Neurology devices market to grow at a CAGR of 12.02% from 2022-27

The neurology devices market is set to grow by USD 12,493.66 million from 2022 to 2027, progressing at a CAGR of 12.02% during the forecast period. The report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment. The growing geriatric population is a key factor driving the market growth. The geriatric population is more affected by various chronic diseases such as diabetes, muscular problems, Alzheimer’s illness, PD, and gastrointestinal issues. For example, as per OECD, the portion of the geriatric population of the all-out population expanded from 9% in 1960 to 17% in 2015 and is supposed to increase to 28% by 2050. Hence, these factors are expected to drive the market growth during the forecast period.

The report on the neurology devices market provides a holistic update, market size and forecast, trends, growth drivers, challenges, and vendor analysis.

Major trends
Technological advances in neurological devices are a major trend shaping the market. The advance in medical equipment has empowered doctors to give quality care to patients, with better access to information and medical telecommunications. For instance, the NeuroPace RNS System, introduced by NeuroPace Inc. (NeuroPace), is a small implantable neurostimulator with a brain-computer interface. Furthermore, the development of next-generation devices such as neurostimulation devices with brain-computer interface features and robot-assisted devices are the key development in the market. Hence, these factors are expected to drive the market growth during the forecast period.

Significant challenges
The high cost of neurology devices is one of the significant challenges restricting market growth. Neurologists’ fees, equipment fees, hospital fees, and inpatient diagnostic and surgery fees are some of the factors contributing to the high cost of neurology devices. Furthermore, configuration and product features are the main factors that define the device cost. For example, the price of neurostimulation devices ranges between USD 8,820 and USD 25,970. Hence, these high costs are expected to restrict the market growth during the forecast period.

Neurology devices market 2023-2027: Market segmentation
The neurology devices market is segmented by product (neurostimulation devices, interventional neurology devices, neurosurgery devices, cerebrospinal fluid management devices, and others), end-user (hospitals, ASCs, and specialty centers, and others), and geography (North America, Europe, Asia, and Rest of World (ROW)).

• The market share growth in the neurostimulation devices segment will be significant during the forecast period. The neurostimulation devices are further classified into the deep brain, spinal cord, sacral nerve, and others. Furthermore, these devices are used to treat various conditions such as chronic pain, movement disorders, epilepsy, and Parkinson’s disease (PD). The development of DBS with directional stimulation and longer-lasting rechargeable batteries are also driving the market growth. For instance, Boston Scientific received FDA approval for its ImageReady MRI for Vercise Gevia Deep Brain Stimulation System. This is used to target electrical stimulation in the brain to treat patients with PD accurately.

Companies mentioned

• Abbott Laboratories
• B.Braun SE
• Becton Dickinson and Co.
• Boston Scientific Corp.
• Braintale
• Helius Medical Technologies Inc.
• Integra Lifesciences Holdings Corp.
• Johnson and Johnson Services Inc.
• LivaNova Plc
• MicroPort Scientific Corp.
• Natus Medical Inc.
• Nihon Kohden Corp.
• Penumbra Inc.
• Perflow Medical Ltd.
• Rapid Medical Ltd.
• Stryker Corp.
• The Magstim Co. Ltd.
• W. L. Gore and Associates Inc.
• Zimmer Biomet Holdings Inc.
• Medtronic Plc

Vendor offering

• Abbott Laboratories – The company offers neurology devices such as the Abbott Infinity DBS system.
• Becton Dickinson and Co. – The company offers neurology devices such as BD neurosurgical clipper blades.
• Integra Lifesciences Holdings Corp. – The company offers neurology devices like neuro dissectors.

Technavio