USD 14.58 Billion
Neurology Devices Market Size, Share, Growth Analysis, By Product(Neurostimulation Devices, Neurosurgery Devices, Interventional Neurology Devices, Cerebrospinal Fluid Devices), By End User(Hospitals, Neurology Clinics, and Ambulatory Care Centers), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35A2500 |
Region:
Global |
Published Date: March, 2024
Pages:
219
|Tables:
65
|Figures:
75
Neurology Devices Market Insights
Global Neurology Devices Market size was valued at USD 14.58 Billion in 2022 and is poised to grow from USD 15.76 Billion in 2023 to USD 29.39 Billion by 2031, at a CAGR of 8.1% during the forecast period (2024-2031).
Neurology devices aim to diagnose, prevent and treat a wide range of neurological disorders such as parkinson’s disease, alzheimer’s disease epilepsy, traumatic brain injury, spinal cord injury, and epilepsy. The neurology device plays a vital role in enhancing patient outcomes and improving the quality of life for patients with neurological disorders. This device aims to provide healthcare professionals with advanced technologies and tools in order to diagnose and treat neurological disorders.
These devices assist in monitoring disease progression, detect abnormalities, and facilitate therapeutic intervention. These devices also enable early diagnosis and treatment, and improve patient care with better clinical outcomes.
The increasing prevalence of neurological disorder, and surge in need for early diagnosis propel the growth of the market. The rising incidence of stroke, and epilepsy, increase the demand for neurological devices. In addition, there is an increase in demand for effective diagnosis and treatment solutions, which enhance patient outcomes.
Furthermore, the stringent regulatory requirement to obtain regulatory approvals, and high cost of neurological devices hinder the growth of the market.
In addition, the advancement in technology and innovation in medical device company, propel the growth of the market. As medical professional and researcher, conduct continuous research on medical devices, which increase the demand for sophisticated devices that offer accurate diagnosis, and enhance patient outcomes. Thus, increase in research and development activities in the medical device sector, rise in funds for development of healthcare facilities , and initiative taken by the government for development of the medical device industry boost the market growth.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Neurostimulation Devices
Fastest Growth
Neurostimulation Devices
Growth Rate
8.1% CAGR
Global Neurology Devices Market ($ Bn)
Country Share for North America Region (%)
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Neurology Devices Market Segmental Analysis
The global neurology devices market is segmented on the product, end user and region. By product, the market is segmented into neurostimulation devices, neurosurgery devices, interventional neurology devices, cerebrospinal fluid devices, others. By end user, the market is segmented into hospitals, neurology clinics, ambulatory care centers. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Product
Neurostimulation devices, the largest segment in the neurology devices market, have witnessed remarkable growth in recent years. These devices, including deep brain stimulation and spinal cord stimulation devices, have revolutionized the management of neurological conditions such as Parkinson's disease, chronic pain, and epilepsy. With their ability to modulate neural activity and restore normal function, neurostimulation devices have become a beacon of hope for patients seeking relief from debilitating symptoms.
Interventional neurology devices emerge as the fastest-growing segment. Interventional neurology focuses on minimally invasive procedures for the diagnosis and treatment of neurological disorders, particularly stroke and aneurysms. The demand for these devices has surged due to their ability to offer precise and effective alternatives to traditional surgical interventions.
Analysis by End User
The hospitals held the largest end-user segment in the neurology device market, due to increase in the number of neurological procedures in hospitals, and rise in development of healthcare infrastructure. The hospitals possess a neurology department which include neurosurgical instruments, neuroimaging systems, and EEG systems. In addition, the initiative taken by the government for the development of hospitals, propelled the growth of the market.
The neurology clinics emerge as the fastest growing segment in the neurological devices market. The neurological clinic provides specialized care and treatment for patients diagnosed with neurological disorders. The clinic aims to offer a focused approach, specialized expertise, accurate diagnosis, and personalized treatment plan. In addition, the advancement in technology in medical devices is increasingly adopted in neurological clinics to prove state-of-the-art care.
Global Neurology devices Market By Product
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Neurology Devices Market Regional Insights
North America holds the largest market share in the global neurology devices market, primarily due to the presence of well-established healthcare infrastructure, advanced technological advancements, and a high prevalence of neurological disorders. The region's dominance can be attributed to the significant investments in research and development, strong collaborations between industry players and academic institutions, and favorable reimbursement policies.
Asia Pacific is experiencing rapid growth in the neurology devices market and is poised to be the fastest-growing region. The increasing prevalence of neurological disorders, a large geriatric population, and improving healthcare infrastructure are key factors driving market growth in this region. Additionally, rising healthcare expenditure, growing medical tourism, and the focus on expanding access to advanced medical technologies contribute to the market's accelerated growth in the Asia Pacific.
Global Neurology Devices Market By Geography, 2024-2031
- Largest
- Fastest
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Neurology Devices Market Dynamics
Drivers
Growing Prevalence of Neurological Disorders
- The increasing prevalence of neurological disorders, such as Alzheimer's disease, Parkinson's disease, and epilepsy, continues to drive the demand for neurology devices. According to the World Health Organization (WHO), neurological disorders affect millions of people globally, necessitating advanced diagnostic and therapeutic solutions.
