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The neurology devices market size is forecast to increase by USD 7.22 billion at a CAGR of 8.06% between 2023 and 2028. The market is witnessing significant growth due to the increasing prevalence of neurological disorders, which is driving the demand for advanced diagnostic and therapeutic devices. Neurological disorders, such as Parkinson's disease, Alzheimer's disease, and epilepsy, are on the rise due to aging populations and lifestyle factors. Technological advances in neurology devices, including the development of minimally invasive surgical devices and wireless monitoring systems, are also contributing to market growth. However, the high cost of neurology devices remains a significant challenge for both patients and healthcare providers, limiting access to these life-changing technologies for many. Despite this, the market is expected to continue growing due to the unmet medical need for effective neurological treatments and the ongoing research and development in this field.
Neurology devices refer to medical devices designed for the diagnosis, treatment, and monitoring of disorders related to the nervous system, including the brain, spinal cord, and nerves. Neurosurgery devices are a significant segment of neurology devices, used in surgeries and procedures related to the nervous system. Nervous system disorders encompass a wide range of conditions, such as Alzheimer's and Parkinson's diseases, hearing and sight impairments, limb loss, and congenital limb differences. Neurology devices play a crucial role in the diagnosis and treatment of these conditions, with applications in hospitals and clinics, diagnostic laboratories, and research institutions. Some common types of neurology devices include CSF drainage systems, CSF shunts, and the AxonPen System.
Moreover, these devices are essential for the diagnosis, treatment, and monitoring of various neurological conditions, driving significant expenditures in the healthcare industry. Other notable devices include hearing aids, cochlear implants, and retinal implants.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The hospitals segment is estimated to witness significant growth during the forecast period. The market is witnessing significant growth due to the increasing number of neurological disorders and subsequent hospital admissions. Hospitals, particularly large multispecialty hospitals and hospital groups, are the primary end-users of neurology devices. These hospitals, often funded by government or private entities, have extensive facilities and resources to accommodate a large patient base. The growing prevalence of neurological conditions such as Alzheimer's, Parkinson's, spinal cord injury, traumatic brain injury, hearing loss, sight loss, and limb loss in the geriatric population is driving the demand for neurology devices. Ambulatory surgery centers and diagnostic laboratories are also significant consumers of neurology devices, especially for procedures like neurothrombectomy, angioplasty, and diagnostic tests.
Moreover, the market comprises various types of devices such as CSF Drainage Systems, CSF Shunts, Neurothrombectomy Devices, Angioplasty Devices, Neurosurgical Navigation Systems, Neurosurgical endoscopes, Aneurysm Clips, Stereotactic Systems, Implantable Neurostimulation Devices, and External Neurostimulation Devices. Companies like Integra Lifesciences, Medtronic, Mainstay Medical, ClearMind Biomedical, Axonpen System, Stryker Corporation, and others are key players in this market. Policies, regulations, programs, telemedicine, and public health awareness are some of the factors influencing the market dynamics. For instance, the availability of reimbursement policies and regulatory approvals for neurology devices can significantly impact their adoption rate. Additionally, initiatives to increase public awareness about neurological disorders and their treatment options can also boost market growth.
However, the high cost of these devices and the stringent regulatory approval process pose challenges to market growth.
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The hospitals segment was valued at USD 6.64 billion in 2018 and showed a gradual increase during the forecast period.
North America is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The market in North America, with the United States being the major contributor, is witnessing significant growth due to the increasing capital expenditures on treating neurological disorders such as epilepsy, Alzheimer's, and Parkinson's. Neurological disorders impose a substantial financial burden on the healthcare system in the US, estimated to be around USD800 billion annually (Annals of Neurology). The rising number of patients suffering from these conditions and the escalating treatment costs are driving market expansion. Factors such as the growing geriatric population, advanced policies, regulations, and programs, telemedicine, and public health awareness are further boosting market growth. Key players in this market include Integra Lifesciences, Medtronic, Mainstay Medical, ClearMind Biomedical, Stryker Corporation, and Biogen, among others.
Moreover, these companies offer a range of neurology devices such as implantable pulse generators, CSF Drainage Systems, CSF Shunts, Neurothrombectomy Devices, Angioplasty Devices, Neurosurgical Navigation Systems, Neurosurgical endoscopes, Aneurysm Clips, Stereotactic Systems, Other Neurosurgery Devices, Implantable Neurostimulation Devices, and External Neurostimulation Devices. The US market is also witnessing the adoption of advanced technologies such as the Axonpen System and Parasym neurostimulation for the treatment of neurological disorders. The presence of well-equipped hospitals and clinics, diagnostic laboratories, and the availability of highly skilled medical professionals further support market growth.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increasing prevalence of neurological disorders is the key driver of the market. Neurological disorders, such as epilepsy, stroke, Parkinson's disease, and brain tumors, pose a significant risk to patients, potentially resulting in disabilities or even fatality. The prevalence of these conditions is influenced by various factors, including bacterial and viral infections, genetic predisposition, and a weakened immune response. Individuals with diabetes mellitus, obesity, hypertension, and smoking addiction are at an increased risk of developing neurological disorders. For instance, the number of deaths from Parkinson's disease in the United States has risen by approximately 65% over the past two decades. Several companies specialize in the development of neurology devices to address these conditions.
