Neurology is a branch of medicine that deals with the study, diagnosis, and treatment of disorders and diseases that affect the nervous system. The nervous system is a complex network of cells, tissues, and organs that coordinate and regulate the body's activities. It includes the brain, spinal cord, and nerves throughout the body. Neurology devices are medical instruments and equipment that are used to diagnose and treat of neurological conditions.
One of the major factors driving the growth of the neurology devices market include aging population, The rise in the geriatric population is having a significant impact on the neurology device market. As people age, they become more susceptible to neurological disorders, such as Alzheimer's disease, Parkinson's disease, and stroke. For instance, according to Alzheimer's Association the percentage of people with Alzheimer’s disease increases significantly with age: 5.0% of people age 65 to 74, 13.1% of people age 75 to 84 and 33.2% of people age 85 or older have Alzheimer’s disease. In addition, the geriatric population tends to have higher healthcare needs and spends more on healthcare services.
Furthermore, surge in preference for non-invasive and minimally invasive treatments, increase in healthcare spending, technological advancements, and rise in patient adoption is fueling market growth. Surge in prevalence of neurological disorders has been a significant driving force in the neurology device market. For instance, neurological disorders such as Alzheimer's and Parkinson's disease are more common in older people, and the number of people with these conditions is expected to rise as the population ages. Furthermore, the rise in acceptance of minimally invasive treatments as an alternative to traditional surgery is a major driver of the neurology devices market. The increase in spending on healthcare is driving the demand for neurology devices.
Technological convergence in neurological devices is a rapidly evolving field that is revolutionizing the way neurological conditions are diagnosed, treated, and managed. Compact size and wireless technology advances. Robotics and artificial intelligence are being integrated into neurological devices to improve their accuracy, speed, and functionality.
However, factors such as the high cost of neurology treatment, lack of skilled professionals, and stringent regulatory frameworks might restrain the growth of the neurology device market.
The neurological device market is segmented into product type, end user and region. By product type, the market is categorized into neurostimulation devices, neurosurgery devices, interventional neurology devices, cerebrospinal fluid management devices and others. On the basis of end user, the market is categorized into hospitals, ambulatory surgery centers, and others. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
Major key players that operate in the global neurology device market are Integra Lifesciences, B.Braun SE, Medtronic plc, Natus Medical Inc, Stryker Corporation, Boston Scientific Corporation, Abbott Laboratories, LivaNova PLC, Zimmer Biomet Holding Inc. and Johnson & Johnson.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the neurology devices market analysis from 2021 to 2031 to identify the prevailing neurology devices market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the neurology devices market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global neurology devices market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Product
- Neurostimulation Devices
- Device type
- Spinal Cord Stimulators
- Deep Brain Stimulators
- Sacral Nerve Stimulators
- Vagus Nerve Stimulators
- Others
- Neurosurgery Devices
- Device type
- Neuroendoscopy
- neurosurgery navigations
- Interventional Neurology Devices
- Device type
- Embolization Devices
- Revascularization Devices
- Thrombectomy Devices
- Embolic Protection Devices
- Accessory Devices
- Cerebrospinal fluid management devices
- Device type
- CSF shunts
- External drainage system
- Others
By End User
- Hospitals
- Ambulatory surgery centers
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- Medtronic plc
- Boston Scientific Corporation
- Abbott Laboratories
- Zimmer Biomet Holding Inc.
- Johnson & Johnson
- Stryker Corporation
- LivaNova PLC
- B.Braun SE
- Integra Lifesciences
- Natus Medical Inc.
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Table of Contents
Executive Summary
According to the report titled, “Neurology Devices Market," the neurology devices market was valued at $12.6 billion in 2021, and is estimated to reach $27.2 billion by 2031, growing at a CAGR of 8.1% from 2022 to 2031.Neurology is the branch of medicine that deals with nervous system disorders. It puts emphasis on the diagnosis, treatment, and management of conditions affecting the brain, spinal cord, nerves, and muscles. The neurology device market includes medical equipment and technologies used to diagnose, treat, and monitor neurological disorders such as Alzheimer's disease, tumors, and Parkinson's disease.
