Market is Driven by Rising Incidence of Neurological Disorders
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Neurology is a branch of medicine which deals with nervous system disorders. Neurology deals with the treatment and diagnosis of all types of disorders related to the peripheral and the central nervous system.
Pediatric neurology refers to the diagnosis and treatment of neurological disorders specifically in pediatric patients. Pediatric neurological disorders include muscular dystrophy, epilepsy, and paroxysmal disorders.
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The neonates are considered newborn infant, infants are referred in age group up to two years. The adolescents are considered in the age range of 10 years to 19 years.
The pediatric neurology market comprises few medical devices such as EEG (electroencephalogram) and brain stimulation devices, which are used in the diagnosis and treatment of pediatric neurological disorders. There are various therapies available for the treatment of pediatric neurological disorders such as intrathecal drug therapies, lumbar puncture therapies, and pediatric neurological evaluations.
Currently, there is growing extensive research and development with a significant number of new product introduction in the market. This caters to the increasing patient demand for efficient and effective treatment modality.
The pediatric neurology is a consolidated market, with significant market shares held by top industry players such as Medtronic, Elana Inc. Courtagen, and Ethicon. Most of the companies are emphasizing on research and development activities toward novel drug development, which in turn is contributing to the market growth for pediatric neurology.
In addition, high unmet needs for curative treatment of pediatric neurological disorders are likely to present a significant market opportunity. Growth of the global pediatric neurology market is projected to be driven by emerging economies in Asia, where the prevalence of the disorder is comparatively high as compared to other regions.
According to a report published by UMKC School of Medicine, about 2.7 million people in the U.S. have epilepsy and more than 45,000 new cases are diagnosed every year.
Epilepsy is more common than multiple sclerosis, cerebral palsy, and Parkinson’s disease combined. Rising incidence and prevalence of neurological disorders in pediatric patient pool explains the need for treatment of neurological disorders in the region, and thereby increases the market potential for neurology drugs.
Therefore, rising incidence of neurological disorders is a major factor driving the global pediatric neurology market. In addition, rising demand for advanced diagnosis and treatment of neurological disorders, intra-industry competition, and increasing new entrants are boosting the market growth.
The global pediatric neurology market has been segmented based on age group, service and treatment, subspecialty, and region. Based on age group, the global pediatric neurology market has been segmented into infants, neonates, children, and adolescents.
Based on service and treatment, the market has been segmented into intrathecal drug therapy, electroencephalogram, lumbar puncture, neurological evaluation, and vagal nerve stimulation. Based on subspecialty, the market has been segmented into neuromuscular, neurooncology, neuroimmunology, stroke, neonatal neurology, and others.
Geographically, the pediatric neurology market has been divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is anticipated to account for the highest share of the pediatric neurology market during the forecast period, followed by Europe and Asia Pacific.
The market in Asia Pacific is projected to expand at a significant CAGR during the forecast period. Globally, market players involved in the pediatric neurology treatment and services have implemented new strategies and technological advancements.
In terms of country, the U.S. dominates the pediatric neurology market with a significant market share, followed by the U.K. New launch of pediatric neurology devices worldwide is projected to drive the growth of the market.
Major players operating in the global pediatric neurology market include Medtronic, Elana Inc., Courtagen, Ethicon, Nemours, and Inova Health System.
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