Portugal Neurology Devices Market Analysis

Portugal Neurology Devices Market Analysis


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The Portugal Neurology Device Market is expected to witness growth from $38 Mn in 2022 to $xx Mn in 2030 with a CAGR of xx% for the forecasted year 2022-2030. The market is anticipated to expand as Portugal's demand for neurology devices increases. The need for neurology devices is being driven by a rise in the prevalence of neurological disorders such as epilepsy, Parkinson's disease, multiple sclerosis, and dementia in Portugal. The market is segmented by product type and by the end user. Major Key Players in Portugal's neurology devices market include Neurowave, BrainCare, Medtronic, Johnson and Johnson and Boston Scientific.

ID: IN10PTMD012 CATEGORY: Medical Devices GEOGRAPHY: Portugal AUTHOR: Jigyasu Bhandari

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Portugal Neurology Devices Market Executive Analysis

The Portugal neurology devices market size is at around $38 Mn in 2022 and is projected to reach $xx Bn in 2030, exhibiting a CAGR of xx% during the forecast period. Current healthcare spending in Portugal increased by 12.65% in 2022, hitting 11.2% of GDP. The Gross Fixed Capital Formation (GFCF) of public providers increased by 32.6% in 2020, while the GFCF of the entire economy decreased by 1.6%. In 2020, household spending fell by 6.0% as a result of budget cuts to the major private providers: hospitals (-8.8%), ambulatory health care providers (-11.5%), and other sales of medical supplies (-3.2%).

In Portugal, neurological conditions were the cause of 12.2% of all fatalities in 2019. A  Portuguese Alzheimer's Association claims that 200,000 Portuguese citizens already have dementia, and that figure is anticipated to treble by the year 2050. The most typical cause of dementia, Alzheimer's disease is more prevalent as people get older. Parkinson's disease is a degenerative neurological condition that impairs movement; it affects 103.9 instances per 100,000 people in Portugal, The central nervous system is impacted by the chronic autoimmune disease known as multiple sclerosis there are 51.2 occurrences of multiple sclerosis per 100,000 people in Portugal. Neurology devices are useful in Portugal for the diagnosis, management, and therapy of neurological ailments and are essential tools for healthcare workers and researchers. Neurological disorders are diagnosed using instruments that measure electrical activity in the brain and nerves, such as electromyography and electroencephalography devices. Deep Brain Stimulation (DBS) devices are used to treat Parkinson's disease and epilepsy. 

Portugal Neurology Device Market Analysis

Market Dynamics

Market Growth Drivers

The market is anticipated to expand as Portugal's demand for neurology devices increases. The need for neurology devices is being driven by a rise in the prevalence of neurological disorders such as epilepsy, Parkinson's disease, multiple sclerosis, and dementia in Portugal. As a result, the market for neurology devices is offering manufacturers significant potential. Neurology devices are less painful, have fewer complications, and necessitate shorter hospital stays, the demand for non-invasive and minimally invasive neurology devices is rising in Portugal. The need for less invasive, more patient-friendly technologies is pushing manufacturers to create them. The market for neurology devices in Portugal is expanding as a result of the country's ageing population, as neurological problems are more common in the elderly. As a result, there is already a substantial market for neurology devices, which is predicted to increase over the next few years.

 Market Restraints

The restrictive Portuguese regulatory framework for neurology devices can be a barrier to manufacturers. The lengthy approval procedure may cause new product introductions to be severely delayed, which may be detrimental to market competitors.

Competitive Landscape

Key Players

  • Neurowave (PT)
  • Esaote (PT)
  • BrainCare (PT)
  • Medtronic
  • Boston Scientific
  • GE Healthcare
  • Johnson and Johnson

Notable Recent Deals

2021: Johnson & Johnson purchased the remaining stock in Acclarent, a Portuguese manufacturer of medical devices with a focus on market expansion.

Healthcare Policies and Regulatory Landscape

The Portuguese regulatory body in charge of policing and regulating Neurology devices is called INFARMED. In Portugal, INFORMED is in charge of approving and overseeing the use of neurological devices. The agency monitors neurological devices both before and after they are put on the market, examines clinical data, and judges their efficacy and safety. Portugal's manufacturing, distribution, and sales of neurological devices are regulated by the Medical Devices Law. The law specifies the regulatory standards for neurological equipment as well as the obligations of distributors, importers, and producers.

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

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Last updated on: 28 February 2023
Updated by: Dr. Purav Gandhi

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