Key factors driving the growth of the neurology devices market are aging population, surge in demand for non-invasive and minimally invasive treatments and increase in prevalence of neurological disorders. The prevalence of neurological disorders appears to be increasing in recent years, possibly due to a combination of factors, including changes in lifestyle and environmental factors, improved diagnosis, and an aging population. For instance, according to article published by WHO currently more than 55 million people live with dementia worldwide, and there are nearly 10 million new cases every year. Furthermore, dementia results from a variety of diseases and injuries that primarily or secondarily affect the brain. Alzheimer's disease is the most common form of dementia and may contribute to 60-70% of cases., resulting in demand of neurological devices, thereby is anticipated to contribute to growth of market.
Moreover, non-invasive treatments refer to those that do not require any incisions or injections and can be performed on the surface of the skin, such as topical creams or laser treatments. Minimally invasive treatments, on the other hand, involve small incisions or injections and are typically performed with the aid of imaging technologies or other advanced tools, such as endoscopes or catheters. For instance, , according to a study performed by the National Library of Medicine, the preference of patients toward minimally invasive treatments has raised by 36% over the last 16 years. In addition, increase in availability of new technologies that allow for more precise and effective treatments with fewer side effects.
Further, the aging population is one of the factors driving the growth of the neurology devices market. As people age, the risk of developing neurological disorders such as Alzheimer's disease, Parkinson's disease, and stroke increases. For instance, according to Alzheimer's Association the percentage of people with Alzheimer’s disease increases dramatically with age: 5.0% of people age 65 to 74, 13.1% of people age 75 to 84 and 33.2% of people age 85 or older have Alzheimer’s disease. Furthermore, according to a study by Parkinson’s Foundation in 2022 nearly 90,000 people are diagnosed with Parkinson’s disease in the U.S. each year. This represents a steep 50% increase from the previously estimated rate of 60,000 diagnoses annually and the study confirmed that number of people diagnosed with PD increases with age.
The market also offers growth opportunities to the key players in the market. Many developing regions such India and Brazil offer lucrative opportunities to key players of neurology devices market owing to high population base, increase in demand of neurology devices for disease diagnosis and increase in healthcare spending.
The neurology device market is segmented on the basis of product, end user and region. By product, the market is classified into neurostimulation devices neurosurgery devices, interventional neurology devices, cerebrospinal fluid management devices and others. By end user, it is fragmented into hospitals, ambulatory surgery centers and others. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
Major key players that operate in the global neurology device market are Integra Lifesciences, B.Braun SE, Medtronic plc, Natus Medical Inc, Stryker Corporation, Boston Scientific Corporation, Abbott Laboratories, LivaNova PLC, Zimmer Biomet Holding Inc. and Johnson & Johnson. The players in the market have been actively engaged in the adoption various strategies such product launch, product approval, product development acquisition to remain competitive and gain advantage over the competitors in the market. For instance, In Oct. 30, 2019 Medtronic plc announced the U.S. launch of its advanced Patient Programmer technology for Deep Brain Stimulation (DBS) therapy at the Samsung Developers Conference in San Jose, Calif.
Key Market Insights
- By type, the Interventional Neurology Devices segment was highest contributor to the market in 2021. However, Neurosurgery Devices segment is anticipated to grow at the highest CAGR during the forecast period.
- By end user, the Hospitals segment dominated the market in terms of revenue in 2021. However, the Ambulatory surgery centers segment is anticipated to grow at the highest CAGR during the forecast period.
- Region wise, North America generated the largest revenue in 2021. However, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period
Companies Mentioned
- Medtronic plc
- Boston Scientific Corporation
- Abbott Laboratories
- Zimmer Biomet Holding Inc.
- Johnson & Johnson
- Stryker Corporation
- LivaNova PLC
- B.Braun SE
- Integra Lifesciences
- Natus Medical Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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