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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.
There has been a significant rise in funding for neurological research by the government and healthcare and research organizations due to the increasing prevalence of neurological disorders. For example, In the fiscal year 2023, the National Institutes of Health (NIH) awarded more than USD 53 million in funding for neuroscience-related research to the University of Virginia, US. Moreover, an increase in government of private funding for neurology and related research assists researchers and manufacturers engaged in the development and launch of novel advanced neurology devices to offer improved diagnostic devices and treatment to patients with neurological disorders. Hence, such factors are positively impacting the market.
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The hospitals segment is estimated to witness significant growth during the forecast period. The hospital segment is the main end-user of neurology devices, which greatly influences market growth. In addition, large hospitals including multispecialty hospitals, and hospital groups work under government sponsorship or through funding from private entities and have more than 500 hospital beds, allowing the accommodation of individuals within the facility.
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The hospitals segment was the largest segment and was valued at USD 6.64 billion in 2018. Moreover, the sales of neurology devices in hospitals will increase due to the increased number of hospital admissions of people with neurological disorders, which will drive the growth of the global market. In addition, medium-sized hospitals have a limited number of supplier groups. Furthermore, these hospitals often require outsourced medical equipment and laboratory testing support for their healthcare services. In addition, their budget is limited as the facility has 200-300 hospital beds. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
Neurostimulation devices are expected to witness tremendous growth in terms of CAGR when compared to other segments in the global market. In addition, neurostimulation devices are implantable, programmable devices placed surgically to deliver electrical stimulation to the intended parts of the brain, spinal cord, or peripheral nervous system and treat various conditions such as movement disorders, chronic pain, epilepsy, and Parkinson's disease (PD). Moreover, based on the product type, neurostimulation devices are further classified into the deep brain, spinal cord, sacral nerve, and others (which include gastric enteric and vagus nerve stimulators). In addition, there is a high demand for deep brain stimulators (DBS) as they treat advanced PD, epilepsy, essential tremor, and dystonia disorders effectively with minimal long-term complications in comparison to traditional ablation devices. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
Interventional neurology devices leverage endovascular and catheter-based techniques to treat neurovascular diseases such as aneurysms, arteriovenous malformations, cavernous malformations, and strokes. In addition, technological advancements in aneurysm coiling and embolization devices, which enhance their thrombogenicity, safety, and occlusion durability features, will play a major role in driving the growth rate of the market in the coming years. Moreover, companies are developing multi-dimensional, biologically inert, complex-shaped, soft, and stretch-resistant coils in various sizes. In addition, the growing trend of using cerebral balloon angioplasty and stenting systems for patients with strokes or transient ischemic attacks (TIA) to improve the artery blood flow is also contributing to the market growth. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
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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 will shape the market during the forecast period. The US is the prominent contributor to the market in North America, due to the rising capital expenditure on treating patients with neurological disorders such as epilepsy and dementia and the growing demand for neurology devices. In addition, according to the Annals of Neurology, neurological disorders exert a financial burden on the healthcare system in the US, which accounts for approximately USD 800 billion in annual costs every year. Moreover, the increasing number of patients with neurological disorders and the increasing cost of treatment in the US will give a boost to the market growth. Furthermore, factors such as the growing mortality rate due to neurological disorders, the presence of well-equipped and established healthcare infrastructure, and the availability of highly skilled medical professionals drive the market in the US. Hence, such factors are driving the market in North America during the forecast period.
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. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
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.
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.
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.
Imaging Neurology Devices Technologies, Neurosurgical Endoscopy Devices, and substantial R&D Investments in the Pharmaceutical and Biotechnology Industry are driving the evolution of the Neurology Devices Market. The expertise of Neurosurgeons and Medical Experts plays a crucial role in advancing treatments for Neurovascular Diseases, Brain Stroke, Epilepsy, and Cerebral Aneurysm. Increasing cases of Bleeding, Local Infections, and rising demand for effective Neurovascular Treatments underscore the market's significance. Addressing challenges related to Cerebral Aneurysm Cases and Brain Aneurysm Rupture requires continuous technological advancements to improve diagnostics and treatment modalities for various Neurological Disorders. Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
The increasing prevalence of neurological disorders is notably driving the market growth. Patients with a broad spectrum of neurological disorders, including epilepsy, stroke, Parkinson's disease, and brain tumors, face a heightened risk of disability, with some conditions being potentially fatal. These disorders can arise from diverse factors, including bacterial and viral infections, genetic predispositions, and compromised immune responses. The prevalence of neurological disorders is notably elevated in individuals with comorbidities like diabetes mellitus, obesity, and hypertension. Smoking addiction further amplifies these risks, with a rising global incidence. Parkinson's disease, a prevalent neurological condition, has witnessed a significant 65% increase in American fatalities over the past two decades, predominantly affecting the geriatric population.