Technological Advancements and Innovation
- Ongoing technological advancements, including neuroimaging techniques, robotic-assisted surgeries, and minimally invasive procedures, are driving the growth of the neurology devices market. These innovations enable more precise diagnoses, personalized treatments, and improved patient outcomes, contributing to the market's expansion.
Restraints
Stringent Regulatory Approvals
- The neurology devices market is subject to rigorous regulatory requirements, including obtaining approvals from regulatory authorities such as the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA). Compliance with these regulations can be time-consuming and costly, posing challenges for smaller manufacturers and potentially hindering market growth.
High Cost of Neurology Devices
- Neurology devices often involve advanced technologies and complex manufacturing processes, leading to high costs. Affordability remains a significant challenge, especially in regions with limited healthcare budgets and inadequate insurance coverage. The high costs associated with neurology devices can impede their widespread adoption, particularly in emerging markets.
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Neurology Devices Market Competitive Landscape
The global neurology devices market is characterized by intense competition among key players striving to gain a significant market share. The market is a mix of established multinational companies and smaller regional players focusing on niche segments. These companies are continuously engaged in research and development activities to introduce innovative products and maintain their competitive edge. To stay competitive, companies are investing heavily in research and development to introduce advanced technologies and enhance their product portfolios. They are focused on developing minimally invasive devices, integrating AI and machine learning algorithms, and exploring new applications of neurostimulation and neuroimaging technologies. Additionally, strategic collaborations, partnerships, and acquisitions are prevalent in the market to expand geographic reach, enhance product offerings, and gain a competitive advantage.
Top Player’s Company Profiles
- Medtronic (US)
- Abbott Laboratories (US)
- Boston Scientific Corporation (US)
- Koninklijke Philips N.V. (Netherlands)
- Siemens Healthineers AG (Germany)
- Stryker Corporation (US)
- GE Healthcare (US)
- Johnson & Johnson (US)
- Zimmer Biomet Holdings, Inc. (US)
- Nihon Kohden Corporation (Japan)
- Hitachi, Ltd. (Japan)
- Brainlab AG (Germany)
- Elekta AB (Sweden)
- LivaNova PLC (UK)
- Nevro Corp. (US)
- Natus Medical Incorporated (US)
- Penumbra, Inc. (US)
- Integra LifeSciences Holdings Corporation (US)
- Terumo Corporation (Japan)
- Neuropace, Inc. (US)
Recent Developments
- In May 2023, TeraRecon, a AI Company, announced the development of NeuroSuit. It is an advanced clinical suite powered by AI. It is designed for differential diagnostic insights in several neurological diseases.
-
In February 2023, LivaNova, a medical technology company, announced the launch of SenTiva Dua It is an implantable pulse generator which provides vagus nerve stimulation therapy for patients with drug-resistant epilepsy.
- SenTiva DUO, an implantable pulse generator (IPG) with a dual-pin header, was introduced in February 2023 by LivaNova PLC, a medical technology and innovation company. Its purpose is to deliver Vagus Nerve Stimulation (VNS) Therapy for the treatment of drug-resistant epilepsy. This most recent IPG differs from the original SenTiva, which is only offered in a single-pin configuration, with its dual-pin header. SenTiva DUO now allows patients who were initially implanted with a dual-pin lead and IPG—considered "the pioneers of VNS Therapy"—to benefit from the most recent advancements in VNS Therapy technology.
Neurology Devices Key Market Trends
- Shift towards Minimally Invasive Procedures: There is a notable trend towards minimally invasive procedures in the field of neurology. Minimally invasive techniques offer advantages such as reduced postoperative complications, shorter hospital stays, and quicker recovery times. This trend drives the demand for neurology devices that enable precise interventions with minimal tissue disruption.
- Integration of Artificial Intelligence (AI) and Machine Learning: AI and machine learning technologies are increasingly being integrated into neurology devices. These technologies enhance the analysis and interpretation of complex neurological data, enabling more accurate diagnoses, treatment planning, and monitoring. AI-powered neurology devices have the potential to improve patient outcomes, optimize resource utilization, and contribute to personalized medicine approaches.
Neurology Devices Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global neurology devices market analysis, the prevalence of neurological disorders, advancements in medical technology, regulatory landscape, and healthcare infrastructure are the key growth drivers. The analysis also focuses on key market segments based on product types, such as neurostimulation devices, neurosurgery devices, interventional neurology devices, and cerebrospinal fluid devices. It assesses the market size and growth potential of each segment, considering factors such as their applications, efficacy, and market acceptance. Market analysis of the global neurology devices market involves studying the market size, growth rate, trends, and competition related to medical devices used for diagnosing and treating neurological disorders. It looks at factors like the demand for these devices in different regions, technological advancements, and the strategies of key companies. The analysis helps industry stakeholders make informed decisions to improve their products and services in this field.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 14.58 Billion |
| Market size value in 2031 | USD 29.39 Billion |
| Growth Rate | 8.1% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Neurology Devices Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Neurology Devices Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Neurology Devices Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Neurology Devices Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Neurology Devices Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Neurology Devices Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Neurology Devices Market Report Snapshots
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