Neurology Devices Market projected increase to US$ 25.34 billion by 2030, reflecting a steady CAGR of 7.78%

Neurology Devices Market Snapshot

“The 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.”

Neurological devices can diagnose, prevent, and treat various neurological disorders such as Alzheimer's, Parkinson's, major depression, epilepsy, spinal cord injury, and traumatic brain injury.

The process of taking an aromatase inhibitor involves consuming a liquid solution that inhibits the enzyme that produces the enzyme.

Neurology Devices are daily pills used to treat breast cancer. Some individuals may start treatment with an aromatase inhibitor or tamoxifen. Most people take them for five years before stopping if no recurring or new cancer is found. After five years, remission may be achieved if no cancer symptoms or tests are present.

An electroencephalograph is a device that records and measures the electrical activity of a patient's brain by placing electrodes on their head.

Neurointerventional devices are utilized by neuroradiologists, neurosurgeons, and neurologists to treat central nervous system vascular diseases using an endovascular approach.

An EEG headset is a wearable device that uses electroencephalography to record brain electrical activity, detecting brain activity by placing electrodes along the scalp, aiding in cognitive process study.

AI can aid in neurovascular disorders, automating lesion segmentation and detecting hemorrhagic expansion in hemorrhagic patients through CT scanning.

Neurovascular devices like stenting systems, embolization devices, and neurothrombectomy devices are utilized to treat neurovascular disorders like brain aneurysms.

Neuro-radiography is a radiology subspecialty that uses imaging of the brain, spinal cord, and peripheral nervous system to diagnose conditions like tumors, vascular malformations, aneurysms, and stroke.

The 5 Ps of neurovascular status, which include pain, pallor, pulse, paresthesia, and paralysis, are crucial for monitoring and assessing the condition.

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Growth Drivers

The prevalence of neurological disorders is on the rise.

The rise in neurological disorders like Alzheimer's, Parkinson's, and epilepsy is driving demand for neurology devices, as these conditions affect millions globally, necessitating advanced diagnostic and therapeutic solutions, according to the World Health Organization.

Technological advancements, such as neuroimaging, robotic-assisted surgeries, and minimally invasive procedures, are driving the growth of the neurology devices market, enabling more precise diagnoses and improved patient outcomes.

Restraints

importance of strict regulatory approvals.

The neurology devices market is subject to rigorous regulatory requirements, including obtaining approvals from regulatory authorities such as the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA). Compliance with these regulations can be time-consuming and costly, posing challenges for smaller manufacturers and potentially hindering market growth.

Neurology devices, requiring advanced technologies and complex manufacturing processes, often come with high costs, which pose a significant challenge for affordability, especially in regions with limited healthcare budgets and inadequate insurance coverage.

Market Trends

The focus is shifting towards minimally invasive procedures.

Neurology is increasingly focusing on minimally invasive procedures, offering benefits like fewer postoperative issues, shorter hospital stays, and faster recovery times, driving the demand for neurology technologies that minimize tissue disturbance.

The integration of Artificial Intelligence (AI) and Machine Learning

Neurology equipment are rapidly using AI and machine learning technologies. These technologies improve the analysis and interpretation of complicated neurological data, allowing for more precise diagnostics, treatment planning, and monitoring. Neurology devices powered by AI have the potential to improve patient outcomes, optimise resource utilisation, and contribute to personalised treatment methods.

Neurology Devices Market Segment Analysis

Neurology Devices Market Analysis by Product

Advanced technologies and complex manufacturing processes in neuroscience devices lead to high costs, posing affordability challenges, especially in regions with limited healthcare budgets and inadequate insurance coverage, hindering widespread adoption in emerging markets.

Interventional neurology devices are the fastest-growing segment, offering minimally invasive treatments for neurological issues like stroke and aneurysms. Their ability to provide accurate, effective alternatives to standard surgical treatments has increased demand.

Neurology Devices Market Analysis by End User

Hospitals dominate the neurology device market due to increased neurological procedures and healthcare infrastructure development. They have neurology departments with neurosurgical instruments, neuroimaging systems, and EEG systems. Government initiatives and increased hospital development have accelerated market growth.

Neurology clinics are the fastest-growing segment in the neurological devices market, providing specialized care and treatment for patients with neurological disorders. They aim to offer a focused approach, accurate diagnosis, and personalized treatment plans, while incorporating advancements in medical device technology for state-of-the-art care.

