Neurology Devices Market: Segmented: By Product (Neurostimulation Devices, Neurosurgery Devices, Interventional Neurology Devices, Cerebrospinal Fluid Management Devices, Others), By End User (Hospitals, Ambulatory Surgery Centers, Neurology Clinics), And Region - Global Analysis of Market Size, Share & Trends For 2019-2021 And Forecasts To 2031
Neurology Devices Market to surpass USD 28.9 billion by 2031 from USD 11.8 billion in 2021 at a CAGR of 9.4% in the coming years, i.e., 2021-2031.
Neurologists specialize in illnesses of the brain, nerves, spinal cord, and muscles. Alzheimer's disease, Parkinson's disease, major depression, epilepsy, spinal cord injury, and traumatic brain injury are just some of the neurological disorders and conditions that neurological devices can assist diagnose, preventing, and treating. For persons with limb loss or congenital limb differences, neurological devices can assist restore hearing and sight while also increasing function. Neurodiagnostics, neurointerventional, and neurostimulation devices are some of the most commonly utilized neurological equipment.
The market is being driven by factors such as an increase in the global geriatric population, high demand for minimally invasive surgeries, an increase in disposable income, an improvement in healthcare infrastructure, and the development of innovative technology. Furthermore, the global prevalence of neurological illnesses is increasing, propelling the market forward.
On the basis of Product, the global Neurology Devices Market is fragmented into Neurostimulation Devices, Neurosurgery Devices, Interventional Neurology Devices, Cerebrospinal Fluid Management Devices, and Others. In previous years, the cerebrospinal fluid management devices segment dominated the neurology devices market, and this trend is expected to continue during the forecast period. This is due to an increase in the use of these devices for neurological device diagnosis.
Global Neurology Devices Market is classified on the basis of End Users into Hospitals, Ambulatory Surgery Centers, and Neurology Clinics. In previous years, the hospital segment had the highest market share, and this is expected to continue over the projection period. This is due to the easy availability of neurological devices in hospital settings and patients' propensity for visiting hospitals for neurological device diagnosis and treatment.
Growing prevalence of neurological disorders and investments in R&D
The rising frequency of neurological illnesses, substantial investments by private companies in neurology equipment, increased R&D in the field of Neurotherapy, and the aging population is all driving the market forward. The rising frequency of neurological ailments such as brain aneurysms, brain tumors, epilepsy, memory difficulties, multiple sclerosis, Parkinson's disease, peripheral neuropathy, post-herpetic neuralgia, spinal cord tumors, and stroke is driving the expansion of the neurology devices market.
The rise in Healthcare Expenditure
The entire market is predicted to rise due to rising healthcare spending and increased foreign direct investment by global medical device makers. Factors that are expected to increase demand throughout the forecast period are also contributing to an increase in the number of projects related to neuroinformatics for the provision of efficient algorithms.
Adoption of strict government regulations for neurology devices approval
The implementation of severe government requirements for the clearance of neurology equipment, as well as a scarcity of trained neurosurgeons, are expected to stymie industry expansion.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Neurology Devices Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America held the largest share in the neurology devices market in the past years, followed by Europe. Increased government funding for the R&D of novel neurological devices, as well as an increase in the prevalence of neurological illnesses, are driving the overall expansion of the North American neurology devices market. Furthermore, the widespread availability of innovative neurological devices, as well as a well-developed healthcare infrastructure and the existence of major manufacturers, all contribute to market growth.
The disease COVID-19 has had a significant impact on the Neurology Devices Market. The medical device business, particularly interventional neurology equipment, was severely hit when the pandemic began in 2019-2020. Patients are increasingly avoiding admission to healthcare facilities to avoid disease transmission. The lockout also had a significant impact on medical device manufacturers. However, in the following years, numerous important players in the industry are predicted to boost the market.
|The market size value in 2021
|USD 11.8 billion
|The revenue forecast in 2031
|USD 28.9 billion
|CAGR of 9.4% from 2021 to 2031
|The base year for estimation
|Revenue in USD million and CAGR from 2021 to 2031
|Revenue forecast, company ranking, competitive landscape, growth factors, and trends
|Product, End User, and Region
|North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
|Key companies profiled
|Abbott Laboratories, B. BRAUN MELSUNGEN AG, Boston Scientific Corporation, Integra LifeSciences Holdings Corporation, Johnson & Johnson, LivaNova PLC, Medtronic Plc, Magstim Co Ltd., Penumbra, Inc., Stryker Corporation, and Other Prominent Players.
The Neurology Devices Market size was estimated at USD 11.8 billion in 2021 and is expected to reach 28.9 billion by 2031.
The cerebrospinal Fluid Management Devices segment is anticipated to hold the largest Neurology Devices Market.
Driver: Growing prevalence of neurological disorders and investments in R&D
Neurologists specialize in illnesses of the brain, nerves, spinal cord, and muscles. Alzheimer's disease, Parkinson's disease, major depression, epilepsy, spinal cord injury, and traumatic brain injury are just some of the neurological disorders and conditions that neurological devices can assist diagnose, preventing, and treating.
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