcare, Stryker, Medtronic, Abbott laboratories and Philips Healthcare are the major companies operating in Lebanon neurology devices market.


This report addresses

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  • Qualitative, acute and result oriented market analysis
  • Market size and forecasts from 2022 to 2030
  • Opportunities for expansion and in-depth market analysis
  • Segmentation and regional revenue forecasts
  • Analysis of the market share and competitive landscape
  • Strategic Recommendations to chart future course of action
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Last updated on: 15 March 2023
Updated by: Vidhi Upadhyay

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