The neurology devices market size was valued at USD 13.5 billion in 2022 and is projected to grow from USD 14.55 Billion in 2023 to USD 26.54 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.8% during the forecast period (2023 - 2032). Rising advancements in the area of imaging neurology devices technologies and the consequential development of neurosurgical endoscopy devices are the prominent market drivers expanding the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
October 2023: The US Food and Drug Administration (FDA) is broadening the scope of the Total Product Life Cycle Advisory Programme (TAP) to include neurological and physical medicine devices. This expansion aims to expedite the development of devices in the field of neurological and physical medicine technology. The objective of the program is to provide American patients with medical devices that are of superior quality and ensure their safety by facilitating prompt contact between the FDA and the manufacturers of these devices.
Neurosurgeons and medical experts are increasingly examining therapeutic alternatives to decrease the risk of fatality or harshness of neurovascular diseases in patients. With an increasing number of patients suffering from neurovascular diseases (such as brain stroke, epilepsy, and cerebral aneurysm) and growing severity of medical conditions (such as bleeding and local infections) in target patients, the demand for adequate neurovascular treatments is continuously growing across major markets for neurology devices in region such as the US, Japan, Germany, China, and India. For instance, a cerebral aneurysm is a common neurovascular disorder across the globe. This condition has a significant risk of bleeding or permanent neurological damage. As of 2020, -6.5 million brain aneurysm cases were reported in the US. Moreover, ~30,000 people in the US suffer brain aneurysm rupture yearly.
Further, the increasing prevalence of neurological disorders, technological advancements of neurology devices, and increasing demand for minimally invasive procedures are expected to drive the market growth for neurology devices. Interventional neurology devices are used to diagnose and treat vascular diseases of the brain and central nervous system. Interventional neurology includes endovascular, catheter-based techniques, angiography, and fluoroscopy. Catheter angiography is one of the oldest primary in-vivo brain vascular imaging modalities used to diagnose several neurological conditions such as cerebral aneurysm, arteriovenous malformations, intracranialstenosis, arteriovenous fistula, and vasculitis.
Additionally, minimally invasive medical procedures provide significant clinical advantages over conventional surgical procedures, including shorter hospital stays, higher procedural safety & efficacy, faster patient recovery, and greater affordability. Thus, the market approval and demand for neurology devices and different minimally invasive surgical procedures is increasing among medical professionals across the world. Geriatric people are more susceptible to neurological & neurovascular diseases. They choose treatment procedures that provide easy diagnosis neurology devices, easy procedures, higher safety, better efficacy, the least possible hospital stay, and reasonable prices. Moreover, aging also increases the incidence of adverse thrombotic events such as stroke, pulmonary embolism, and epilepsy, which can require neurosurgical interventions and has enhanced the market CAGR of neurology devices across the globe in recent years.
However, the rising awareness among the population about neurological diseases and their treatment options is expected to drive market growth for neurology devices. For instance, as per a report published by World Health Organization (WHO), in April 2022, titled "Draft Intersectoral Action Plan on Epilepsy and Other Neurological Disorders 2022–2031," 100% of countries are expected to have at least one functioning awareness campaign or advocacy program for neurological disorders by 2031. Such initiatives by the renowned organization are expected to drive the market growth of the neurology devices revenue.
The market segmentation of neurology devices, based on product, includes neurostimulation, interventional neurology, CSF management, and neurosurgery devices. The neurostimulation segment held the majority share in 2022, contributing to the neurology devices market revenue. This is primarily owing to the growing prevalence of neurological disorders coupled with an enhancement in the aging population and lifestyle-related disorders, including depression and chronic pain, and the increasing adoption of technologically advanced neurology devices. However, interventional neurology is the fastest-growing category in the market for neurology devices due to the growing number of shunting procedures, and the increasing prevalence of hydrocephalus positively impacts the market growth.
The neurology devices market data has been bifurcated by end users into hospitals & clinics, and specialty centers. The specialty center category dominated the market for neurology devices in 2022 and is anticipated to be the faster-growing category during the forecast period, 2023-2030. Increasing patient preference for minimally invasive medical procedures, the growing number of ambulatory surgery centers across developed countries, and the ease of scheduling enhance the demand for neurology devices. However, hospitals & clinics are the fastest-growing category due to the availability of neurology devices in hospital settings and the choice among patients to see hospitals for diagnosis and treatment of neurology devices.
Figure 2: Neurology Devices Market by End User, 2022 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Neurology Devices Regional Insights
By Region, the study delivers market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America neurology devices market accounted for USD 6.18 billion in 2022 and is anticipated to exhibit a significant CAGR growth during the study period. This is owing to the existence of key manufacturers such as Stryker Corporation, Penumbra, Inc., Johnson & Johnson, and Merit medical systems, Inc. in the region. In April 2020, Cerus Endovascular Ltd. received CE Mark approval for its 0.021-inch Contour Neurovascular System, compatible with smaller commercially available 021 microcatheters for the treatment of saccular intracranial aneurysms. Further, the US neurology devices market held the largest market share, and the Canada market of neurology devices was the fastest growing market in the European region.
