Neurology Devices Market Size to grow by USD 7.22 billion between 2024-2028
According to a research report “ Neurology Devices Market” by End-user (Hospitals, ASCs, Others) Product (Neurostimulation devices, Interventional neurology devices, Neurosurgery devices, Cerebrospinal fluid management devices, Others) Geography (North America, Europe, Asia, Rest of World (ROW))- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 7.22 billion, at a CAGR of 8.06% during the forecast period. In the neurology devices market, the rising prevalence of neurological disorders such as epilepsy, stroke, Parkinson's disease, and brain tumors presents a significant opportunity. Factors contributing to this trend include bacterial and viral infections, genetic factors, and a lack of immune response. Notably, individuals with diabetes mellitus, obesity, hypertension, and smoking addictions are at increased risk. According to recent data, Parkinson's disease alone has seen a 65% increase in fatalities among Americans over the past two decades. This growing health concern underscores the need for advanced neurology devices to improve patient outcomes and quality of life..
Browse market data tables, figures, and in-depth TOC on “Neurology Devices Market” by End-user (Hospitals, ASCs, Others) Product (Neurostimulation devices, Interventional neurology devices, Neurosurgery devices, Cerebrospinal fluid management devices, Others) Geography (North America, Europe, Asia, Rest of World (ROW)) Global Forecast to 2028. Download Free Sample
By End-user, the Hospitals segment is projected to dominate the market size in 2024
Neurology devices hold significant market potential, with hospitals serving as primary consumers. Large hospitals, including multispecialty facilities and hospital groups, boasting over 500 beds, are key contributors to market expansion. The rising number of hospitalizations for neurological disorders fuels demand for neurology devices, driving market growth. Medium-sized hospitals, with a limited number of supplier groups, often outsource medical equipment and laboratory testing services, further increasing the market's scope.
By Product, Neurostimulation devices segment is expected to hold the largest market size for the year 2024
The neurology devices market is projected to experience robust growth, particularly in the neurostimulation segment, which is anticipated to register a high CAGR. Neurostimulation devices, implantable and programmable, deliver electrical stimulation to targeted areas of the brain, spinal cord, or peripheral nervous system, addressing conditions such as movement disorders, chronic pain, epilepsy, and PD. Classified by product type, neurostimulation devices include deep brain, spinal cord, sacral nerve, and others. Deep brain stimulators (DBS) are in high demand due to their effectiveness in treating advanced PD, epilepsy, essential tremor, and dystonia disorders, with minimal long-term complications compared to traditional ablation devices.
North America is forecasted to hold the largest market size by region in 2024
The neurology devices market in North America experiences significant growth, primarily driven by the US market. This is due to the substantial financial burden of neurological disorders, estimated at approximately USD800 billion annually, and the increasing demand for advanced neurology devices to treat conditions like epilepsy and dementia. Factors such as an aging population, the presence of advanced healthcare infrastructure, and a skilled medical workforce further fuel market expansion.
The Neurology Devices Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Neurology Devices Market encompasses a range of innovative medical technologies designed to diagnose, monitor, and treat various neurological disorders. Key products in this market include CSF Shunts and CSF Drainage Systems, utilized for managing hydrocephalus and other conditions causing excess cerebrospinal fluid. Diagnostic laboratories and hospitals and clinics rely on these devices for the examination and treatment of congenital limb differences, limb loss, and conditions affecting sight, hearing, Alzheimer’s, Parkinson's, and other nervous system disorders. Major players in the Neurology Devices Market include Stryker Corporation, with their Axonpen System, ClearMind Biomedical, Medtronic, Mainstay Medical, Biogen, and others. These companies develop and manufacture neurosurgery devices and neurology devices, focusing on monitoring, treatment, and diagnosis of conditions related to the brain, spinal cord, and nerves. Medical devices for Alzheimer’s and Parkinson's diseases, as well as neurodegenerative disorders, are a significant part of this market.
Market Research Overview
The Neurology Devices Market encompasses a range of innovative technologies designed to diagnose, monitor, and treat various neurological disorders. Key products in this market include Embolic coils, Carotid artery stents, Neurothrombectomy devices, and Stereotactic Systems. Companies such as Nevro, Cerenovus, Natus Medical Incorporated, Cytiva, Chronus Therapeutics, Cerus Endovascular, Brainwave Discovery, Beckley Psytech, Argonaut Therapeutics, Adaptix, AbbVie, Metrion Biosciences, Ectron, Neuro France Implants, Cizeta Surgical, Parasym, Integer, and Geriatric population-focused organizations are at the forefront of developing these advanced solutions. Digital platforms, Client services, and regulatory changes are shaping the market landscape. Neurosurgery devices like Aneurysm Clips, Neurosurgical endoscopes, Neurosurgical Navigation Systems, Angioplasty Devices, CSF Shunts, CSF Drainage Systems, Diagnostic laboratories, Hospitals and clinics, and Expenditures are essential components of the market. Conditions like Congenital limb differences, Limb loss, Sight, Hearing, Traumatic brain injury, Spinal cord injury, Alzheimer's, Parkinson's, and Epilepsy prevalence are addressed through these devices. Minimally invasive surgeries, Ultrasonic aspirators, Intraoperative MRI machines, and Stereotactic radiosurgery systems are transforming neurosurgical procedures. Neurosurgeons utilize these devices for Monitoring, Treatment, and Diagnosis, ensuring optimal patient care. Neurostimulation devices for Back pain, Neuropathic pain, and Chronic pain conditions are also gaining popularity. Biological and hereditary factors, Neurodegenerative diseases, and Neurological disorders are significant areas of focus for the healthcare system.
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