Neurology Devices Market Is Anticipated to Grow Up to USD 25.34 Billion by 2030
The increase in ageing population is among the main drivers of the market. Additionally, the increasing number of people suffering from neurological disorders that don't respond to treatment with drugs has also increased the demand.
Neurology Devices Market is estimated to increase at a CAGR of 7.78% from $ 18.02 billion in 2023 to $ 25.34 Billion by 2030
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Growth Driver
In the world of medical technology neurologic devices play a crucial role in redefining patient care. In the North America neurology device market has a monopoly and holds the highest position in terms of value through 2023.
It is expected to grow at a middle-single-digit growth rate during the next five years. This is due to a constant dedication to technological advancements which redefine the field of neurology.
The rising incidence of neurological diseases, particularly for those in the geriatric population is fueling the growth of the world Neurology devices Market.
This is driven by rising spending on healthcare, growing awareness of medical conditions, and the advancement of diagnostics methods. In addition, advances in imaging methods and miniaturization of devices have helped in advancement of efficient neurology equipment.
The rising incidence of cerebrovascular illnesses such as migraine and stroke, is driving this North America interventional neurology market.
Market leaders are Abbott Laboratories, B. Braun Melsungen AG, Boston Scientific Corporation, Integra LifeSciences, LivaNova PLC, Medtronic plc, Nihon Kohden Corp along with Penumbra Inc.
The favorable reimbursement for medical services and the constant development of products also contribute to the market's expansion. The growing number of people with neuro-related disorders like epilepsy and Alzheimer's disease can also contribute to the expansion of the market in the region.
Furthermore, many companies are using the latest technologies, like 3-D printers and artificial intelligence, to create new and innovative devices for neurology. These developments are likely to continue to boost the market's growth during the next few years.
Segments
The market for neurology devices worldwide is split into various categories and geographical regions. The report analyzes market size and forecasts on each one of the segments as well as geographies.
The report analyzes the driving factors of growth, the challenges, and the opportunities in the various segments. The report also provides ways for companies to grow their percentage of the global neurology device market.
The growing incidence of neurological disorders is fueling the growth of interventional neurology equipment and devices market.
The disorders that are afflicted include brain aneurysms or aneurism, as well as migraine and other headache-related conditions. The increasing number of ageing population is also driving the demand for neurology-related devices.
As per the World Health Organization, the population of those aged 60 or over will rise to 1 billion by 2020 and 1.4 billion by 2030, and then 2.1 billion by 2050.
The growing demand for modern neurology technology will present lucrative growth opportunities for these businesses. However, the increasing costs of these devices are an obstacle to their development.
Changes in the regulatory environment, particularly those in the United States, are expected to extend the time needed to obtain 510(k) approbations for the development of new devices, which could impact their revenue.
Recent Development
The increasing medical tourism industry in developing countries has raised the demand for neurology equipment.
This trend is predicted to continue over the coming years. Medtronic is a major manufacturer of medical devices has a significant investment in the creation of implantable brain devices for treating mental and neurological disorders. These devices are developed to communicate with nervous system and activate nerves.
Additionally in addition, the company has also created an innovative technology that permits doctors to use treatments using stents to help with the coiling of brain aneurysms. This technology allows for more wall support and better an apposition of embolic wires.
The Neuroform Atlas Stent system is anticipated to transform the interventional neurology equipment and devices.
In addition, the advancements in imaging methods, the diminution of devices, and growing healthcare expenditures have fuelled the growth of this market.
The rising incidence of strokes in the brain epilepsy, Alzheimer's disease and Parkinson's disease are expected to further increase need for the devices.
In 2023 in 2023, the French start-up called Neurallys introduced an intracranial pressure gauge that utilizes real-time data to detect the condition of hydrocephalus, and to warn patients about an increase in cerebrospinal liquid (CSF).
The sensor is placed in the interior of the skull. It continuously monitors the CSF pressure and alerts the patient if the pressure is higher than the limit set by a physician.
In the years ahead the focus of companies will be developing more effective methods to treat a wide range of diseases. They will also look to expand their reach in emerging economies, to benefit from the rising demand for neurology-related devices.
Regional Overview
The market for neurology equipment has seen rapid growth all over the world because of the increasing number of people suffering from brain injuries and neurological disorders. The growing demand for innovative methods of neurostimulation for treating conditions like epilepsy, migraines, and Parkinson's disease is also driving market's development.
The rising ageing population is another reason which is predicted to boost the growth of the market for neurology equipment during the forecast time. The growing elderly population will result in increased health care expenditures, which boosts demand for neurology devices.
North America led the global market for neurology devices in 2023, and it is expected to be dominant throughout the forecast time.
This could be due because of the prominence of key players in the region as well as the advanced healthcare infrastructure. In addition, the favorable policies of the government and increased funding for neurological research will likely boost the market for neurology-related devices within the area.
The main players in the market for neurology devices are Abbott Laboratories, B. Braun Melsungen AG, Becton, Dickinson and Co, Boston Scientific Corporation, Medtronic Inc., Nihon Kohden Corp., Medikit Co., Ltd, MicroPort Scientific Corporation along with Stryker Corporation.
The market is fierce, with businesses focused on creating novel and innovative products to take advantage of the market. However, the cost related to neurology devices as well as the insufficient neurosurgeons skilled will likely limit market's expansion.
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