Report Overview
Product Overview
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.
Market Highlights
Neurology Devices Market is expected to project a notable CAGR of 9.4% by 2031
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.
Global Neurology Devices Market: Segments
The cerebrospinal Fluid Management Devices segment is expected to grow with the highest CAGR during 2021-31
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.
The hospital segment is expected to grow with the highest CAGR during 2021-31
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.
Market Dynamics
Drivers
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.
Restraint
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.
Global Neurology Devices Market:
Key Players
- Abbott Laboratories
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
- B. BRAUN MELSUNGEN AG
- Boston Scientific Corporation
- Integra LifeSciences Holdings Corporation
- Johnson & Johnson
- LivaNova PLC
- Medtronic Plc
- Magstim Co Ltd.
- Penumbra, Inc.
- Stryker Corporation
- Other Prominent Players
Global Neurology Devices Market: Regions
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.
Impact of COVID-19 on Neurology Devices Market
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.
Global Neurology Devices Market is further segmented by region into:
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States, Mexico, and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Brazil, and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, and Rest of Europe
- Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, Japan, and Rest of Asia Pacific
- Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Saudi Arabia, South Africa, and Rest of the Middle East and Africa
The Global Neurology Devices Market report also contains an analysis on:
Neurology devices Market Segments:
- By Product
- Neurostimulation Devices
- Neurosurgery Devices
- Interventional Neurology Devices
- Cerebrospinal Fluid Management Devices
- Others
- By End User
- Hospitals
- Ambulatory Surgery Centers
- Neurology Clinics
- Neurology Devices Market Dynamics
- Neurology Devices Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies Involved in the Market
- Value Chain of the Market
- Market Drivers and Restraints
Neurology Devices Market Report Scope and Segmentation
| Report Attribute | Details |
| The market size value in 2021 | USD 11.8 billion |
| The revenue forecast in 2031 | USD 28.9 billion |
| Growth Rate | CAGR of 9.4% from 2021 to 2031 |
| The base year for estimation | 2020 |
| Quantitative units | Revenue in USD million and CAGR from 2021 to 2031 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Product, End User, and Region |
| Regional scope | 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. |
Frequently Asked Questions (FAQ):
The Neurology Devices Market size was estimated at USD 11.8 billion in 2021 and is expected to reach 28.9 billion by 2031.
Key players:
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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