Competitive Landscape of the Neurology Devices Market Analysis

• Medtronic (US)
• Abbott Laboratories (US)
• Boston Scientific Corporation (US)
• Koninklijke Philips N.V. (Netherlands)
• Siemens Healthineers AG (Germany)
• Stryker Corporation (US)
• GE Healthcare (US)
• Johnson & Johnson (US)
• Zimmer Biomet Holdings, Inc. (US)
• Nihon Kohden Corporation (Japan)
• Hitachi, Ltd. (Japan)
• Brainlab AG (Germany)
• Elekta AB (Sweden)
• LivaNova PLC (UK)
• Nevro Corp. (US)
• Natus Medical Incorporated (US)

New Developments in Neurology Devices Market

In sept 2023, Abbott Medical Recalls Proclaim and Infinity IPGs for Inability to Exit Magnetic Resonance Imaging (MRI) Mode.

In May 2023, TeraRecon, a AI Company, announced the development of NeuroSuit. It is an advanced clinical suite powered by AI. It is designed for differential diagnostic insights in several neurological diseases.

In February 2023, LivaNova, a medical technology company, announced the launch of SenTiva Dua It is an implantable pulse generator which provides vagus nerve stimulation therapy for patients with drug-resistant epilepsy.

OCT 27, 2022, Medtronic launches new platform to accelerate innovation in stroke care

Stroke is a leading cause of death and disability around the world, but only a fraction of people who suffer a stroke get treatment in time. Medtronic is taking bold new steps to change that by launching the Medtronic Neurovascular Co-Lab™, an innovation process and platform for new ideas in the treatment of stroke care. 

In April 2022, Abbott launched an upgraded version of its digital health app, NeuroSphere myPath. The app's functionality has been enhanced so that it may better assist physicians in monitoring their patients as they utilize Abbott neurostimulation devices to treat their chronic pain.

In March 2021, Abbott announced the launch of the newly-approved NeuroSphere Virtual Clinic by which deep brain stimulation patients can have their devices programmed and reset remotely, from the comfort of their homes without having to travel to a specialist.

In January 2021, Medtronic announced that it made the first enrollment in the Adapt-PD trial for adaptive deep brain stimulation.

Regional Outlook

North America is expected to dominate the neurology devices market due to the increasing prevalence of neurological disorders, increased funding for neurodegenerative disease treatment, and increased research and development activities in the region, which is driving market expansion in conditions like Parkinson's, Alzheimer's, epilepsy, and neuromuscular disorders.

The market for neurology devices is gaining momentum due to increased corporate initiatives in the region. ClearMind Biomedical's Axonpen System, a neuro endoscope, was cleared by the US FDA in January 2021. This device illuminates and sees cerebral tissue and fluids during surgery, allowing controlled tissue and fluid aspiration. The rising frequency of neurological illnesses, geriatric population, and increased business activity are expected to drive market growth.

The Asia Pacific neurology devices market is experiencing rapid growth due to increasing neurological illnesses, a large senior population, and improved healthcare infrastructure. The region's rising healthcare expenditure, increased medical tourism, and focus on innovative medical technologies are also contributing to its rapid expansion.

Segments Covered in the Neurology Devices Market Report

By product

• Neurostimulation Devices
• Neurosurgery Devices
• Interventional Neurology Devices
• Cerebrospinal Fluid Devices
• Others

By End User

• Hospitals
• Neurology Clinics
• Ambulatory Care Centers

The above information has been provided for the following regions and countries:

North America

• U.S.
• Canada

Europe

• UK
• Germany
• France
• Italy
• Russia

Asia Pacific

• China
• India
• Japan
• South Korea

Latin America

• Brazil
• Mexico

MEA

• UAE
• Saudi Arabia
• South Africa

Frequently Asked Questions

What is the expected growth rate of the Neurology Devices market over the next 7 years?

The 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.

Who are the major players in the Neurology Devices market and what is their market share?

Medtronic (US), Abbott Laboratories (US),Boston Scientific Corporation (US),Koninklijke Philips N.V. (Netherlands),Siemens Healthineers AG (Germany),Stryker Corporation (US),GE Healthcare (US),Johnson & Johnson (US),Zimmer Biomet Holdings, Inc. (US),Nihon Kohden Corporation (Japan),Hitachi, Ltd. (Japan),Brainlab AG (Germany),Elekta AB (Sweden),LivaNova PLC (UK),Nevro Corp. (US),Natus Medical Incorporated (US), are prominent players operating and dominating in the market.

What is the demand projection for Neurology Devices by 2030?

Demand for Neurology Devices is projected to reach a market value of US$ 25.34 Billion by 2030-end.

What is the sales growth projection for Neurology Devices?

Revenue from sales of Neurology Devices is projected to increase at a CAGR of 7.78% through 2030.