This report describes and explains the neurology devices market and covers 2017-2022, termed the historic period and 2022-2027, 2032F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.
The global neurology devices market reached a value of nearly $15.93 billion in 2022, having grown at a compound annual growth rate (CAGR) of 6.2% since 2017. The market is expected to grow from $15.93 billion in 2022 to $26.68 billion in 2027 at a rate of 10.9%. The market is then expected to grow at a CAGR of 10.2% from 2027 and reach $43.28 billion in 2032.
Growth in the historic period resulted from the emerging markets growth, rise in number of medical tourists, increase in burden of neurological disorders among the population and rising number of stroke patients. Factors that negatively affected growth in the historic period were high prices of neurology devices and lack of trained workers and technical resources.
Going forward, increased healthcare expenditure, rising demand for early diagnosis of health problems, increasing size of elderly population and rising government support will drive the growth. Factor that could hinder the growth of the neurology devices market in the future include reductions in free trade, rising intricacies of clinical trials and hospital budget constraints.
The neurology devices market is segmented by type neurostimulation devices, neurosurgery devices and equipment, interventional neurology devices and equipment and cerebrospinal fluid management (CSF) devices. The neurosurgery devices market was the largest segment of the neurology devices market segmented by type, accounting for 45.1% or $7.18 billion of the total in 2022. Going forward, it is expected to be the fastest growing segment in the neurology devices market segmented by type, at a CAGR of 13.0% during 2022-2027.
The neurostimulation devices market is segmented by type into implantable devices and external devices. The implantable devices market was the largest segment of the neurology devices market segmented by type, accounting for 80.8% or $4.61 billion of the total in 2022. Going forward, it is expected to be the fastest growing segment in the neurology devices market segmented by type, at a CAGR of 10.5% during 2022-2027.
The neurosurgery devices and equipment market is segmented by type into aneurysm clips, neurosurgical navigation systems, stereotactic systems, neurosurgical endoscopes and others neurosurgery devices and equipment. The aneurysm clips market was the largest segment of the neurology devices market segmented by type, accounting for 40.7% or $2.92 billion of the total in 2022. Going forward, the neurosurgical navigation systems segment is expected to be the fastest growing segment in the neurology devices market segmented by type, at a CAGR of 15.8% during 2022-2027.
The interventional neurology devices and equipment market is segmented by type into aneurysm coiling and embolization devices, angioplasty devices, neurothrombectomy devices and support devices. The angioplasty devices market was the largest segment of the neurology devices market segmented by type, accounting for 38.8% or $775.3 million of the total in 2022. Going forward, the neurothrombectomy devices segment is expected to be the fastest growing segment in the neurology devices market segmented by type, at a CAGR of 9.8% during 2022-2027.
The cerebrospinal fluid management (CSF) devices and equipment and equipment market is segmented by type into CSF drainage systems and CSF shunts. The CSF shunts market was the largest segment of the neurology devices market segmented by type, accounting for 52.6% or $547.4 million of the total in 2022. Going forward, it is expected to be the fastest growing segment in the neurology devices market segmented by type, at a CAGR of 2.8% during 2022-2027.
The neurology devices market is segmented by end user into hospitals and clinics, diagn0stic laboratories and other end users. The hospitals and clinics market was the largest segment of the neurology devices market segmented by end user, accounting for 61.3% or $9.76 billion of the total in 2022. Going forward, it is expected to be the fastest growing segment in the neurology devices market segmented by end user, at a CAGR of 11.3% during 2022-2027.
The neurology devices market is segmented by type of expenditure into public and private. The public market was the largest segment of the neurology devices market segmented by type of expenditure, accounting for 75.3% or $11.99 billion of the total in 2022. Going forward, the private segment is expected to be the fastest growing segment in the neurology devices market segmented by type of expenditure, at a CAGR of 11.7% during 2022-2027.
The neurology devices market is segmented by product into instruments/equipment and disposables. The instruments/equipment market was the largest segment of the neurology devices market segmented by product, accounting for 59.5% or $9.47 billion of the total in 2022. Going forward, it is expected to be the fastest growing segment in the neurology devices market segmented by product, at a CAGR of 11.2% during 2022-2027.
North America was the largest region in the neurology devices market, accounting for 33.5% or $5.34 billion of the total in 2022. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the neurology devices market will be Middle East and South America where growth will be at CAGRs of 16.89% and 14.69% respectively. These will be followed by Africa and Eastern Europe where the markets are expected to grow at CAGRs of 12.58% and 11.98% respectively.
The global neurology devices market is highly concentrated, with large players operating in the market.. The top ten competitors in the market made up to 80.33% of the total market in 2022. The market concentration can be attributed to the presence of large number of players in different geographies.
