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).
The neurology devices market share is increasing due to an increase in neurological problems, significant investments from private companies in neurology devices, and better research and development in neurotherapy. The increasing incidence of neurological issues inclusive of Alzheimer's, stroke, Parkinson's, and epilepsy, is boosting the need for advanced diagnostic and therapeutic devices. For example, according to projections by way of the United Nations Population Funds, the global share of people over sixty-five years vintage almost doubled. Older human beings are at a more hazard of growing neurological problems.
Surging cases of neurological disorders and cardiovascular diseases are primarily augmenting the demand for neurovascular devices around the world. The rapidly increasing geriatric population around the world and growing awareness regarding neurovascular disorders are also expected to boost sales of neurovascular devices in the future. The rising popularity of minimally invasive surgeries, advancements in medical device technology, and emphasis on early diagnosis are also expected to contribute to global neurology devices market growth across the forecast period. High prevalence of acute ischemic stroke on a global level is also creating new opportunities for neurovascular device suppliers around the world. However, high costs of neurovascular devices and stringent regulations are estimated to hamper neurology devices market development potential in the long run. Limited accessibility in developing and under-developed countries coupled with the risk of complications or failures is also estimated to impede neurovascular device demand outlook in the long run.
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 are the dominating segment in the market. are primarily used to alter muscle function, providing relief for conditions such as chronic pain, Parkinson's disease, epilepsy, and even dementia. While non-invasive treatments are non-invasive come less and the demand increases, the mechanical stimulation of the muscles has improved greatly. Major parts of the motor system include spinal stimulators, deep brain stimulators, and vagus nerve stimulators. Their widespread acceptance, coupled with rapid technological advancements, and new applications in the treatment of conditions such as dementia and paralysis contribute to the tremendous growth in the market.
Neurosurgery devices are the fastest growing segment in the market. On the other hand, neurosurgical devices are important in the treatment of complex and complex neurological conditions such as brain tumors, rheumatoid arthritis, and spinal disorders. These devices include surgery micromechanics, neurosurgery, stereotactic systems, and brain-computer interface devices. Advances in robot-assisted surgery and less invasive techniques, neurosurgical devices are needed to increase accuracy and safety in complex neurosurgical procedures. They develop more slowly compared to mechanical stimulation because of highly specialized neurosurgical techniques.
Analysis by Application
Epilepsy is the dominating segment in the neurology devices market analysis. Epilepsy is a major focus in the neurology devices market, with a need for advanced diagnostic tools, treatment, and devices for seizure prevention. Nerve stimulation devices such as vagus nerve stimulators (VNS) and reactive neurostimulation (RNS) programs have significantly improved quality of life in epilepsy patients. Advances in EEG monitoring have enabled more accurate diagnosis, allowing for more individualized and timely intervention. This segment is poised to grow due to less invasive treatments and continued development of wearable tumor monitoring devices. The increasing prevalence of chronic neurological disorders such as epilepsy, Parkinson’s disease, and chronic pain has increased the need for successful and sustained treatment.
Cerebral aneurysms represent another important segment in the neurology devices market forecast, as untreated aneurysms pose significant risks including bleeding. Less invasive surgical devices such as coils are used, flow diverters and embolization products are widely used to treat cerebral vasospasm and prevent rupture. Increased use of imaging devices contributing to advances in aneurysm therapy. Although this segment is very niche, funding extensive use and increasing adoption of minimally invasive methods make it an important segment of the neurology devices industry. The segment accounts for the largest share in the market growth, mainly due to the high volume of trauma and the need for rapid medical response, which requires specialized equipment.
Global Neurology devices Market By Product
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Neurology Devices Market Regional Insights
North America is the dominating region in the neurology devices industry. The presence of a developed healthcare infrastructure, high healthcare spending potential, and easy availability of advanced neurovascular devices are forecasted to be key factors contributing to the dominance of this region. The United States is slated to be the most opportune market in this region owing to high prevalence of ischemic strokes. Canada is also estimated to provide lucrative opportunities for neurovascular devices companies in this region. Favorable reimbursement and high investments medical research are also expected to help North America maintain its dominance.
Asia-Pacific is expected to emerge as the fastest-expanding regional neurology devices industry in the world. Rising awareness regarding early diagnosis, investments in healthcare infrastructure development, and an increasing senescent population are all offering rewarding business opportunities for neurovascular devices providers. Increasing popularity of minimally invasive procedures in this region is also expected to favor sales of neurovascular devices in the future. China, India, and Japan are slated to be the most rewarding markets in this region. Supportive government initiatives to promote awareness regarding neurovascular disorders will also boost market growth.
Global Neurology Devices Market By Geography
- Largest
- Fastest
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Neurology Devices Market Dynamics
Drivers
Rising Incidence of Neurovascular Disorders
- Poor lifestyle choices and growing adoption of unhealthy habits have significantly increased the number of people suffering from neurovascular diseases. This surge in incidence of neurovascular issues such as strokes and cerebral aneurysms around the world is a key factor promoting neurovascular device demand. An aging global population is increasing the demand for neurological devices, as older people are more likely to suffer from neurological and neurodegenerative diseases such as Alzheimer's disease, Parkinson's disease and dementia with increasing age and complications the prevalence of age-related forms requiring primary neurologic care. This demographic shift is particularly evident in places like North America, Europe, and parts of Asia, where a growing aging population is putting tremendous pressure on healthcare systems to deliver go-to solutions provide late diagnostic, medical and neurological services.
