Neurology Devices- Market Insights, Competitive Landscape, and Market Forecast - 2027

Neurology Devices- Market Insights, Competitive Landscape, and Market Forecast - 2027

Neurology Devices Market By Device Type (Neurostimulation Devices, Neurosurgery Devices, Cerebrospinal Fluid Management Devices, Interventional Neurology Devices, And Others ], By Application (Diagnosis And Treatment), By End-User (Hospitals, Speciality Clinics, And Ambulatory Surgical Centers), and by geography is expected to advance at a respectable CAGR forecast till 2027 owing to the increasing prevalence and incidence of brain injury, dementia, alzheimer’s diseases, and others, and the rising burden of geriatric population across the globe

The global neurology devices market is estimated to grow at a CAGR of 7.46% during the forecast period from 2022 to 2027. The neurology devices market is observing optimistic market growth due to factors such as the rise in the number of regulatory approvals for neurology devices across the globe. Further, the increasing cases of head injuries owing to accidents, workplace injuries, and others, and the rise in the geriatric population coupled with the increasing prevalence of neurological diseases are going to increase the demand for various neurological devices across the globe. Additionally, the growing focus on improving the safety, affordability, and usability of neurology devices for end users is further expected to result in appreciable revenue growth in the neurology devices market during the forecast period (2022-2027).

Neurology Devices Market Dynamics:

The increasing prevalence of hard-to-treat neurological diseases such as Alzheimer's disease (AD), Huntington's disease (HD), Parkinson's disease (PD), and multiple sclerosis (MS) among others will require the discovery of safer and more efficient drug molecules for their treatment and management. As per the World Health Organization (WHO) 2022, worldwide around 55 million people were suffering from dementia in 2020 and every year millions of cases of dementia take place. According to WHO 2022, worldwide around 8.5 million people had Parkinson’s disease (PD) in 2019 and as per the same source, PD lead to 5.8 million disability-adjusted life years.

The increasing geriatric population is another major factor in the growth of neurology devices. As per the World Health Organization 2021, it is expected that by 2030, out of 6 at least 1 person will have his/her age 60 years or above. As per the same source, by 2050, the number of people aged 60 years or above will be around 2.1 billion. With increasing age, the tendency to suffer from various neurological diseases such as dementia, stroke, and others increases tremendously.

Therefore, the factors stated above collectively will drive the overall neurology devices market during the forecast period from 2022-2027.

However, the high cost and risk associated with various neurology devices may act as a restraint in the neurology devices market growth.

The Neurology Devices Market was negatively impacted during the period of COVID- 19 pandemic owing to the lockdown impositions to avoid the risk of the spread of the disease among hospital personnel and the general public. This led to the closure of neurology departments in hospitals and clinics leading to the suspension of neurological procedures due to the huge spread of COVID-19 infection across the globe. Further, shortage of supply chains, raw materials, and other resources in the market, leading to the decreased manufacturing of all medical devices. However, the vaccine development of COVID-19 has initiated the process of economic recovery with the easing of lockdown restrictions and the return of normalcy in the economic landscape, which has initiated the process of resumption of regular healthcare services such as regular out-patients visits for treatments and diagnosis in hospitals, clinics, and laboratories, thereby bringing the demand for products on track in the neurology devices market.

Neurology Devices Market Segment Analysis:

Neurology Devices Market By Product Type (Neurostimulation Devices, Neurosurgery Devices, Cerebrospinal Fluid Management Devices, Interventional Neurology Devices, and Others], By Application (Diagnosis and Treatment), By End-User (Hospitals, Specialty Clinics, Ambulatory Surgical Centers, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World).

In the device type segment of the Neurology Devices market, the neurostimulation segment is expected to have a significant revenue share in the year 2021. This was primarily owing to the key benefits related to neurostimulation devices.

For instance, neurostimulation devices such as spinal cord stimulators are highly effective in treating neuropathic pain and spinal injuries.

These devices target specific deep subcortical, cortical, spinal, cranial, and peripheral nerve structures to modify or modulate neuronal activity and therefore provide therapeutic effects for countless neurological diseases including chronic pain, movement disorders, epilepsy, and Parkinson's disease among others.

Therefore, considering the growing demand for this product type, numerous new products are being launched in the market. For example, In August 2022, Abbott received U.S. Food and Drug Administration (FDA) approval for its new Proclaim™ Plus spinal cord stimulation (SCS) system.

In July 2021, NEVRO CORP announced that it has received US FDA clearance for its 10 kHz high-frequency spinal cord stimulation therapy for the treatment of chronic pain associated with painful diabetic neuropathy (PDN).

Therefore, owing to the advantages and applications associated with neurostimulation devices along with the increasing product launches in the market, the category is expected to witness considerable growth eventually contributing to the overall growth of the global neurology devices market during the forecast period.

North America is expected to dominate the overall Neurology Devices Market:

Among all the regions, North America is expected to dominate the global neurology devices in the year 2021 and is expected to do the same during the forecast period from 2022-2027. This can be ascribed to the rising prevalence of head injuries and neurological diseases including Parkinson’s disease, Alzheimer’s disease, and others; the rise in the geriatric population, rising product launches and approvals in the region, the presence of key market players in the region, and others will increase the demand of neurology devices in the given forecast period.