Moreover, the cizeta Surgical, Neuro France Implants, Ectron, Metrion Biosciences, AbbVie, Adaptix, Argonaut Therapeutics, Beckley Psytech, Brainwave Discovery, Cerus Endovascular, Chronus Therapeutics, Cytiva, Natus Medical Incorporated, Cerenovus, Nevro, and Regulatory changes are some of the key players in this market. These companies offer a range of products, including digital platforms, brain monitoring systems, neuro thrombectomy devices, carotid artery stents, and embolic coils. Client services costs and regulatory changes continue to impact the market. For example, BrainTale-care, BrainQuant, BrainScore-coma, SenSight Directional Lead, and other advanced technologies are transforming the way neurological conditions are diagnosed and treated. Companies are investing in these digital platforms to offer personalized care and improve patient outcomes. The use of such devices is also driving the adoption of neuro thrombectomy devices, carotid artery stents, and embolic coils for the treatment of neurological conditions.
Technological advances in neurology devices is the upcoming trend in the market. Neurology devices have witnessed significant advancements, with companies such as Cizeta Surgical, Neuro France Implants, Ectron, Metrion Biosciences, AbbVie, Adaptix, Argonaut Therapeutics, Beckley Psytech, Brainwave Discovery, Cerus Endovascular, Chronus Therapeutics, Cytiva, Natus Medical Incorporated, Cerenovus, Nevro, and others, developing next-generation neurology devices. These innovations include robot-assisted devices and neurostimulation devices with brain-computer interface features. For instance, NeuroPace Inc.'s (NeuroPace) NeuroPace RNS System is an FDA-approved implantable neurostimulator that monitors brain waves wirelessly and transfers them to a Patient Data Management System (PDMS) for refractory epilepsy treatment. Regulatory changes and client services costs have influenced the market, with digital platforms such as BrainTale-care, BrainQuant, BrainScore-coma, SenSight Directional Lead, and others, offering advanced neurological assessment and monitoring solutions. Thrombectomy devices, such as carotid artery stents and embolic coils, have also gained popularity in the market due to their effectiveness in treating neurological conditions.
The high cost of neurology devices is a key challenge affecting the market growth. Neurology devices play a crucial role in diagnosing and treating neurological disorders, yet their high cost poses a significant challenge to affordability. Neurologists' fees, equipment fees, hospital fees, and inpatient diagnostics and surgery costs contribute to the overall expense. Advanced neurology devices continue to increase in price. For instance, neurostimulation devices cost between USD8,820 and USD25,970, while an embolic coil averages USD1,750 and aneurysm clips USD60.28. Neurological procedures are also costly, with an average cost per patient for a neurostimulator and implantation surgery at USD32,882 for Medicare patients and USD50,000 for uninsured patients. Companies such as Cizeta Surgical, Neuro France Implants, Ectron, Metrion Biosciences, AbbVie, Adaptix, Argonaut Therapeutics, Beckley Psytech, Brainwave Discovery, Cerus Endovascular, Chronus Therapeutics, Cytiva, Natus Medical Incorporated, Cerenovus, Nevro, and Regulatory changes are leading innovators in this field. Digital platforms like BrainTale-care, BrainQuant, BrainScore-coma, SenSight Directional Lead, and neuro thrombectomy devices, including carotid artery stents and embolic coils, are among the latest advancements in neurology devices.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Abbott Laboratories - The company offers neurology devices such as recharge-free spinal cord stimulation, rechargeable spinal cord stimulation, dorsal root ganglion, radiofrequency ablation, and deep brain stimulation.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Neurology devices refer to medical devices used for diagnosing, treating, and monitoring nervous system disorders, including those affecting the brain, spinal cord, and nerves. Neurosurgery devices are a crucial subset of neurology devices, used in surgical procedures such as neurosurgeries, microsurgical instruments, and stereotactic radiosurgery systems. These devices play a vital role in addressing various neurological disorders, including neurodegenerative diseases like Alzheimer's and Parkinson's, which can have hereditary and biological factors. Neurology devices also cater to the diagnosis and treatment of chronic pain conditions, such as neuropathic pain and back pain, through neurostimulation and minimally invasive surgeries. Hospitals and healthcare systems are significant end-users of these devices, with a growing prevalence of conditions like epilepsy, dystonia, stroke, seizures, hydrocephalus, and oncology driving market growth. Neurology devices encompass a wide range of technologies, including intraoperative MRI machines, navigation systems, ultrasonic aspirators, and interventional neurology devices.
Market Scope |
|
Report Coverage |
Details |
Page number |
181 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.06% |
Market growth 2024-2028 |
USD 7.22 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
7.67 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 39% |
Key countries |
US, Germany, UK, Japan, and China |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abbott Laboratories, Allengers Medical Systems Ltd., Becton Dickinson and Company, Boston Scientific Corporation, Cadence Inc., Helius Medical Technologies Inc., Hospital Equipment Manufacturing Co., Integra Lifesciences Corp., Johnson and Johnson Services Inc., LivaNova PLC, Medtronic, MicroPort Scientific Corp., Natus Medical Incorporated, NeuroPace Inc., Nihon Kohden Corp., Stryker Corp., The Magstim Co. Ltd., Zimmer Biomet Holdings Inc., B.Braun SE, Penumbra Inc., and Rapid Medical Ltd. |
Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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