Global Neurology Devices market is estimated to be valued at US 24.1 million in 2023 and is expected to exhibit a CAGR of 15.9% during the forecast period (2023-2030). Increase in product launches by key market players is expected to drive the market growth over the forecast period. Moreover, an increase in government funding for development of neurology devices is expected to drive the growth of the global neurology devices market over the forecast period.
Analysts’ Views on Global Neurology Devices Market:
Increasing adoption of Artificial Intelligence (AI) in neurology is expected to aid in growth of the market. For instance, according to the study ‘Artificial Intelligence Techniques for Automated Diagnosis of Neurological Disorders’, published in March 2020, on ResearchGate GmbH, computer-aided diagnosis (CAD) system using AI and advanced signal processing techniques can assist clinicians in analyzing and interpreting physiological signals and images more effectively.
Figure 1. Global Neurology Devices Market Share (%), By Device Type, 2023
Global Neurology Devices Market- Drivers
Increase in the product approval by the regulatory bodies
Increase in the product approval by the regulatory bodies is expected to drive the growth of the global neurology devices market over the forecast period. For instance, in May 2020, Helius Medical Technologies, Inc., a neurotech company, received Breakthrough Designation for its PoNS device as a potential treatment for gait deficit due to symptoms of multiple sclerosis.
An increase in the adoption of inorganic growth strategies such as acquisition by the key players in the market
An increase in the adoption of inorganic growth strategies such as acquisition by the key players in the market is expected to drive the growth of the market over the forecast period. For instance, in July 2021, ArchiMed, an investment firm focused exclusively on the healthcare industry, announced the acquisition of Natus Medical Incorporated, a provider of medical device solutions to screen, diagnose, and treat disorders affecting the brain, neural pathways, and eight sensory nervous systems.
Figure 2. Global Neurology Devices Market Share (%), By Region, 2023
Global Neurology Devices Market- Regional Analysis
Among all regions, North America is expected to dominate the global neurology devices market over the forecast period. This is attributed to an increase in the adoption of inorganic growth strategies such as collaboration by the key players in the market. For instance, in March 2021, Brain Scientific Inc., a neurology focused medical device and software company, announced a collaboration with JelikaLite, a company developing Cognilum, a non-invasive wearable photo-bio modulation device that is being developed to increase the well-being of children living with autism, through a clinical trial titled “Trans cranial Photo-bio modulation for Reducing Autism Symptoms in Children.”
Asia Pacific region is expected to be the second dominating region over the forecast period, due to an increase in the product launch in the region. For instance, according to a data published in November 2022, on South China Morning Post Publication, stated that Chinese researchers have launched an open-source platform for a brain-computer interface (BCI) that can integrate dozens of currently available software into one place. BCI, also known as brain-machine interface, is a technology that can translate a user’s brain activity into messages or commands for interactive applications. It is a direct communication pathway between the brain’s electrical activity and an external device, usually a computer or robotic limb.
Neurology Devices Market Report Coverage
|Base Year:||2022||Market Size in 2023:||US$ 24.1 Mn|
|Historical Data for:||2018 to 2021||Forecast Period:||2023 to 2030|
|Forecast Period 2023 to 2030 CAGR:||15.9%||2030 Value Projection:||US$ 67.8 Mn|
B. Braun Melsungen AG, Boston Scientific Corporation, BIONIK Laboratories Corp., Integra LifeSciences Holdings Corporation, Johnson and Johnson, Magstim Co Ltd., Braintale SAS, Medtronic, Abbott, Zimmer Biomet, Stryker Corporation, Helius Medical Technologies, Inc., Avanos Medical, Inc., W.L. Gore & Associates, Inc., HeadsafeIP Pty Ltd., Cerus Endovascular Ltd., and Cyberonics, Inc
|Restraints & Challenges:||
Global Neurology Devices Market– Impact of Coronavirus (COVID-19) Pandemic
Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization declared it a public health emergency on January 30, 2020.
COVID-19 has affected the economy in three main ways: by directly affecting the production and demand for drugs and vaccines, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, UAE, Egypt, and others faced problems with regard to the transportation of drugs and vaccines from one place to another.
The virus was thought to lead to a respiratory illness, largely sparing the brain and the rest of the nervous system. However, early reports from large outbreaks in China quickly changed this view. A study of more than 200 patients hospitalized in 3 COVID-19 focused hospitals in Wuhan demonstrated that more than one-third experienced a variety of neurologic manifestations, including altered mental status and acute cerebrovascular diseases, most commonly in those with severe respiratory illness. These findings quickly changed the perspective of neurologists worldwide and focused efforts toward both understanding the mechanisms responsible for this neurologic involvement and devising systems of care to identify and effectively treat these increasingly recognized complications. Hence, Covid-19 had a positive impact on the neurology devices market.
Global Neurology Devices Market Segmentation:
Global neurology devices market report is segmented into device type, end user and region.
Based on Device Type, the market is segmented into CSF management devices (CSF Shunt Devices, CSF Drainage Devices), interventional neurology devices (Neuro thromobectomy, Cerebral Balloon Angioplasty & Stents, Aneurysm Coiling, Support Devices), neuro-surgery devices (Neuro-endoscopes, Sterotactic- Systems, Ultrasonic- Aspirators, Aneurysm Clips), and neuro-stimulation devices (Spinal Cord Stimulation, Deep Brain Stimulation, Sacral Nerve Stimulation, Vagus Nerve Stimulation, Gastric Nerve Stimulation). Out of which, the CSF management devices segment is expected to dominate the global neurology devices market during the forecast period and this is attributed to an increase in the product approval by the regulatory bodies. For instance, in June 2020, Rhaeos, Inc., a private medical technology company focused on addressing a clinical unmet need in the care of patients with hydrocephalus, announced its initial product, FlowSense, a wireless, noninvasive flow sensor, has been granted Breakthrough Device Designation by the U.S. Food and Drug Administration (FDA). The novel technology, formed out of the award-winning John A. Rogers Research Group at Northwestern University (Evanston, IL), is designed to rapidly monitor ventricular shunt function in patients with excess cerebrospinal fluid caused by hydrocephalus.
