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The Neurology Devices Market is estimated to be valued at US$ 24.1 Mn 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:
The neurology devices market deals with devices used in diagnosis and treatment of neurological disorders. These include neurostimulation devices such as deep brain stimulators, vagus nerve stimulators and sacral nerve stimulators. Other key products include neuroendoscopy devices, interventional neurology devices and neurosurgical products. Rising geriatric population and increasing prevalence of neurological disorders like Alzheimer’s disease, Parkinson’s disease, epilepsy and stroke are major drivers of growth in this market. Technological advancements leading to development of minimally invasive neurosurgical products is another factor fueling the market demand.
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Market Dynamics:
Rising geriatric population: Aging is one of the biggest risk factors for various neurological disorders. According to World Health Organization, the number of people aged 65 years and above is projected to increase from 524 million in 2010 to nearly 1.5 billion in 2050. This rapid rise in geriatric population will lead to a parallel increase in incidence of neurological conditions and drive the neurology devices market growth.
Increasing adoption of minimally invasive surgeries: Minimally invasive surgeries (MIS) for various brain disorders offer advantages like reduced trauma, blood loss, hospital stay and quick recovery. With increasing preference for MIS among both patients and surgeons, manufacturers are developing technologically advanced interventional neurology devices. This is expected to significantly contribute to market revenues.
Segment Analysis
The neurology devices market is segmented into diagnostic devices and therapeutic devices. The therapeutic devices segment currently dominates the market owing to the increasing prevalence of neurological disorders like epilepsy, Parkinson’s disease, essential tremor, and Alzheimer’s disease across the globe. Therapeutic devices like deep brain stimulator, vagus nerve stimulator, sacral nerve stimulator help in the management of these conditions and thus experience higher demand.
PEST Analysis
Political: Governments worldwide are increasingly focusing on healthcare reforms and providing universal healthcare coverage which has positively impacted the neurology devices market.
Economic: Rise in per capita healthcare expenditure accompanied by growing disposable incomes in developing countries has augmented the demand for superior neurology devices and treatments.
Social: Growing societal support groups for neurological patients and increased public awareness about these conditions have encouraged more people to seek effective diagnosis and management.
Technological: Ongoing R&D has led to development of technologically advanced neurostimulation devices, neural interface systems, neuroendoscopy devices which offer minimally invasive treatments.
Key Takeaways
The global Neurology Devices Market is expected to witness high growth, exhibiting a CAGR of 15% over the forecast period, due to increasing prevalence of neurological disorders worldwide and growing geriatric population prone to such conditions.Regionally, North America dominates the neurology devices market currently owing to presence of highly developed healthcare infrastructure and reimbursement policies supportive of neurology treatments in the region. 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.
