Neurology Devices: Global Markets is basically a detailed study or report about the worldwide market for medical tools used in treating neurological conditions. These devices could be anything from equipment that helps stimulate the nervous system to instruments used in brain surgeries. The report looks at things like how much these devices are used, where they’re used, and how the market for them is growing. It’s helpful for companies that make these devices, doctors who use them, and others who are interested in the field to understand what’s happening and what might happen in the future.
BOSTON, March 28, 2024 /PRNewswire/ — According to the latest research study, the demand for Neurology Devices: Global Markets expected to grow from $23.7 billion in 2023 to $31.7 billion by the end of 2028 at a compound annual growth rate (CAGR) of 6.0% from 2023 through 2028.
This report thoroughly examines the global market for neurology devices, categorizing it by product type and region. It analyzes segments like neurosurgical, neuromodulation, neurovascular, and neurodiagnostic devices across North America, Latin America, Europe, Asia-Pacific, and Rest of the World. The study investigates growth drivers, major players, and newcomers in the industry. Specifically, it explores neurosurgical instruments, support equipment like surgical microscopes and navigation systems, and imaging technologies such as CT and MRI scanners for diagnosing brain tumors and performing radiosurgery. However, it doesn’t include neuro diagnostic assays or research-focused instruments, focusing solely on clinical applications.
Non-surgeons are increasingly performing spinal cord stimulation procedures instead of neurosurgeons due to the rising global burden of low back pain. With 619 million people affected in 2020 and an expected increase to 843 million by 2050, when conventional treatments or surgery aren’t suitable, spinal cord stimulation becomes an option. Typically, neurosurgeons place a device with electrodes to block pain signals. However, more of these procedures are being done by non-surgeons in ambulatory centers, contributing to market growth. In another context, while radiation therapy is commonly used in cancer treatment, only about 50% of brain cancer cases can be cured by it. This highlights the need for advanced technologies to achieve a 100% cure rate, presenting an opportunity for further development in the field.
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Key Market Drivers of Neurology Devices: Global Markets:
Increasing prevalence of neurological disorders: refers to the growing occurrence or frequency of conditions affecting the nervous system, such as Alzheimer’s disease, epilepsy, Parkinson’s disease, or multiple sclerosis, among others. It indicates that these disorders are becoming more widespread in the population over time.
Technological advancements for precision therapy and monitoring: refers to the development and progress of new technologies that allow for more precise and personalized treatment and monitoring of medical conditions. This could include innovations in medical devices, diagnostic tools, imaging techniques, and data analysis methods that enable healthcare providers to tailor therapies and closely monitor patients’ health status with greater accuracy and effectiveness.
Growing healthcare expenditure: refers to the increasing amount of money being spent on healthcare services, equipment, medications, and other related expenses. This could be due to various factors such as population growth, aging populations, advances in medical technology, rising costs of healthcare services, and increased demand for healthcare services.
Increasing R&D investments: refers to the rising amount of money being allocated to research and development (R&D) activities in various fields. This could include investments made by companies, governments, and other organizations to fund scientific research, product development, and innovation. The aim of increasing R&D investments is typically to drive technological advancements, discover new treatments or therapies, improve existing products or services, and ultimately stimulate economic growth and competitiveness.
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Report Synopsis
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Report Metrics |
Details |
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Base year considered |
2022 |
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Forecast Period considered |
2023-2028 |
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Base year market size |
$22.7 billion |
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Market Size Forecast |
$31.7 billion |
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Growth Rate |
CAGR of 6.0% for the forecast period of 2023-2028 |
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Segment Covered |
Product, Type, and Geographic Region |
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Regions covered |
North America, Europe, Asia-Pacific, Latin America, and Rest of the World |
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Countries covered |
U.S., Canada, Mexico, Brazil, Argentina, Chile, Germany, France, UK, Italy, Spain, China, India, Japan, and Africa |
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Key Market Drivers |
Increasing prevalence of neurological disorders.
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Segmentation Analysis of Neurology Devices: Global Markets:
By Product Type- The market for neurology devices is segmented by product type, including neurosurgical devices, neuromodulation devices, neurovascular devices, and neurodiagnostic devices. Neurosurgical devices encompass instruments and support equipment used in neurosurgery, such as surgical microscopes and navigation systems. Neuromodulation devices include technologies that modulate the nervous system’s activity, often used in conditions like chronic pain or movement disorders. Neurovascular devices are designed to diagnose and treat disorders of the blood vessels in the brain, while neurodiagnostic devices aid in the diagnosis of neurological conditions through techniques like imaging. Each segment addresses specific needs within neurology, reflecting the diversity and complexity of neurological healthcare.
By Region: The neurology devices market is divided into different regions: North America, Latin America, Europe, APAC (which stands for Asia-Pacific), and Rest of the World (RoW). North America includes countries like the United States and Canada, Latin America covers areas like Central and South America, Europe includes countries like the United Kingdom and Germany, APAC covers places like China and Japan, and the Rest of the World category includes regions not covered by the other regions. These divisions help us understand how the market for neurology devices is doing in different parts of the world.
This report on neurology devices: global markets provide comprehensive insights and analysis, addressing the following key questions:
What is the projected market size and growth rate of the neurology devices market?
The global neurology devices market is projected to grow from $22.7 billion in 2022 to $31.7 billion in 2028 at a compound annual growth rate (CAGR) of 6.0% during the forecast period.
What are the key factors driving the growth of the neurology devices market?The neurology devices: global markets is propelled by the necessity to treat aged people suffering from neurological disorder such as Parkinson, Alzheimer’s disease using neurology devices to improved the patient outcome. Growing adoption of neuro devices in treating chronic pain and management, treating epilepsy patients who are drug-resistant, increasing awareness within both medical practitioners and patients plays a pivotal role in enabling timely diagnosis and intervention. Additionally, the increasing prevalence of stroke, aneurysm cases and having accessibility to advanced neurovascular devices such as embolic and clot retriever drives the demand. Ongoing research endeavors and collaborative initiatives further contribute to develop advanced technologies to treat various disease indications in the field of neurology.
What segments are covered in the global neurology devices market?
The neurology devices market is segmented based on the product type, and by geographic region.
By Type, which segment will dominate the market by the end of 2028?
The neurosurgical segment will dominate the market by the end of 2028.
Which region has the highest market share in the Myasthenia Gravis market?
North America holds the highest share in the market.
Some of the Key Market Players Are:
ABBOTT
AXONICS INC.
BOSTON SCIENTIFIC CORP.
B. BRAUN SE
DANAHER CORP.
ELEKTA
GE HEALTHCARE
INTEGRA LIFESCIENCES
JOHNSON & JOHNSON SERVICES INC.
KONINKLIJKE PHILIPS N.V.
LIVANOVA PLC
MEDTRONIC
NATUS MEDICAL INC.
NEVRO CORP.
NIHON KOHDEN CORP.
PENUMBRA INC.
STRYKER CORP.
SIEMENS HEALTHINEERS AG
TERUMO MEDICAL CORP.
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