USD 14.58 Billion
Report ID:
SQMIG35A2500 |
Region:
Global |
Published Date: March, 2024
Pages:
219
|Tables:
65
|Figures:
75
Global Neurology Devices Market size was valued at USD 14.58 Billion in 2022 and is poised to grow from USD 15.76 Billion in 2023 to USD 29.39 Billion by 2031, at a CAGR of 8.1% during the forecast period (2024-2031).
Neurology devices aim to diagnose, prevent and treat a wide range of neurological disorders such as parkinson’s disease, alzheimer’s disease epilepsy, traumatic brain injury, spinal cord injury, and epilepsy. The neurology device plays a vital role in enhancing patient outcomes and improving the quality of life for patients with neurological disorders. This device aims to provide healthcare professionals with advanced technologies and tools in order to diagnose and treat neurological disorders.
These devices assist in monitoring disease progression, detect abnormalities, and facilitate therapeutic intervention. These devices also enable early diagnosis and treatment, and improve patient care with better clinical outcomes.
The increasing prevalence of neurological disorder, and surge in need for early diagnosis propel the growth of the market. The rising incidence of stroke, and epilepsy, increase the demand for neurological devices. In addition, there is an increase in demand for effective diagnosis and treatment solutions, which enhance patient outcomes.
Furthermore, the stringent regulatory requirement to obtain regulatory approvals, and high cost of neurological devices hinder the growth of the market.
In addition, the advancement in technology and innovation in medical device company, propel the growth of the market. As medical professional and researcher, conduct continuous research on medical devices, which increase the demand for sophisticated devices that offer accurate diagnosis, and enhance patient outcomes. Thus, increase in research and development activities in the medical device sector, rise in funds for development of healthcare facilities , and initiative taken by the government for development of the medical device industry boost the market growth.
Global Market Size
USD 14.58 Billion
Largest Segment
Neurostimulation Devices
Fastest Growth
Neurostimulation Devices
Growth Rate
8.1% CAGR
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The global neurology devices market is segmented on the product, end user and region. By product, the market is segmented into neurostimulation devices, neurosurgery devices, interventional neurology devices, cerebrospinal fluid devices, others. By end user, the market is segmented into hospitals, neurology clinics, ambulatory care centers. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Product
Neurostimulation devices, the largest segment in the neurology devices market, have witnessed remarkable growth in recent years. These devices, including deep brain stimulation and spinal cord stimulation devices, have revolutionized the management of neurological conditions such as Parkinson's disease, chronic pain, and epilepsy. With their ability to modulate neural activity and restore normal function, neurostimulation devices have become a beacon of hope for patients seeking relief from debilitating symptoms.
Interventional neurology devices emerge as the fastest-growing segment. Interventional neurology focuses on minimally invasive procedures for the diagnosis and treatment of neurological disorders, particularly stroke and aneurysms. The demand for these devices has surged due to their ability to offer precise and effective alternatives to traditional surgical interventions.
Analysis by End User
The hospitals held the largest end-user segment in the neurology device market, due to increase in the number of neurological procedures in hospitals, and rise in development of healthcare infrastructure. The hospitals possess a neurology department which include neurosurgical instruments, neuroimaging systems, and EEG systems. In addition, the initiative taken by the government for the development of hospitals, propelled the growth of the market.
The neurology clinics emerge as the fastest growing segment in the neurological devices market. The neurological clinic provides specialized care and treatment for patients diagnosed with neurological disorders. The clinic aims to offer a focused approach, specialized expertise, accurate diagnosis, and personalized treatment plan. In addition, the advancement in technology in medical devices is increasingly adopted in neurological clinics to prove state-of-the-art care.
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North America holds the largest market share in the global neurology devices market, primarily due to the presence of well-established healthcare infrastructure, advanced technological advancements, and a high prevalence of neurological disorders. The region's dominance can be attributed to the significant investments in research and development, strong collaborations between industry players and academic institutions, and favorable reimbursement policies.
Asia Pacific is experiencing rapid growth in the neurology devices market and is poised to be the fastest-growing region. The increasing prevalence of neurological disorders, a large geriatric population, and improving healthcare infrastructure are key factors driving market growth in this region. Additionally, rising healthcare expenditure, growing medical tourism, and the focus on expanding access to advanced medical technologies contribute to the market's accelerated growth in the Asia Pacific.
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Drivers
Growing Prevalence of Neurological Disorders
Technological Advancements and Innovation
Restraints
Stringent Regulatory Approvals
High Cost of Neurology Devices
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The global neurology devices market is characterized by intense competition among key players striving to gain a significant market share. The market is a mix of established multinational companies and smaller regional players focusing on niche segments. These companies are continuously engaged in research and development activities to introduce innovative products and maintain their competitive edge. To stay competitive, companies are investing heavily in research and development to introduce advanced technologies and enhance their product portfolios. They are focused on developing minimally invasive devices, integrating AI and machine learning algorithms, and exploring new applications of neurostimulation and neuroimaging technologies. Additionally, strategic collaborations, partnerships, and acquisitions are prevalent in the market to expand geographic reach, enhance product offerings, and gain a competitive advantage.
Top Player’s Company Profiles
Recent Developments
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.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global neurology devices market analysis, the prevalence of neurological disorders, advancements in medical technology, regulatory landscape, and healthcare infrastructure are the key growth drivers. The analysis also focuses on key market segments based on product types, such as neurostimulation devices, neurosurgery devices, interventional neurology devices, and cerebrospinal fluid devices. It assesses the market size and growth potential of each segment, considering factors such as their applications, efficacy, and market acceptance. Market analysis of the global neurology devices market involves studying the market size, growth rate, trends, and competition related to medical devices used for diagnosing and treating neurological disorders. It looks at factors like the demand for these devices in different regions, technological advancements, and the strategies of key companies. The analysis helps industry stakeholders make informed decisions to improve their products and services in this field.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 14.58 Billion |
Market size value in 2031 | USD 29.39 Billion |
Growth Rate | 8.1% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Neurology Devices Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Neurology Devices Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Neurology Devices Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Neurology Devices Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG35A2500