Neurology Devices Market Outlook
Neurology Devices Market is expected to hold a value of USD 21,029.7 Million by 2027 and is expected to register a growth of 10.2% from 2020 to 2027. Neurology devices are used for the treatment of neurological disorders that comprise pathophysiological conditions that affect the brain, spinal cord, and nervous system. The market for neurology devices is expected to grow at high speed owing to rising prevalence of the neurological disorder, increasing geriatric population, increasing technological advanced devices, growing demand for minimally invasive devices, and among others. However, high-cost procedures and stringent regulatory government regulation are some of the factors expected to hamper the growth of the neurology devices market.
- Rising prevalence of the neurological disorder
- According to the study, annually around 20 million Americans experience some form of neuropathy, and 16% of the U.S. families have an individual with brain impairment
- In the US approximately 500,000 cases of brain tumor, multiple sclerosis, and amyotrophic lateral sclerosis are diagnosed each year
- As per the statistics of WHO in 2017, around 50 million people all over the world were affected by epilepsy
- Alzheimer's Research UK stated that over 50.8 million people worldwide were affected by dementia in 2017 and was expected to reach 55 million patients in 2020.
- These huge prevalence of neurological disorders among the population and rising healthcare expenditure for neurological disorders are driving the growth of the nerve regeneration neurology devices market.
- Increasing technological advanced devices
- Numerous companies are keen on developing technologically advanced devices for the treatment of neurological disorders
- For instance, in December 2017, Boston Scientific Corporation received approval from the US Food and Drug Administration (FDA) for the Vercise Deep Brain Stimulation (DBS) System. This DBS system works by stimulating a targeted region of the brain through implanted leads that are powered by a device called an implantable pulse generator (IPG).
- In June 2018, NeuroPace launched a Next-Generation RNS System, the world’s only brain-computer interface for the treatment of refractory epilepsy.
- In April 2019, Stryker launched the next generation flow diverter for the treatment of brain aneurysms. The device is easy to use, highly responsive and demonstrates a strong flow diversion for aneurysm healing
- These advancement by major players for the treatment of neurological disorders are further driving the growth of the neurology devices market
- Growing demand for minimally invasive devices
- Growing geriatric population
Neurology Devices Market Restraints
- Stringent regulatory framework
- High level of regulatory compliance standards set by regulatory agencies to minimize the risk has led to difficulty in approving different products based on different technologies.
- Government bodies such as the Food and Drug Administration (FDA) and CE impose stringent regulatory compliance standards to minimize the incidents of false treatments
- Although regulatory compliance standards help the neurology devices market to get quality products but restrict the players from meeting specifications set by regulatory bodies
Neurology Devices Market Segmentation
- Neurostimulation: This segment is further bifurcated by spinal cord stimulation devices, deep brain stimulation devices, sacral nerve stimulation, vagus nerve stimulation, and gastric electric stimulation. The segment accounted for the major market share owing to the increasing prevalence of epilepsy, Parkinson's disease, tremor, dystonia, depression, obsessive-compulsive disorder, Tourette syndrome, chronic pain, and cluster headache.
- Interventional neurology: This segment is divided into aneurysm coiling & embolization (embolic coils, flow diversion devices, liquid embolic agents), cerebral balloon angioplasty & stenting (carotid artery stents, filter devices, balloon occlusion devices), neuro thrombectomy (Clot retriever, Suction aspiration devices, Snares). Interventional neurology refers to endovascular, catheter-based techniques using fluoroscopy, and angiography to diagnose and treat the vascular disease of the central nervous system.
- CSF management: The market share for CSF management is further distributed into the following sub-segments, CSF shunts, and CSF drainage. Cerebrospinal fluid (CSF) management devices are used to diagnose, severity, and prognostication of neurological conditions like infections, subarachnoid hemorrhage, demyelinating conditions, and tumors among others.
- Neurosurgery devices: The segment is further sub-segmented into ultrasonic aspirators, stereotactic systems, neuroendoscopes, and aneurysm clips. The segment is expected to grow at the fastest CAGR during the forecast period owing to the increasing demand for non-invasive neurosurgery.
- Hospitals and Clinics: This segment is expected to grow significantly, owing to the rising number of public and private hospitals and clinics.
- Specialty center: This segment is expected to demonstrate the fastest growth owing to its cost-effectiveness over other options.
- Americas: Accounted for the largest regional neurology devices market. The rising prevalence of neurological disorders and favorable reimbursement schemes in the region is expected to drive the market growth. Additionally, the presence of major manufacturers such as Boston Scientific Corporation, Covidien PLC, Johnson, and Johnson, among others and technological development by these companies accounted for major neurology devices market share globally
- Europe: The neurology devices market in Europe held the second-largest position in 2019 owing to the growing geriatric population, increasing the adoption of technological devices.
- Asia-Pacific: The fastest-growing regional market. The growth of the neurology devices market in this region is owing to the rising number of neurological disorder cases. According to a study in India, it is estimated that 30 million people in India suffer from various forms of neurological diseases annually. Also, a large number of the geriatric population reside in the region and are influencing the growth of the market. The increasing focus of market players on the Asia-Pacific market is also expected to boost the neurology devices market growth.
- Middle East & Africa: The neurology devices market is expected to show steady growth slowly developing healthcare infrastructure.
Neurology Devices Market Key Players
- Braun Melsungen AG
- Boston Scientific Corporation
- Integra LifeSciences Holdings Corporation
- Johnson and Johnson
- Medtronic Inc.
- Jude Medical, Inc.
- Stryker Corporation
- L. Gore & Associates, Inc.
2027: USD 21,029.7 Million
Value (USD Million)
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Product and End User
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
B. Braun Melsungen AG, Boston Scientific Corporation, Integra LifeSciences Holdings Corporation, Johnson and Johnson, Medtronic Inc., St. Jude Medical, Inc., Stryker Corporation, W.L. Gore & Associates, Inc., and Esaote, among others
Key Market Opportunities
Rising Prevalence of the Neurological Disorder. Increasing Technological Advanced Devices.
Key Market Drivers
Growing Demand for Minimally Invasive Devices. Growing Geriatric Population.
Frequently Asked Questions (FAQ) :
Global Neurology Devices Market is expected to record a substantial market valuation of USD 17.4 billion by 2027.
Global Neurology Devices Market is projected to register a moderate 10.2% CAGR in the forecast period.
The Neurostimulation segment is expected to observe substantial demand over the review period.
The hospital and clinics segment is slated to expand as the fastest-growing segment.
A few eminent market players operating in the global neurology devices market are Inc., Stryker Corporation, Medtronic Inc., and Esaote, among others.
This table of content is tentative and subject to change as the research progresses.
Please Note: Financial details of company cannot be provided if the information of the company is not available in public domain and or reliable source.