Based on End User, the market is segmented into hospitals, ambulatory surgery centers, and others. Out of which hospitals segment is expected to dominate the market over the forecast period, and this is attributed to increase in the launch of hospitals. For instance, in August 2021, Cytecare Hospitals, cancer care hospital in Bangalore, India, announced the launch of Neurosciences Centre in collaboration with Brains Neuro Spine Hospital. This center will offer services ranging from stroke management, pediatric neuro-oncology and neuro rehabilitation to cerebrovascular surgery, stereotactic radiosurgery and comprehensive care for spine tumors as well as brain tumors.
Among all segmentation, the device type segment has the highest potential due to an increase in the product launch by the key players in the market. For instance, in December 2022, Saluda Medical Pty Limited, a global medical device company revolutionizing the field of neuro-modulation, announced that it has launched the Evoke System, the first and only SmartSCS in the U.S. The U.S. launch of the Evoke System will be a limited commercial release (LCR) designed to expand patient access to this disruptive technology, prioritizing patient outcomes and providing advanced insights into this new electroceutical therapy.
Global Neurology Devices Market- Cross Sectional Analysis:
In the device type segment, interventional neurology devices segment held a dominant position in the North America region due to the increase in the adoption of inorganic growth strategies such as acquisition by the key players in the market. For instance, in April 2022, Wallaby Medical Holding, Inc., a medical technology company, announced the acquisition of phenox GmbH, manufacturer of a broad portfolio of neurovascular devices. The key product line of the phenox GmbH, comprises the p64/p48 range of flow diverters, to treat intracranial aneurysms, and the pRESET range of stent retrievers for the mechanical thrombectomy of ischemic strokes. This acquisition will help Wallaby Medical Holding, Inc. to expand its neurology devices portfolio.
In the region segment, segment held a dominant position in the North America region due to the increasing number of neurological diseases. For instance, the data published on December 2022, on National Institutes of Health (NIH), stated that in the U.S. approximately 930,000 people were living with Parkinson’s disease in 2021.
Global Neurology Devices Market: Key Developments
On February, 2023, LivaNova PLC, a medical technology and innovation company, launched SenTiva DUO, an implantable pulse generator (IPG) with a dual-pin header to provide Vagus Nerve Stimulation (VNS) Therapy for the treatment of drug-resistant epilepsy. The dual-pin header distinguishes this latest IPG from the original SenTiva, which is only available in a single-pin format. Now, with SenTiva DUO, patients considered “the pioneers of VNS Therapy” who were originally implanted with a dual-pin lead and IPG can receive the benefits of the latest VNS Therapy technology.
In January 2021, Boston Scientific Corporation, a medical device company, announced a limited market release of the WaveWriter Alpha portfolio of Spinal Cord Stimulator (SCS) systems.
In June 2021, Medtronic, a medical device company, announced that it has received U.S. Food and Drug Administration (FDA) approval for Vanta, a high-performance recharge-free implantable neurostimulator (INS) with a device life that can be optimized up to 11 years.
In January 2021, Boston Scientific Corporation, a medical device company, announced that the company have received U.S. Food and Drug Administration (FDA) approval of its fourth-generation Vercise Genus Deep Brain Stimulation (DBS) System.
Global Neurology Devices Market: Restraint
High cost of neurology devices
High cost of neurology devices is expected to hinder the growth of the market. Development of novel products in the life science domain requires complex processes, which lead to expensive products. For instance, according to the data published on Deuk Spine Institute, a multi-specialty practice with clinics and surgery centers in Melbourne, Australia, stated that the cost of Medtronic’s, a medical device company’s spinal cord stimulator device costs between US$ 15,000 and US$ 20,000.
Global Neurology Devices Market: Key Trends
Increase prevalence of neurology disorder
Increase in the prevalence of neurology disorders such as stroke is expected to drive the growth of the market over the forecast period. For instance, data published on May 4, 2023, on Centers for Disease Control and Prevention (CDC), stated that every year, more than 795,000 people in the U.S. have a stroke. About 610,000 of these are first or new strokes.
Global Neurology Devices Market: Key Players
Major players operating in the global neurology devices market include B. Braun Melsungen AG, Boston Scientific Corporation, BIONIK Laboratories Corp., Integra LifeSciences Holdings Corporation, Johnson and Johnson, Magstim Co Ltd., Braintale SAS, Medtronic, Abbott, Zimmer Biomet, Stryker Corporation, Helius Medical Technologies, Inc., Avanos Medical, Inc., W.L. Gore & Associates, Inc., HeadsafeIP Pty Ltd., Cerus Endovascular Ltd., and Cyberonics, Inc
Definition: Neurological devices are medical devices that are used to diagnose, monitor, or treat conditions that affect the nervous system. Neurological devices can help diagnose, prevent, and treat a variety of neurological disorders and conditions such as Alzheimer’s disease, Parkinson’s disease, major depression, epilepsy, spinal cord injury, and traumatic brain injury.
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