Non-communicable neurological disorders, including strokes, headaches, and epilepsy, contribute substantially to the burden in developing countries like India and Brazil, particularly due to the expanding geriatric demographic. The intersection of these challenges underscores the demand for advancements in Imaging Neurology Devices Technologies, Neurosurgical Endoscopy Devices, and substantial R&D Investments in the Pharmaceutical and Biotechnology Industry. The expertise of Neurosurgeons and Medical Experts remains critical in addressing the evolving landscape of Neurovascular Diseases, enhancing treatments, and managing complex cases such as Cerebral Aneurysm, Brain Stroke, and Epilepsy. Advances in Technological Innovations play a pivotal role in understanding and combating these neurological challenges. Hence, such factors are driving the market growth during the forecast period.
Technological advances in neurology devices is an emerging trend in the market. Technological innovations in medical devices and equipment have allowed physicians to improve the quality of care provided to patients with better access to devices that interact with the nervous system to record and initiate particular activities. In addition, advances in neurology devices include the development of next-generation devices including robot-assisted devices and neurostimulation devices with brain-computer interface features.
For instance, the NeuroPace RNS System, offered by NeuroPace Inc. (NeuroPace), comprises a small implantable neurostimulator with a brain-computer interface that is the only US FDA-approved device for epilepsy, that delivers personalized treatment. In addition, it can be used to monitor brain waves wirelessly and transfer them to the Patient Data Management System (PDMS) for refractory epilepsy treatment. Furthermore, the Mazor X Stealth Edition, offered by Medtronic, is a robotic guidance platform with robotic and navigation technology, which is used in spine and brain surgeries. In addition, this system allows pre-operative or intra-operative surgical planning using intraoperative fluoroscopy or 3D surgical imaging, thus facilitating better visualization of the patient's anatomy. Hence, such factors are driving the market growth during the forecast period.
A shortage of neurologists is a major challenge hindering market growth. Having adequate knowledge and skills in handling diagnostic and therapeutic tools plays a significant role in the early diagnosis and treatment of different neurological diseases. Therefore, the lack of expertise increases the probability of misdiagnosis and improper treatment, which can be detrimental to patients diagnosed with neurological disorders.
Moreover, as clinical practices are changing owing to the emergence of new technologies, neurology-related surgical procedures, such as carotid artery stenting, require high technical and non-technical abilities for improved treatment. In addition, factors such as a large number of aging neurologists, a shortage of neurology graduates, and the prolonged nature of neurology diagnostic and surgical training lead to an inadequate number of neurologists and neurosurgeons. Hence, such factors are hindering the market growth during the forecast period.
The market 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 growth strategies.
Customer Landscape
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
The market is propelled by advancements in imaging neurology technologies, including neurosurgical endoscopy devices, backed by significant R&D investments in the pharmaceutical and biotechnology industry. Medical experts use these innovations to address various neurological conditions such as brain stroke, cerebral aneurysm, and bleeding. Minimally invasive procedures, targeting the central nervous system, like angiography and catheter angiography, have gained prominence. The market emphasizes patient recovery, procedural safety, and affordability, particularly for geriatric individuals. Neurostimulation segments cater to lifestyle-related disorders like depression, offering shunting procedures for hydrocephalus.
Moreover, the market addresses diverse neurological disorders through advanced devices, impacting hospitals, clinics, specialty centers, and ambulatory surgery centers. Challenges include high costs, a shortage of skilled professionals, and concerns over seizures and neuro infections, but ongoing technological advancements offer promising solutions for improved patient outcomes. The World Health Organization (WHO) plays a vital role in guiding the neurology devices market, aligning with the evolving landscape of neurodegenerative diseases, genetic and biological factors, and the overall risk of developing neurological disorders.
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 the Rest of the World (ROW) |
Performing market contribution |
North America at 39% |
Key countries |
US, Germany, UK, Japan, and China |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, 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 forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and 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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