What is the global market size of Neurology Devices Market?

Global Neurology Devices Market size was valued at USD 13.49 Billion in 2021 and is poised to grow from USD 14.58 Billion in 2022 to USD 27.19 Billion by 2030, at a CAGR of 8.1% during the forecast period (2023-2030).

Who are the key vendors in the Global Neurology Devices Market?

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. '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)'

What is the key driver of Global Neurology Devices Market?

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.

What is the key market trend for Global Neurology Devices Market?

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.

Which region accounted for the largest share in Global Neurology Devices Market?

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.

Neurology Devices Companies

Neurology Devices Market Competitive Landscape

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)

FAQs

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 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. '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)'

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.

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.

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.

Feedback From Our Clients

"We have purchased recently a report from SkyQuest Technology, and we are happy to inform you that this report was so useful and practical for our team. Skyquest Team was very active and our queries were followed up completely.It was amazing. "

- Mr. Ali Zali, Commercial Director, ICIIC Iran.

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

Neurology Devices Market Competitive Landscape

Neurology Devices Market Report Snapshots

Want to customize this report?

FAQs

Request Free Customization

Feedback From Our Clients

$5,300

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

Neurology Devices Market Competitive Landscape

Neurology Devices Market Report Snapshots

Want to customize this report?

FAQs

What is the global market size of Neurology Devices Market?

Who are the key vendors in the Neurology Devices Market?

What is the key driver of Neurology Devices Market?

What is the key market trend for Neurology Devices Market?

Which region accounted for the largest share in Neurology Devices Market?

Request Free Customization

Related Reports

Feedback From Our Clients

$5,300