For instance, according to the latest data available from the American Society for Biochemistry and Molecular Biology data published in the year 2021, in the United States, a brain injury occurs every nine seconds, resulting in more than 3.5 million incidents each year. Moreover, as per the above-referenced source and statistics, about 2.8 million people suffer from traumatic brain injury (TBI) each year in the United States from which 2,80,000 result in hospitalizations. Therefore, rising cases of head injuries such as Traumatic Brain Injury (TBI) will increase the demand for neurology devices.

Additionally, as per the latest information provided by Parkinson's Foundation, every year approximately 60,000 people in America are diagnosed with PD. Also, the data provided by GLOBOCAN 2020 says that around 24,538 cancer cases of the brain and central nervous system were recorded in the US in 2020.

Also, the increasing prevalence of Alzheimer's disease in the United States will drive the market for diagnostic devices. As per the data provided by the Alzheimer Association (2022), more than 6 million Americans are living with Alzheimer's. By 2050, this number is projected to rise to nearly 13 million. The increasing prevalence of Alzheimer's disease in the United States will increase the demand for its diagnostics devices, ultimately leading to increased overall market growth.

Therefore, the interplay of the above-mentioned factors would provide a conducive environment for the growth of the North America neurology devices market.

Neurology Devices Market Key Players:

Some of the key market players operating in the neurology devices market include Abbott, B. Braun SE, Boston Scientific Corporation, Integra LifeSciences, LivaNova plc, Medtronic, Magstim TMS, Penumbra, Inc, Stryker, MicroPort Scientific Corporation, Koninklijke Philips N.V., Rapid Medical, Acandis GmbH, Helius Medical Technologies, Cerus Endovascular Inc., Zimmer Biomet, Sense Neuro, Natus Medical Incorporated, Braintale SAS, Avanos Medical Inc., and others.

Recent Developmental Activities in the Neurology Devices Market:

In May 2022, the US Food and Drug Administration today permitted marketing for the first in vitro diagnostic test for early detection of amyloid plaques associated with Alzheimer’s disease.

In November 2021, Insightec received US FDA approval for a new device intended for treating patients with advanced Parkinson's disease named Exablate Neuro.

In April 2020, Brainquant, a quantitative brain measurement device, launched by Braintale SAS received CE mark approval for managing patients in a coma following brain injury.

Key Takeaways from the Neurology Devices Market Report Study

Market size analysis for current neurology devices market size (2021), and market forecast for 5 years (2022-2027)

The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the Neurology Devices market.

Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years

Key companies dominating the global neurology devices market.

Various opportunities available for the other competitor in the Neurology Devices Market space.

What are the top-performing segments in 2021? How these segments will perform in 2027.

Which are the top-performing regions and countries in the current Neurology Devices Market scenario?

Which are the regions and countries where companies should have concentrated on opportunities for Neurology Devices Market growth in the coming future?

Target Audience who can be benefited from this Neurology Devices Market Report Study

Neurology Devices products providers

Research organizations and consulting companies

Neurology Devices-related organizations, associations, forums, and other alliances

Government and corporate offices

Start-up companies, venture capitalists, and private equity firms

Distributors and Traders dealing in Neurology Devices

Various end users who want to know more about the neurology devices market and the latest technological developments in the neurology devices market.

Frequently Asked Questions for the Neurology Devices Market:

1. What is a neurology device?

Neurological devices are medical devices that are meant for the diagnosis and treatment of several neurological diseases and include neurostimulation devices, neurosurgery devices, and others.

2. What is the global market for Neurology Devices?

The global neurology devices market is estimated to grow at a CAGR of 7.46% during the forecast period from 2022 to 2027.

3. What are the drivers for the global Neurology Devices market?

The neurology devices market is witnessing positive market growth owing to the increasing prevalence and incidence of brain injury, dementia, Alzheimer's diseases, and others; the rising burden of the geriatric population across the globe, and others will create an exigency in the Neurology Devices market.

4. Who are the key players operating in the global Neurology Devices market?

Some of the key market players operating in the neurology devices market include Abbott, B. Braun SE, Boston Scientific Corporation, Integra LifeSciences, LivaNova plc, Medtronic, Magstim TMS, Penumbra, Inc, Stryker, MicroPort Scientific Corporation, Koninklijke Philips N.V., Rapid Medical, Acandis GmbH, Helius Medical Technologies, Cerus Endovascular Inc., Zimmer Biomet, Sense Neuro, Natus Medical Incorporated, Braintale SAS, Avanos Medical Inc., and others.

5. Which region has the highest share in the Neurology Devices market?

Among all the regions, North America is estimated to amass a significant revenue share in the global neurology devices market. This can be ascribed to the rising prevalence of head injuries, Parkinson’s disease, Alzheimer’s disease, and others; the rise in the geriatric population and the presence of key market players in the region are factors that act as a supportive factors for the North America Neurology Devices Market growth.

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