Neurology Devices Market Forecasts to 2030 – Global Analysis By Product (Neurostimulation Devices, Neurosurgery Devices, Interventional Neurology Devices, Cerebrospinal Fluid Management Devices and Other Products), End User (Hospitals, Ambulatory Surgery

Neurology Devices Market Forecasts to 2030 – Global Analysis By Product (Neurostimulation Devices, Neurosurgery Devices, Interventional Neurology Devices, Cerebrospinal Fluid Management Devices and Other Products), End User (Hospitals, Ambulatory Surgery Centers, Specialty Center and Other End Users) and by Geography

According to Stratistics MRC, the Global Neurology Devices Market is accounted for $13.73 billion in 2023 and is expected to reach $21.85 billion by 2030 growing at a CAGR of 6.86% during the forecast period. Neurology is a branch of medicine that focuses on the examination, diagnosis, and treatment of disorders of the nervous system that impact the brain, spinal cord, and nerves. Moreover, the brain, spinal cord, and peripheral nerves are among the nervous systems affected by disorders that can be detected, monitored, and treated by medical devices referred to as neurology devices. On the other hand, neurosurgeons use neurosurgery devices as medical instruments to operate on patients' nervous systems, spines, and brains.

According to the World Population Ageing 2021 report, the Mexican population aged 65 years and older is projected to reach 9.31 million by 2030. Thus, the increasing aging population is more prone to develop neurological disorders which are expected to increase the demand for various neurology devices for diagnosing and treatment of the conditions, which is expected to fuel the market growth.

Market Dynamics:

Driver:

Increasing frequency of nervous diseases

Neurology device demand has surged due to rising rates of neurological disorders such as multiple sclerosis, epilepsy, Parkinson's disease, and Alzheimer's disease. Additionally, the need for sophisticated diagnostic tools, therapeutic devices, and monitoring systems has increased as the world's population ages and lifestyle factors increase the prevalence of these conditions. Due to their ability to enable accurate diagnosis, timely treatment, and early detection, neurology devices have become essential in the fight against these disorders.

Restraint:

Strict approval procedures for regulations

Clinical trials and safety evaluations are part of the stringent regulatory approval procedures that apply to neurology devices. Strict regulatory requirements may result in expensive development and protracted approval processes. Moreover, these difficulties frequently discourage new and smaller businesses from entering the market, which stifles competition and innovation.

Opportunity:

Quick advancements in technology

The market for neurology devices is ripe with opportunity thanks to continuous technological advancements. Advanced neuroimaging, telemedicine, and brain-computer interfaces (BCIs) are examples of emerging technologies that are transforming patient care, treatment, and diagnosis. Furthermore, these advancements make it possible to create neurology devices that are more accurate and efficient, which will improve neurological condition diagnosis and treatment while also potentially improving patient outcomes.

Threat:

Policies with restricted reimbursement

The adoption of neurology devices may be impacted by inadequate or limited reimbursement policies in some areas. Moreover, insufficient compensation may result in higher out-of-pocket costs for patients and medical professionals, which may restrict access to these devices and impede market expansion.

Covid-19 Impact:

The market for neurology devices has been affected by the COVID-19 pandemic in numerous ways. Although the pandemic caused delays in clinical trials and research projects and disruptions in the supply chain, it also highlighted the significance of advanced telemedicine and remote monitoring solutions for patients with neurology. Additionally, the demand for remote patient monitoring, diagnosis, and consultations sparked a surge in interest in digital health technologies that are predicted to have a long-lasting effect on the industry.

The Neurostimulation Devices segment is expected to be the largest during the forecast period

The neurostimulation devices segment holds the largest share in the neurology devices market. Electrical impulses are used by neurostimulation devices to alter the nervous system's activity. They are used to treat a range of neurological disorders, including depression, epilepsy, Parkinson's disease, and chronic pain. These gadgets consist of transcranial magnetic stimulators, deep brain stimulators, and spinal cord stimulators. This market is becoming more and more well-known due to the rising incidence of neurological conditions and the growing use of neurostimulation treatments. Furthermore, the continuous progress in technology and the growing range of uses for neurostimulation devices bolster their market share.

