Neurology Devices Market

Global Neurology Devices Market is valued at USD 12.34 Billion in 2022 and it is expected to reach USD 21.70 Billion by 2029 with a CAGR of 8.4% over the forecast period.

Global Neurology Devices Market: Global Size, Trends, Competitive, and Historical & Forecast Analysis, 2023-2029 - Increasing prevalence of neurological disorders, the rising geriatric population, and increasing investments in healthcare infrastructure are some of the major factors driving the growth of Global Neurology Devices Market.

Scope of Global Neurology Devices Market Report:

Neurology devices refer to medical equipment used to diagnose and treat disorders of the nervous system. These devices are used by neurologists, neurosurgeons, and other healthcare professionals to study and treat various neurological conditions such as epilepsy, Alzheimer's disease, Parkinson's disease, stroke, and traumatic brain injury. The development of neurology devices dates back to the early 20th century when the first electroencephalography (EEG) device was invented by Hans Berger. Since then, there have been significant advancements in the field of neurology devices, including the development of neurostimulation devices, neurosurgical navigation systems, and neurodiagnostic imaging devices.

Neurology devices are used for a wide range of diagnostic and therapeutic applications, including brain monitoring, neuromodulation, neurostimulation, neurosurgery, and neuroimaging. These devices are used to help physicians diagnose and treat various neurological disorders. The end-users of neurology devices include hospitals, diagnostic centers, and research institutes.

COVID-19 Impact:

COVID-19 has had a mixed impact on the neurology devices market, with both positive and negative effects. The COVID-19 pandemic has led to an increased demand for neurology devices, particularly those used for remote patient monitoring and telehealth services. This has helped to drive growth in the neurology devices market. The pandemic has spurred innovation in the neurology devices market, with companies developing new devices and technologies to address the challenges posed by the pandemic. These are some positive impacts.

Additionally, here are some factors that affect the neurology devices market, the COVID-19 pandemic has led to disruptions in the supply chain for neurology devices, with manufacturers facing challenges in sourcing raw materials and components. And it also led to reduced healthcare spending in many countries, which has had a negative impact on the neurology devices market.

Key Players of Global Neurology Devices Market Report:

Some major key players for the global Neurology Devices market report cover prominent players like -

• Medtronic
• Abbott
• Boston Scientific
• LivaNova
• Nihon Kohden
• GE Healthcare
• Siemens Healthineers
• Philips Healthcare
• Stryker Corporation
• Johnson & Johnson
• Terumo Corporation
• Elekta AB
• Koninklijke Philips N.V.
• Compumedics Limited
• Bio-Rad Laboratories Inc.
• Natus Medical Incorporated
• Integra LifeSciences Holdings Corporation
• Advanced Brain Monitoring Inc.
• Blackrock Neurotech
• NeuroPace Inc.
• Becton Dickinson and Company
• Carl Zeiss Meditec AG
• DePuy Synthes (a subsidiary of Johnson & Johnson)
• Esaote SpA
• Fujifilm Holdings Corporation
• Hitachi Ltd.
• Masimo Corporation
• Mindray Medical International Limited
• Neurometrix Inc.
• Nevro Corp.
• Penumbra Inc.
• Smith & Nephew plc
• St. Jude Medical Inc.
• Zimmer Biomet Holdings Inc.
• others

Global Neurology Devices Market Segmentation:

By Product:

• Neurostimulation Devices

  • Spinal Cord Stimulation Devices
  • Deep Brain Stimulation Devices
  • Sacral Nerve Stimulation Devices
  • Other

• Neurosurgery Devices

  • Neuroendoscopes
  • Stereotactic Systems
  • Aneurysm Clips
  • Others

• Interventional Neurology Devices

  • Interventional/Surgical Simulators
  • Neurothrombectomy Devices
  • Carotid Artery Stents
  • Embolic Coils
  • Support Devices

• Cerebrospinal fluid management devices

  • Shunts
  • Drainage systems
  • CSF pressure monitors
  • CSF collection devices
  • Other
• Others

By End-User:

• Hospitals
• Ambulatory Surgery Centers
• Neurology Clinics

Revenue generation model:

The revenue generation model for neurology devices is typically based on the sale of devices and associated consumables, as well as services such as maintenance, repair, and training.

Supply chain model:

The supply chain for neurology devices typically involves manufacturers, distributors, and end-users. Manufacturers produce and distribute the devices, while distributors and resellers facilitate their sale to end-users.

Value chain model:

The value chain for neurology devices includes research and development, manufacturing, marketing and sales, distribution, and customer support.

Market Drivers:

Increasing prevalence of neurological disorders: The prevalence of neurological disorders such as Alzheimer's disease, Parkinson's disease, and multiple sclerosis is increasing globally, which is expected to drive the demand for neurology devices. According to the World Health Organization, approximately 50 million people worldwide have dementia, and this number is expected to triple by 2050.

As the world population ages, the prevalence of neurodegenerative diseases such as Alzheimer's disease (AD) and Parkinson's disease (PD) is increasing rapidly. In particular, the number of cases of dementia in developed countries is projected to increase from 13.5 million in 2000 to 21.2 million in 2025 and 36.7 million in 2050.

