Global Neurology Devices Market: By Product (Neurostimulation devices, Neurosurgery devices, Interventional neurology devices, Cerebrospinal fluid management devices and Others), By End User (Hospitals, Ambulatory surgery centers, clinics and Others), and By Regional Analysis (North America, Europe, Asia-Pacific, South America, Middle East & Africa)—Forecast till 2032

Description

Market Overview:

In 2021, the global market for neurology devices was worth at $13.1 billion. By 2031, it is projected to rise to $29.5 billion, with a compound annual growth rate (CAGR) of 8.1% from 2022 to 2031. Several factors are propelling this market expansion, comprising the growing prevalence of neurological disorders, considerable investments by private entities in neurology devices, and increased research and development in Neurotherapy. The population’s rising burden of neurological conditions is the primary driver for the growing demand for neurology devices throughout the forecast period.

What Factors are Leading to the Growth of the Global Neurology Device Market:

• The growing prevalence of neurological disorders and the increasing demand for early diagnosis are driving the market growth.
• The growing incidence of stroke and epilepsy is propelling the requirement for neurological devices. Moreover, there is anincreasingrequirement for effective diagnostic and treatment solutions to enhance patient outcomes.
• The market growth is further propelled by a rise in research and development activities in the medical device sector, an increase in funding for the advancement of healthcare facilities, and government initiatives focused at improving the medical device industry.

Market Size for Global Neurology Devices Market on the Basis of Revenues in USD Bn , 2018-2023

Source: Maven Market Research

Which Industry Trends have been Fueling the Growth?

Growing Prevalence of Neurological Disorders: According to the World Health Organization (WHO), there were 206 million individuals with diabetic neuropathy during 2021. Individuals are witnessing a wide variety of neurological disorders owing to factors including genetic disorders, infections, congenital abnormalities, lifestyle-related health problems including malnutrition, and injuries to the brain, spinal cord, and nerves. These conditions negatively affect individuals’ lives, leading to problemsincluding poor coordination, muscle weakness, and loss of sensation. Additionally, the increasingrequirement for effective and reliable solutions among patients is propelling the requirement for neurology devices. These devices facilitate the precise diagnosis of neurological issues by delivering detailed visualization and monitoring of brain activity and structure.

Growing Number of Geriatric Population: The increasing number of elderly peopleacross the globe is underwriting a favorable outlook for the neurology devices market. Older adults are progressively susceptible to neurological conditions including dementia, stroke, Parkinson’s disease, and Alzheimer’s disease, thereby increasing the requirement for neurology equipment. This age group demands more medical care, and with neurological problems being more common among them, the requirement for neurology services and supplies is rising. The World Health Organization (WHO) projects that the population aged 80 years or older will reach 426 million by 2050.

What is the Current Structure for Global Neurology Device Market?

By Product, Interventional Neurology Devices Segment Anticipated to Lead the Global Market Growth

The market is segmented by product into neurostimulation devices, neurosurgery devices, interventional neurology devices, cerebrospinal fluid management devices, and others. The interventional neurology devices segment held the largest market revenue share of the neurology devices market and is projected to remain dominant in the forecast period. This dominance is accredited to the growing adoption of these devices owing to their higher accuracy and recommendations from national health authorities in different countries. The neurosurgery devices segment is anticipated to register the highest compound annual growth rate (CAGR) in the forecast period, propelled by growing preference from doctors and patients alike because of its shorter recovery duration after treatment.

By End User, Hospital Segment Projected to Held the Largest Market Share

The market is segmented by end user into hospitals, ambulatory surgery centers, and others. The hospitals segment held the largest share and is projected to account the highest CAGR. This growth is owing to the accessibility of advanced medical technologies, highly skilled healthcare professionals, and a broad range of specialized services in hospitals.Furthermore, hospitals can accommodate a greater number of patients, comprising those with neurological disorders, compared to other healthcare institutions. The requirement for neurology equipment in hospitals is propelled by the increased patient influx. These facilities are integrated with the infrastructure essential to handle advanced neurological devices, along with specialist medical personnel including neurologists, neurosurgeons, and specialized nursing care. This includes wards precisely designed for post-operative care and monitoring, as well as functioning rooms equipped for neurosurgery processes.

By Region, North America Hold the Largest CAGR in the Global Market

North America dominated the market with a projected revenue of USD 2,400 million in past years. The region’s market growth is propelled by positive government initiatives, an improved healthcare infrastructure, and considerable investments in pharmaceutical research and development (R&D), brain tumor research, and neurological R&D, along with high CNS research activities. The Asia Pacific region is projected to witness a high growth rate of over 7% from 2015 to 2022. This growth is accredited to the presence of significant unmet medical requirements, rapidly growing healthcare R&D investments, and increasing medical expenditures in emerging countries including India and China.

Competitive Analysis

The global neurology devices market is marked by strong competition among key players focusingon preventing a considerable market share. The market includes both established multinational corporations and smaller regional enterprises that aim on niche segments. These key participants are actively engaged in research and development activities to announce innovative products and withstand their competitive advantage. To remain competitive, firms are investing highly in R&D to develop advanced technologies and expand their product portfolios. Some of the major players included are Integra Lifesciences, B.Braun SE, Medtronic plc, Natus Medical Inc, Stryker Corporation, Boston Scientific Corporation, Abbott Laboratories, LivaNova PLC, Zimmer Biomet Holding Inc. and Johnson & Johnson

Market Segmentation

Global Neurology Device Market, By Product

• Neurostimulation devices
• Neurosurgery devices
• Interventional neurology devices
• Cerebrospinal fluid management devices,
• Others

Global Neurology Device Market, By End User

• Hospitals
• Ambulatory surgery centers
• Others

Global Neurology Device Market, by Region

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • Russia
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Rest of Asia-Pacific
• Latin America
  • Mexico
  • Brazil
  • Argentina
  • Rest of Latin America
• Middle East & Africa
  • GCC Countries
  • Turkey
  • South Africa
  • Rest of Middle East & Africa

Market Players Included

• Covidien PLC
• BraunMelsungen AG
• Integra LifeSciences Holdings Corp.
• Medtronic Inc.
• Johnson & Johnson
• Magstim Co Ltd.
• L. Gore & Associates Inc.
• Stryker Corp.
• Jude Medical Inc.