The Ambulatory Surgery Centers segment is expected to have the highest CAGR during the forecast period

The market for neurology devices is growing at the highest CAGR in the Ambulatory Surgery Centers (ASCs) segment. These specialized centers perform medical and surgical procedures without the need for an overnight stay in a hospital. The development of ASCs has been spurred by the growing demand for convenient, affordable outpatient care as well as advances in minimally invasive procedures. Moreover, patients gain from faster healing and lower expenses, and healthcare providers can work more productively. To increase their appeal, ASCs frequently provide a broad range of specialized services.

Region with largest share:

With the largest market share, North America is the market leader for neurology devices. The reason for this region's leadership is its extensive patient base of neurological disorders, high healthcare spending, considerable R&D, and well-established healthcare infrastructure. Due to its sophisticated medical technologies, strong research institutions, and emphasis on neurological care innovation, the United States is a major player in the global market for neurology devices. Moreover, North America's leadership in the global neurology device market is further cemented by its proactive response to new healthcare challenges.

Region with highest CAGR:

In terms of the market for neurology devices, the Asia-Pacific region has the highest CAGR. A number of factors, including growing economic development, increased healthcare awareness, and increased access to healthcare services, are driving this incredible growth. With large investments from healthcare companies, the Asia-Pacific area has emerged as a key hub for clinical trials, medical research, and development. However, due to this, the region is seeing quick improvements in digital health solutions, novel neurological devices, and healthcare infrastructure, which positions it as a key driver of growth and innovation in the global market for neurology devices.

Key players in the market

Some of the key players in Neurology Devices market include Hitachi, Ltd, LivaNova PLC, Abbott Laboratories, Natus Medical Incorporated, MicroPort Scientific Corporation, B. Braun Melsungen AG, Integra LifeSciences Holdings Corporation , Nihon Kohden Corporation, Johnson and Johnson, Medtronic PLC, Penumbra, Inc, Avanos Medical, Inc, GE Healthcare, Boston Scientific Corporation, Stryker Corporation , Zimmer Biomet Holdings, Inc, Neuropace, Inc, Helius Medical Technologies, Inc, W.L. Gore & Associates, Inc and HeadsafeIP Pty Ltd.

Key Developments:

In September 2023, Abbott has entered a definitive agreement for the acquisition of Bigfoot Biomedical, which develops smart insulin management systems for individuals with diabetes. Together, the companies have worked on connected diabetes solutions since 2017. Developed by Bigfoot Biomedical, Bigfoot Unity is a smart insulin management system. It features connected insulin pen caps that use integrated continuous glucose monitoring (iCGM) data and healthcare provider instructions.

In May 2023, Medtronic plc, Ireland-headquartered healthcare technology firm, has entered into a set of definitive agreements to acquire South Korea-based EOFlow Co., manufacturer of the EOPatch device — a tubeless, wearable and fully disposable insulin delivery device. To the extent that all the public shares participate in the tender offer, the total consideration for the acquisition of the shares in EOFlow would be KRW 971 billion, or $738 million, at current exchange rates. The acquisition is expected to close in the second half of calendar year 2023.

In December 2022, Integra LifeSciences Holding Corporation, a leading global medical technology company, today announced that it entered into a definitive agreement to acquire Surgical Innovation Associates (SIA), which develops, markets and sells DuraSorb®, a resorbable synthetic matrix for plastic and reconstructive surgery. This acquisition will advance Integra’s global strategy in breast reconstruction, expanding plans to access the U.S. market with devices specifically approved by the FDA for use in implant-based breast reconstruction (IBBR) procedures.

Products Covered:
• Neurostimulation Devices
• Neurosurgery Devices
• Interventional Neurology Devices
• Cerebrospinal Fluid Management Devices
• Other Products

End Users Covered:
• Hospitals
• Ambulatory Surgery Centers
• Specialty Center
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances