The global Neurology Devices Market is estimated to be valued at US$ 24.1 Mn or Bn in 2023 and is expected to exhibit a CAGR of 15.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Neurology devices help physicians diagnose, monitor and treat neurological disorders such as epilepsy, Parkinson’s disease, and stroke. Devices such as neurostimulators and neurosurgical tools aid in diagnosing and minimizing symptoms of neurological conditions.
Market key trends:
One of the key trends in the neurology devices market is the development of minimally invasive neurosurgical tools. Advancements are being made in tools to perform minimally invasive surgeries of the brain and nervous system. Smaller devices and tools reduce trauma and help shorten patient recovery times. Companies are focusing on developing neurosurgical robots for complex procedures. Growing applications of neurostimulation therapies for neurological conditions is another trend. Recent advancements include use of deep brain stimulation (DBS) for treatment-resistant depression and development of vagus nerve stimulation devices to treat Alzheimer’s disease.
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Market key trends:
The neurology devices market has been witnessing rising demand for minimally invasive surgical procedures among patients and physicians. Devices supporting minimally invasive surgeries such as catheterization, endoscopy, stereotactic systems, stimulation therapies are among the major trends in the market. Such surgeries are associated with reduced risk of infection, less pain, shorter hospital stay and recovery times, and diminished scarring in comparison to traditional open surgeries. With growing affinity towards less invasive treatments, demand for devices compatible with these techniques continues to surge in the neurology devices industry.
SWOT Analysis
Strength: Precise targeting ability and real-time monitoring features of neurology devices help achieve better clinical outcomes. Weakness: High costs associated with neurology devices make them inaccessible for many patients. Opportunity: Rising incidence of neurodegenerative and neurological disorders worldwide is creating increased demand. Threats: Stringent regulatory approvals and reimbursement policies can limit the scope of new product launches.
Key Takeaways
The global neurology devices market size was valued at US$ 24.1 Bn in 2023 and is expected to reach over US$ 66.2 Bn by 2030, expanding at a robust CAGR of 15% during the forecast period. The market growth can be primarily attributed to rising prevalence of neurological disorders worldwide on the back of rapidly aging population.
Regional analysis: North America dominated the global market in 2023 and is expected to retain its leading position throughout the forecast period owing to presence of highly developed healthcare infrastructure and frequent new product launches. Asia Pacific exhibits highest growth and is estimated to expand at a CAGR of around 18% during 2023 – 2030 led by large unmet needs, improving access to healthcare facilities and rising healthcare spending.
Key players: Key players operating in the neurology devices market are B. Braun Melsungen AG, Boston Scientific Corporation, BIONIK Laboratories Corp., Integra LifeSciences Holdings Corporation, Johnson and Johnson, Magstim Co Ltd., Braintale SAS, Medtronic, Abbott, Zimmer Biomet, Stryker Corporation, Helius Medical Technologies, Inc., Avanos Medical, Inc., W.L. Gore & Associates, Inc., HeadsafeIP Pty Ltd., Cerus Endovascular Ltd., and Cyberonics, Inc.