Further, the prominent countries studied in the market report are: The U.S, Germany, France, Canada, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: NEUROLOGY DEVICES MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe neurology devices market accounts for the second-largest market share due to an increase in the R&D investment by the manufacturers for the development of neurology devices and a rise in government initiatives are contributing immensely to the regional market growth. Further, the Germany market of neurology devices held the largest share, and the UK market of neurology devices was the fastest-growing market in the European region.
The Asia-Pacific neurology devices market is anticipated to expand at the fastest CAGR from 2022 to 2030. This is due to the factors such as rising target disease burden, rising healthcare expenditure, and entry of key regional players contributing to market growth for neurology devices. Moreover, China market of neurology devices held the largest market share, and the India market of neurology devices was the fastest-growing market in the Asia-Pacific region.
Neurology Devices Key Market Players & Competitive Insights
Major market players are spending a huge amount of money on R&D to expand their product lines, which will help the market growth of neurology devices even more. Market participants are also taking several strategic initiatives to grow their footprint ly, with key market developments such as new product launches, mergers and acquisitions, contractual agreements, increased investments, and collaboration with other organizations. Competitors in the neurology devices industry must offer cost-effective items to enhance and survive in an increasingly competitive and growing market environment.
One of the major business strategies manufacturers adopts in the neurology devices industry to improve customers and enhance the market sector is manufacturing locally to decrease operating costs. The neurology devices industry has provided devices with some of the most substantial advantages in recent years. In the neurology devices markets, major players such as Medtronic Inc (Ireland), Stryker Corporation (US), Abbott Laboratories (US), and others are working to enhance the market demand by supporting research and development activities.
Medtronic Inc. (Ireland) is a healthcare solutions company committed to improving people's lives through medical technologies, services, and solutions. With Covidien, the company has accelerated and advanced its ability to create meaningful innovations for hospitals, health systems, and healthcare providers to deliver the best care possible to patients and their families worldwide. In January 2021, Medtronic announced that it made the first enrollment in the Adapt-PD trial for adaptive deep brain stimulation.
Terumo Corporation is a manufacturer and supplier of pharmaceuticals, medical tools, and equipment. The Company's products include health foods, transfusion and infusion equipment, disposable medical supply, clinical testing systems, artificial organs, and electronic thermometers. Terumo markets its products through its subsidiaries and sales offices in the US, Europe, and Asia. In December 2020, Terumo Corporation introduced the WEB Embolization System, an intravascular aneurysm treatment device. The device is a first-of-its-kind intravascular flow disruptor device available for the Japanese market. With the commercial launch, Terumo aims to provide new treatment options for brain aneurysm cases that were challenging to treat in currently approved approaches.
Key Companies in the Neurology Devices market include
Neurology Devices Industry Developments
April 2022: Abbott launched an upgraded version of its digital health app, NeuroSphere myPath. The app's functionality has been enhanced to better assist physicians in monitoring their patients as they utilize Abbott neurostimulation devices to treat their chronic pain.
July 2021: Medtronic launched the Percept PC Deep Brain Stimulation (DBS) system. The system integrated with BrainSense technology is made to administer therapeutic stimulation inside and outside the clinic while simultaneously capturing brain signals. The Percept PC device is indicated for individuals with Parkinson's disease, tremors, dystonia, and epilepsy and provides enhanced comfort.
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 traveling to a specialist.
March 2021: Innovative Cardiovascular Solutions (ICS) reported positive results from European clinical cases using the next generation of the EMBLOK Embolic Protection System in patients undergoing transcatheter aortic valve replacement (TAVR).
February 2020: NeuroVasc Technologies, Inc. entered a strategic partnership with the Wego Group that includes USD 34 million in funding to support the firm’s product portfolio development and clinical trial program. The strategic alliance marks a major step forward for NeuroVasc Technologies in bringing a full neurovascular platform to market.
North America
Europe
Rest of the World
Middle East
Africa
Latin America
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 13.5 billion |
| Market Size 2023 | USD 14.55 billion |
| Market Size 2030 | USD 26.54 billion |
| Compound Annual Growth Rate (CAGR) | 7.8% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018 & 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, End-User and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Medtronic, Johnson and Johnson Services Inc., Penumbra, Inc., Microport Scientific Corporation, Stryker, Microvention Inc (Terumo Corporation), and Codman Neuro (Integra Lifesciences) |
| Key Market Opportunities | Rising prevalence of neurological disorder.  |
| Key Market Dynamics | Growing R&D investments in the pharmaceutical and biotechnology industry. Increasing utilization of technologically advanced neurology devices. |
Neurology Devices Market Highlights:
Frequently Asked Questions (FAQ) :
The neurology devices market size was valued at USD 13.5 Billion in 2022.
The market is projected to grow at a CAGR of 7.8% during the forecast period 2023-2032.
North America had the largest share of the market
The major players in the market are Medtronic Inc (Ireland), DePuy Synthes (US), Abbott Laboratories (US), Stryker Corporation (US), and B. Braun Melsungen AG (Germany).
The neurostimulation category dominated the market in 2022.
The specialty center had the largest share of the neurology devices industry.
Assistant Manager He holds an experience of about 7+ years in market research and business consulting, working under the spectrum of life sciences and healthcare domains. rahul conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. his expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc. in addition to the above, his other responsibility includes strategic tracking of high growth markets & advising clients on the potential areas of focus they could direct their business initiatives
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
