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 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 News

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 Market Report Snapshots

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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.

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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 News

Neurology Devices Market Report Snapshots

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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?

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