Growing Senescent Population Base
- The aging population of the world is increasing rapidly with highest number of geriatric people coming from Japan, United States, and Italy. Senior citizens are more at risk of neurovascular disorders which increases their population translates to high neurovascular devices demand. In addition to the aging population, neuromuscular diseases such as stroke, rheumatoid arthritis, and rheumatoid arthritis are also increasing due to lifestyle factors, characterized by increased stress sedentary lifestyles, as well as increased conditions such as high blood pressure and diabetes.
Restraints
Limited Accessibility
- Neurovascular devices are extremely advanced and use novel medical technologies, which is why their costs are high. These high costs may not be an issue for developed countries but healthcare institutions in developing countries have limited budgets, which could limit their accessibility to these devices. Furthermore, the specialized training needed to operate these devices and interpret their results is largely lacking, creating additional barriers to effective neurology. Many health care providers in underserved areas lack the resources to adopt this technology. It also highlights the need for affordable solutions and expanded training programs.
Risk of Failure or Complications
- Despite medical technologies being advanced there is a risk of patients developing complications while using neurovascular devices. Also, there is a risk of these devices failing completely. These complications and risks are expected to dent the sales of neurovascular devices in the future. Complications such as infection, bleeding, and device migration are also a concern, especially with invasive neurologic devices. For non-invasive devices, incorrect readings or technical errors can lead to misdiagnosis or inappropriate treatment planning. Manufacturers and healthcare providers must prioritize rigorous testing, patient care, and device monitoring policies to mitigate these risks and ensure patient outcomes if safe and reliable.
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Neurology Devices Market Competitive Landscape
Neurology devices manufacturers should focus on making their products more affordable to increase their sales potential. Entering developing and underdeveloped countries should also be a priority for neurovascular devices companies going forward. The incorporation of advanced technologies to improve the capabilities of neurovascular devices will also be a key trend for new as well as established neurology devices market players. Investing in research will be a strategy that no neurovascular devices company should skip going forward.
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
- Stryker Corporation announced the opening of its new neurovascular research and development laboratory in December 2022. The move was intended to accelerate innovation related to neurovascular conditions such as stroke in the Asia Pacific region.
- Penumbra, a medical device provides based in the United States announced the launch of its new neurovascular devices in the European market in May 2024. Three neurovascular reperfusion catheters named Red 43, Red 72, and Red 78 were launched after they received the CE mark approval earlier this year.
- A new neuro bioplane system for neurovascular interventions was launched in February 2024. The Azurion neuro biplane system was unveiled by Philips at the ECR 2024 event to improve patient outcomes.
Neurology Devices Key Market Trends
- Advances in Neurostimulation Technology: One of the most important market trends is the development of neurostimulation technologies. These devices are used to deliver electrical impulses to specific areas of the brain or nerves to treat chronic pain, epilepsy, Parkinson's disease, and dementia. Deep brain stimulation (DBS) and spinal cord stimulators (SCS) alleviate symptoms, improve quality of life and offer less invasive solutions. Neurostimulation devices with innovative features that have precision, connectivity, and battery life for interference are becoming increasingly popular with patients and healthcare professionals.
- Increasing Acceptance of Minimally Invasive Vascular Treatments: Minimally invasive neurology is revolutionizing the treatment of neurological conditions, focusing on reduced neurological recovery time, fewer complications and improved outcomes. Technologies such as intracranial stents, embolization coils, mechanical thrombectomy devices aneurysms and strokes. Increasingly important for the treatment of arterial thrombosis, which is increasing due to aging population these devices allow doctors to access brain and vascular areas with minimal vascular damage, and it increases patient comfort and reduces healthcare costs.
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 Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the growing incidence of neurovascular disorders and the growing geriatric population are slated to bolster the demand for neurovascular devices over the coming years. However, high costs, limited accessibility, and risk of failure or complications are estimated to impede neurology devices market growth in the future. North America is projected to remain the dominant market for neurovascular device companies owing to the presence of a developed healthcare infrastructure and favorable reimbursement policies. Developing minimally invasive neurovascular devices will be a strategy that will help companies ensure robust revenue generation in the long run. The neurology devices market is growing rapidly, driven by advances in medical technology, increasing prevalence of arthritis, and aging population across the globe. Key products include neuromuscular stimulation devices, implants, and cerebrospinal fluid management systems. These devices are important in the diagnosis, monitoring and treatment of diseases such as Alzheimer’s, Parkinson’s, epilepsy and stroke. North America currently dominates the market, owing to improved healthcare coverage and rising healthcare costs, while Asia-Pacific is expected to witness fastest growth owing to increasing healthcare investments and muscle due to increasing morbidity but rising cost of neuroscience devices and stringent regulatory requirements pose challenges to market expansion.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 14.58 Billion |
| Market size value in 2031 | USD 29.39 Billion |
| Growth Rate | 8.1% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| 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 |
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| 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.
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