Global Neurology Devices Market Size, Share, and COVID-19 Impact Analysis By Product (neurostimulation, CSF management, interventional neurology, neurosurgery devices), By End User (hospitals and clinics, specialty centers), by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030)Industry: Healthcare
Global Neurology Devices Market Insights Forecasts to 2030
- The Neurology Devices Market was valued at USD 14.1 Billion in 2021.
- The Market is Growing at a CAGR of 8.5% from 2022 to 2030
- The Global Neurology Devices Market is expected to reach USD 23.90 Billion by 2030
- Asia Pacific is expected to grow the fastest during the forecast period
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The Global Neurology Devices Market is expected to reach USD 23.90 Billion by 2030, at a CAGR of 23.90% during the forecast period 2022 to 2030.
Neurology is a branch of medical science which deals with the study, screening, diagnosis, and treatment of nervous system disorders which occur in spinal cord, brain, and nerves. Neurology devices are healthcare devices which are developed to diagnose, monitor, and treat the conditions that are occurring to the patients which affect their nervous systems such as spinal cord, brain as well as peripheral nerves. Neurosurgery devices, on the other hand are the medical instruments which are used by neurosurgeons in order to perform surgeries on the spine, brain, and nervous system. These devices are mainly used in facilitating the delicate and precise surgical techniques that are needed to perform neurosurgery. Some of the most common types of neurosurgery devices are stereotacic radiosurgery, microsurgical instruments, navigation systems, ultrasonic aspirators, intraoperative MRI machines. Doctors will choose the devices based on the surgery types that are going to perform.
Impact of COVID 19 On Global Neurology Devices Market
The COVID 19 pandemic has poised significant impact on the global healthcare systems which has resulted into the severe consequences not only for the people who are due to COVID 19 but also for others that has led to the cancellation of treatment as well as surgeries in order to manage and reserve resources. For instance, in June 2020, the World Health Organization (WHO) has issued the reports of the survey that has been conducted by 155 countries for three weeks in May 2020 which has highlighted the prevention and treatment service for different types of chronic diseases such as neurodegenerative disorders like dementia and Parkinson’s Alzheimer which have become the reason to concern for the patients who are suffering from severe diseases.
Global Neurology Devices Market Report Coverage
|Market Size in 2021:||USD 14.1 Bn|
|Forecast Period 2021-2030 CAGR:||8.5%|
|2030 Value Projection:||USD 23.90 Bn|
|Historical Data for:||2017-2020|
|No. of Pages:||200|
|Tables, Charts & Figures:||105|
|Segments covered:||By Product, By End User, by Region.|
|Companies Covered:||Integra Lifesciences, B.Braun SE, Medtronic plc, Natus Medical Inc, Stryker Corporation, Boston Scientific Corporation, Abbott Laboratories, LivaNova PLC, Zimmer Biomet Holding Inc., Johnson & Johnson.|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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Key Driving Factors
Increasing R & D investments in biotechnology and pharmaceutical industry to drive the market growth
Medical experts and neurosurgeons are have started to examine therapeutic alternatives in order to decrease the risk of harshness and fatality of neurovascular ailments in patients. As the number of patients who suffering from neurovascular issues are growing along with the increasing severity of medical conditions in target patients, the need of neurovascular treatments is increasing significantly across the countries, including Japan, U.S., China, Germany, and India.
Furthermore, the rise in the cases of neurological disorders, increasing demand for minimally invasive methods, and technological advancements of neurology devices are anticipated to propel the market growth for the global neurological disorders. Interventional neurology devices are widely used in diagnosing and treating vascular diseases of brain as well as central nervous system.
Neurostimulation devices segment is dominating the market with the largest market share over the forecast period
On the basis of product, the global neurology devices market is segmented into neurostimulation, CSF management, interventional neurology, and neurosurgery devices. Among these, neurostimulation devices segment holds the largest market share over the forecast period. The growth is attributed to the role of this device to treat loco motor and nervous disorders. Apart from this, the rising cases of chronic nervous disorders is also another factor which is contributing towards the segmental growth.
Interventional neurology segment, on the other hand is witnessing the fastest market growth owing to the increasing number of shunting methods as well as the rising prevalence of hydrocephalus which is impacting market growth in a positive way.
End Use Insights
Speciality Center Category accounted the largest revenue share over the forecast period
Based on the end use, the global neurology devices market is segmented into hospitals and clinics, and specialty centers. Among these, the specialty centers segment holds the largest revenue share and is going to continue its dominance over the forecast period. The growth is attributed to the increasing patient preference for minimally invasive procedures, the ease of scheduling enhance the neurology devices demand, and rise in the number of ambulatory surgery centers across the developed economies. Hospitals and Clinics segment is the fastest growing segment owing to the availability of neurology devices in the hospitals of this region and the choice among patients to visit hospital for diagnosis and treatment of problem.
North America is dominating the market with the largest market share over the forecast period
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North America is dominating the market with the largest market share over the forecast period due to the presence of strategic initiatives taken by the government and the high end healthcare infrastructure engaged in brain tumor research, pharmaceutical R & D, research and development in neuro science, as well as the key presence of high CNS research which are propelling the regional growth.
Asia Pacific, on the other hand is witnessing the fastest market growth owing to the strong presence of high medical requirements along with significant rise in investment made in research and development of healthcare industry and increasing healthcare expenses in developing countries, including China and India.
Recent Market Developments
- In April 2022, Abbott has launched an upgraded version of its digital health application named NeuroSphere myPath which helps the physicians to monitor their patients progress.
- In July 2021, Medtronic introduced the Percept OC Deepp Brain Stimulation (DBS) systems which is integrated with the BrainSense technology in order to monitor the therapeutic stimulation occurring inside and outside the clinic and captures the brain signals at the same time.
List of Key Companies
- Integra Lifesciences
- B.Braun SE
- Medtronic plc
- Natus Medical Inc
- Stryker Corporation
- Boston Scientific Corporation
- Abbott Laboratories
- LivaNova PLC
- Zimmer Biomet Holding Inc.
- Johnson & Johnson
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Spherical Insights has segmented the global Neurology Devices Market based on the below-mentioned segments:
Neurology Devices Market, Product Analysis
- Interventional Neurology
- CSF Management
Neurology Devices Market, End Use Analysis
- Hospitals & Clinics
- Specialty Center
Neurology Devices Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa.
Frequently Asked Questions (FAQ)
1. What is the market size of Neurology Devices Market?The global Neurology Devices Market is expected to grow from USD 14.1 Billion in 2021 to USD 23.90 Billion by 2030, at a CAGR of 8.5% during the forecast period 2022-2030.
2. Who are the key market players of Neurology Devices Market?Some of the key market players of Neurology Devices Market are Integra Lifesciences, B.Braun SE, Medtronic plc, Natus Medical Inc, Stryker Corporation, Boston Scientific Corporation, Abbott Laboratories, LivaNova PLC, Zimmer Biomet Holding Inc. and Johnson & Johnson.
3. Which segment hold the largest market share?Specialty Centers hold the largest market share is going to continue its dominance.
4. Which region is dominating the Neurology Devices Market?North America is dominating the Neurology Devices Market with the highest market share.
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