Prominent players are acquiring the products and entering into partnerships with the other companies to consolidate their market positions across the globe, while others are distributing products. Medtronic Inc. was the largest competitor with a 27.56% share of the market, followed by Stryker Corporation with 19.97%, Integra LifeSciences with 6.40%, Boston Scientific Corporation with 5.75%, Johnson & Johnson with 5.16%, Abbott with 4.83%, Terumo Corporation with 4.11%, LivaNova Plc with 2.35%, Penumbra Inc. with 2.18% and Integer with 2.01%.
The top opportunities in the neurology devices market segmented by type will arise in the neurosurgery devices and equipment segment, which will gain $6.04 billion of global annual sales by 2027. The top opportunities in the neurostimulation devices market segmented by type will arise in the implantable devices segment, which will gain $2.99 billion of global annual sales by 2027. The top opportunities in the neurosurgery devices and equipment market segmented by type will arise in the aneurysm clips segment, which will gain $2.34 billion of global annual sales by 2027. The top opportunities in the interventional neurology devices and equipment market segmented by type will arise in the aneurysm coiling and embolization devices segment, which will gain $267.6 million of global annual sales by 2027. The top opportunities in the cerebrospinal fluid management (CSF) devices and equipment market segmented by type will arise in the CSF shunts segment, which will gain $81.5 million of global annual sales by 2027.
The top opportunities in the neurology devices market segmented by end user will arise in the hospitals and clinics segment, which will gain $6.90 billion of global annual sales by 2027. The top opportunities in the neurology devices market segmented by product will arise in the instruments/equipment segment, which will gain $6.60 billion of global annual sales by 2027. The top opportunities in the neurology devices market segmented by type of expenditure will arise in the public segment, which will gain $7.83 billion of global annual sales by 2027. The neurology devices market size will gain the most in USA at $1.99 billion.
Market-trend-based strategies for the neurology devices market include introduction of artificial intelligence (AI) in neurology devices, brain-machine interface (BMI) technology in neurological disorder treatment, telemedicine and remote patient care for neurological conditions, introduction of digital health apps, increasing adoption of implantable pulse generator technology and strategic partnerships and collaborations.
Player-adopted strategies in the neurology devices market include expanding neurology devices business through strategic acquisitions and expand operations by product launches.
To take advantage of the opportunities, the analyst recommends the neurology devices companies to focus on brain-machine interface technology, focus on advanced implantable neurostimulation devices for epilepsy treatment, focus on introduction of digital health apps, focus on fast-growing product types, expand in emerging markets, continue to focus on developed markets, focus on strategic partnerships and collaborations, provide competitively priced offerings, continue to use B2B promotions, participate in trade shows and events and continue to target fast-growing end-users.
The global neurology devices market reached a value of nearly $15.93 billion in 2022, having grown at a compound annual growth rate (CAGR) of 6.2% since 2017. The market is expected to grow from $15.93 billion in 2022 to $26.68 billion in 2027 at a rate of 10.9%. The market is then expected to grow at a CAGR of 10.2% from 2027 and reach $43.28 billion in 2032.
Growth in the historic period resulted from the emerging markets growth, rise in number of medical tourists, increase in burden of neurological disorders among the population and rising number of stroke patients. Factors that negatively affected growth in the historic period were high prices of neurology devices and lack of trained workers and technical resources.
Going forward, increased healthcare expenditure, rising demand for early diagnosis of health problems, increasing size of elderly population and rising government support will drive the growth. Factor that could hinder the growth of the neurology devices market in the future include reductions in free trade, rising intricacies of clinical trials and hospital budget constraints.
The neurology devices market is segmented by type neurostimulation devices, neurosurgery devices and equipment, interventional neurology devices and equipment and cerebrospinal fluid management (CSF) devices. The neurosurgery devices market was the largest segment of the neurology devices market segmented by type, accounting for 45.1% or $7.18 billion of the total in 2022. Going forward, it is expected to be the fastest growing segment in the neurology devices market segmented by type, at a CAGR of 13.0% during 2022-2027.
The neurostimulation devices market is segmented by type into implantable devices and external devices. The implantable devices market was the largest segment of the neurology devices market segmented by type, accounting for 80.8% or $4.61 billion of the total in 2022. Going forward, it is expected to be the fastest growing segment in the neurology devices market segmented by type, at a CAGR of 10.5% during 2022-2027.