Rising geriatric population: The global population is aging, and older adults are at higher risk of developing neurological disorders. According to the United Nations, the global population aged 65 and over is expected to reach 1.5 billion by 2050, up from 703 million in 2019. In 2021, the percentage of the global population aged 60 years and older was approximately 13%, and this is expected to increase to 25% by 2050. This demographic shift is expected to increase the demand for neurology devices and related services, such as neurodiagnostic and neurosurgical procedures.

The increase in the geriatric population is a global phenomenon, but it is particularly notable in developed countries such as the United States, Japan, and several countries in Europe. For example, according to the United Nations, the percentage of the population aged 65 years and older in the United States is expected to reach 22% by 2050, up from 16% in 2020. In Japan, the percentage of the population aged 65 years and older is expected to reach 38% by 2050, up from 28% in 2020.

Market Restraints:

High cost of neurology devices: Neurology devices can be expensive, and this can limit their adoption, particularly in low- and middle-income countries. For example; deep brain stimulation (DBS) devices, which are used to treat Parkinson's disease and other movement disorders, can cost up to USD 100,000 per device, which can be prohibitively expensive for many patients. For example; India has a large population and a high burden of neurological disorders, the cost of a DBS device can be as high as INR 4 million (approximately USD 54,000), which is unaffordable for many patients.

Lack of skilled healthcare professionals: Neurology devices require specialized training and expertise to operate, and there is a shortage of skilled healthcare professionals in many parts of the world. This can limit the adoption of neurology devices and lead to a lack of access to treatment for patients with neurological disorders.

Market Opportunity Factors:

Advancements in technology: There have been significant advancements in technology in the neurology devices market, particularly in the areas of imaging and diagnostics. For example, the development of high-resolution MRI and CT scanners has enabled more accurate diagnoses of neurological conditions. Similarly, advancements in neuromodulation technologies have led to the development of more effective devices for the treatment of conditions such as epilepsy and chronic pain.

Rising demand for minimally invasive procedures: There is a growing demand for minimally invasive procedures in the management of neurological disorders. This has led to the development of new devices and techniques that can enable less invasive treatments with fewer side effects and shorter recovery times. For example, the use of deep brain stimulation (DBS) devices for the treatment of Parkinson's disease has become increasingly common, as it is a less invasive alternative to traditional surgical procedures.

Market Trends:

Some of the current market trends in the neurology devices market include the growing adoption of minimally invasive neurosurgery, the development of advanced neurostimulation devices, and the increasing use of artificial intelligence and machine learning in neuroimaging.

Product and technology development: in terms of product and technology development, there is a trend toward developing neurology devices that are more portable, easier to use, and more precise in their measurements. Additionally, there is a growing focus on developing devices that can be used for real-time monitoring and feedback.

Customer trends: Customers are increasingly looking for devices that are cost-effective, easy to use, and provide accurate results. They are also looking for devices that are portable and can be used in non-traditional settings.

Market Competition:

Product launches: Key market players are constantly launching new and improved products to maintain their competitive edge in the market. For example; in 2020, Medtronic plc launched the Percept PC neurostimulator, which is designed to treat the symptoms of Parkinson's disease using deep brain stimulation (DBS). Similarly, in 2021, Abbott Laboratories launched the Infinity DBS system, which is also used for the treatment of Parkinson's disease.

Collaborations: Key market players are also collaborating with other companies and research institutions to develop new technologies and improve existing products. For example; in 2020, Boston Scientific Corporation announced a collaboration with Mayo Clinic to develop new medical technologies for the treatment of neurological conditions.

Mergers and acquisitions: Key market players are also acquiring other companies to expand their product portfolios and strengthen their position in the market. For example; in 2020, Johnson & Johnson acquired Auris Health, a company that develops robotic technologies for medical applications, including the treatment of neurological conditions.

Geography Analysis:

North America:

North America dominates the global neurology devices market due to the presence of a well-established healthcare infrastructure, high healthcare spending, and a large patient population suffering from neurological disorders. The United States is the largest market in this region, with significant demand for neurostimulation devices, neurodiagnostic devices, and neuro-interventional devices.

The United States is the largest market in the region, accounting for more than 80% of the market share. In the United States, an estimated 50 million people are affected by neurological disorders, which account for approximately 15% of the total disease burden.

Europe:

Europe is the second-largest market for neurology devices. The region has a high prevalence of neurological disorders, a large aging population, and a well-developed healthcare system. Germany, France, and the United Kingdom are the major markets in the region, with a high demand for neurostimulation devices, neurodiagnostic devices, and neuro-interventional devices.

For example, According to the United Nations, Europe is the region with the highest proportion of older persons in the world, with 25% of the population aged 60 years or older in 2020. By 2050, this proportion is expected to increase to 35%, with the number of people aged 80 years or older increasing fourfold to 151 million.

Asia Pacific:

The Asia Pacific region is expected to exhibit the fastest growth rate in the neurology devices market. This growth is driven by factors such as a large population base, rising healthcare spending, increasing awareness about neurological disorders, and improving healthcare infrastructure. Countries such as China, India, and Japan are the major markets in the region.

Key Benefits of Global Neurology Devices Market Report–

• Global Neurology Devices Market report covers in-depth historical and forecast analysis.
• Global Neurology Devices Market research report provides detailed information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market Opportunities, Competitive Analysis, and Regional and Country Level.
• Global Neurology Devices Market report helps to identify opportunities in the marketplace.
• Global Neurology Devices Market report covers extensive analysis of emerging trends and competitive landscape.