The neurosurgery devices and equipment market is segmented by type into aneurysm clips, neurosurgical navigation systems, stereotactic systems, neurosurgical endoscopes and others neurosurgery devices and equipment. The aneurysm clips market was the largest segment of the neurology devices market segmented by type, accounting for 40.7% or $2.92 billion of the total in 2022. Going forward, the neurosurgical navigation systems segment is expected to be the fastest growing segment in the neurology devices market segmented by type, at a CAGR of 15.8% during 2022-2027.
The interventional neurology devices and equipment market is segmented by type into aneurysm coiling and embolization devices, angioplasty devices, neurothrombectomy devices and support devices. The angioplasty devices market was the largest segment of the neurology devices market segmented by type, accounting for 38.8% or $775.3 million of the total in 2022. Going forward, the neurothrombectomy devices segment is expected to be the fastest growing segment in the neurology devices market segmented by type, at a CAGR of 9.8% during 2022-2027.
The cerebrospinal fluid management (CSF) devices and equipment and equipment market is segmented by type into CSF drainage systems and CSF shunts. The CSF shunts market was the largest segment of the neurology devices market segmented by type, accounting for 52.6% or $547.4 million of the total in 2022. Going forward, it is expected to be the fastest growing segment in the neurology devices market segmented by type, at a CAGR of 2.8% during 2022-2027.
The neurology devices market is segmented by end user into hospitals and clinics, diagn0stic laboratories and other end users. The hospitals and clinics market was the largest segment of the neurology devices market segmented by end user, accounting for 61.3% or $9.76 billion of the total in 2022. Going forward, it is expected to be the fastest growing segment in the neurology devices market segmented by end user, at a CAGR of 11.3% during 2022-2027.
The neurology devices market is segmented by type of expenditure into public and private. The public market was the largest segment of the neurology devices market segmented by type of expenditure, accounting for 75.3% or $11.99 billion of the total in 2022. Going forward, the private segment is expected to be the fastest growing segment in the neurology devices market segmented by type of expenditure, at a CAGR of 11.7% during 2022-2027.
The neurology devices market is segmented by product into instruments/equipment and disposables. The instruments/equipment market was the largest segment of the neurology devices market segmented by product, accounting for 59.5% or $9.47 billion of the total in 2022. Going forward, it is expected to be the fastest growing segment in the neurology devices market segmented by product, at a CAGR of 11.2% during 2022-2027.
North America was the largest region in the neurology devices market, accounting for 33.5% or $5.34 billion of the total in 2022. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the neurology devices market will be Middle East and South America where growth will be at CAGRs of 16.89% and 14.69% respectively. These will be followed by Africa and Eastern Europe where the markets are expected to grow at CAGRs of 12.58% and 11.98% respectively.
The global neurology devices market is highly concentrated, with large players operating in the market.. The top ten competitors in the market made up to 80.33% of the total market in 2022. The market concentration can be attributed to the presence of large number of players in different geographies.
Prominent players are acquiring the products and entering into partnerships with the other companies to consolidate their market positions across the globe, while others are distributing products. Medtronic Inc. was the largest competitor with a 27.56% share of the market, followed by Stryker Corporation with 19.97%, Integra LifeSciences with 6.40%, Boston Scientific Corporation with 5.75%, Johnson & Johnson with 5.16%, Abbott with 4.83%, Terumo Corporation with 4.11%, LivaNova Plc with 2.35%, Penumbra Inc. with 2.18% and Integer with 2.01%.
The top opportunities in the neurology devices market segmented by type will arise in the neurosurgery devices and equipment segment, which will gain $6.04 billion of global annual sales by 2027. The top opportunities in the neurostimulation devices market segmented by type will arise in the implantable devices segment, which will gain $2.99 billion of global annual sales by 2027. The top opportunities in the neurosurgery devices and equipment market segmented by type will arise in the aneurysm clips segment, which will gain $2.34 billion of global annual sales by 2027. The top opportunities in the interventional neurology devices and equipment market segmented by type will arise in the aneurysm coiling and embolization devices segment, which will gain $267.6 million of global annual sales by 2027. The top opportunities in the cerebrospinal fluid management (CSF) devices and equipment market segmented by type will arise in the CSF shunts segment, which will gain $81.5 million of global annual sales by 2027.
The top opportunities in the neurology devices market segmented by end user will arise in the hospitals and clinics segment, which will gain $6.90 billion of global annual sales by 2027. The top opportunities in the neurology devices market segmented by product will arise in the instruments/equipment segment, which will gain $6.60 billion of global annual sales by 2027. The top opportunities in the neurology devices market segmented by type of expenditure will arise in the public segment, which will gain $7.83 billion of global annual sales by 2027. The neurology devices market size will gain the most in USA at $1.99 billion.
Market-trend-based strategies for the neurology devices market include introduction of artificial intelligence (AI) in neurology devices, brain-machine interface (BMI) technology in neurological disorder treatment, telemedicine and remote patient care for neurological conditions, introduction of digital health apps, increasing adoption of implantable pulse generator technology and strategic partnerships and collaborations.
Player-adopted strategies in the neurology devices market include expanding neurology devices business through strategic acquisitions and expand operations by product launches.
To take advantage of the opportunities, the analyst recommends the neurology devices companies to focus on brain-machine interface technology, focus on advanced implantable neurostimulation devices for epilepsy treatment, focus on introduction of digital health apps, focus on fast-growing product types, expand in emerging markets, continue to focus on developed markets, focus on strategic partnerships and collaborations, provide competitively priced offerings, continue to use B2B promotions, participate in trade shows and events and continue to target fast-growing end-users.
Table of Contents
1 Executive Summary
6 Market Characteristics
8 Supply Chain Analysis
9 Neurology Devices Market Customer Information
10 Major Market Trends
11 Neurology Devices Market - Macro Economic Scenario
12 Global Market Size and Growth
13 Neurology Devices Market, Regional Analysis
14 Global Neurology Devices Market Segmentation
15 Neurology Devices Market Segment
16 Market Comparison with Macro Economic Factors
17 Asia-Pacific Market
18 Western Europe Market
19 Eastern Europe Market
20 North America Market
21 South America Market
22 Middle East Market
23 Africa Market
24 Competitive Landscape and Company Profiles
25 Key Mergers and Acquisitions
26 Market Background: Medical Equipment Market
27 Opportunities and Strategies
28 Neurology Devices Market, Conclusions and Recommendations
29 Appendix
Executive Summary
Neurology Devices Global Market Opportunities and Strategies to 2032 provides the strategists; marketers and senior management with the critical information they need to assess the global neurology devices market as it emerges from the COVID-19 shut down.Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50 geographies.
- Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
Understand customers based on the latest market research findings.
- Benchmark performance against key competitors.
- Utilize the relationships between key data sets for superior strategizing.
- Suitable for supporting your internal and external presentations with reliable high-quality data and analysis
Description
Where is the largest and fastest growing market for neurology devices? How does the market relate to the overall economy, demography, and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market’s historic and forecast market growth by geography. It places the market within the context of the wider neurology devices market; and compares it with other markets.
The report covers the following chapters:
- Introduction and Market Characteristics:
- Product Analysis:
- Supply Chain:
- Customer Information:
- Key Trends:
- Macro-Economic Scenario:
- Global Market Size and Growth:
- Regional and Country Analysis:
- Market Segmentation:
- Regional Market Size and Growth:
- Competitive Landscape:
- Key Mergers and Acquisitions:
- Market Opportunities and Strategies:
- Conclusions and Recommendations:
- Appendix:
Scope
Markets Covered:1) by Type: Neurostimulation Devices; Neurosurgery Devices and Equipment; Interventional Neurology Devices and Equipment; Cerebrospinal Fluid Management (CSF) Devices
a) by Neurostimulation Devices: Implantable Devices; External Devices
b) by Neurosurgery Devices and Equipment: Aneurysm Clips; Neurosurgical Navigation Systems; Stereotactic Systems; Neurosurgical Endoscopes; Others
c) by Interventional Neurology Devices and Equipment: Aneurysm Coiling and Embolization Devices; Angioplasty Devices; Neurothrombectomy Devices; Support Devices
d) by Cerebrospinal Fluid Management (CSF) Devices and Equipment: CSF drainage systems; CSF shunts
2) by Type Of Expenditure: Public; Private3) by End User: Hospitals and Clinics; Diagnostic Laboratories; Other End Users
4) by Product: Instruments/Equipment; Disposables
Companies Mentioned: Medtronic Inc.; Stryker Corporation; Integra LifeSciences; Boston Scientific Corporation; Johnson & Johnson
Countries: Australia; India; Indonesia; Japan; South Korea; USA; Brazil; France; Germany; UK; Russia; Czech Republic; Poland; Romania; Ukraine; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Egypt; Nigeria; South Africa; Iran; Israel; Saudi Arabia; Turkey; UAE; Argentina; Chile; Colombia; Peru; Canada; Mexico; Vietnam; Thailand; Singapore; Philippines; New Zealand; Malaysia; Hong Kong
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; neurology devices indicators comparison.
Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 426 |
| Published | January 2024 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 15.9 Billion |
| Forecasted Market Value ( USD | $ 43.3 Billion |
| Compound Annual Growth Rate | 10.5% |
| Regions Covered | Global |
| No. of Companies Mentioned | 35 |
