The Global Neurology Devices Market to Grow Immensely at a CAGR of ~7% by 2027 | DelveInsight
The neurology devices market is predicted to grow positively due to several factors, such as an increase in the number of regulatory approvals for neurology devices globally. Furthermore, rising cases of head injuries due to accidents, workplace injuries, and other causes, and an increase in the geriatric population, will drive up demand for various neurological devices around the world.
LAS VEGAS, Feb. 15, 2023 /PRNewswire/ -- DelveInsight's Neurology Devices Market Insights report provides the current and forecast market analysis, individual leading neurology devices companies' market shares, challenges, neurology devices market drivers, barriers, and trends, and key neurology devices companies in the market.
Key Takeaways from the Neurology Devices Market Report
- As per DelveInsight estimates, North America is anticipated to dominate the global neurology devices market during the forecast period.
- Notable neurology devices companies such as Abbott, B. Braun SE, Boston Scientific Corporation, Integra LifeSciences, LivaNova plc, Medtronic, Magstim TMS, Penumbra, Inc, Stryker, MicroPort Scientific Corporation, Koninklijke Philips N.V., Rapid Medical, Acandis GmbH, Helius Medical Technologies, Cerus Endovascular Inc., Zimmer Biomet, Sense Neuro, Natus Medical Incorporated, Braintale SAS, Avanos Medical Inc., and several others are currently operating in the neurology devices market.
- In December 2022, ClearPoint Neuro enrolled the first patient in a glioblastoma clinical trial of its laser therapy system at Skne University Hospital in Lund, Sweden.
- In October 2022, Axoft, a neurotechnology company, announced the FDA Breakthrough Device designation for its brain-machine interface (BMI) to treat neurological disorders. The company raised $8 million in funding to fund pre-clinical studies with the FDA and to scale up prototypes of its "as soft as the brain" neural implants.
- In May 2022, the US Food and Drug Administration permitted marketing for the first in vitro diagnostic test for early detection of amyloid plaques associated with Alzheimer's disease.
- In April 2022, the FDA approved Quanterix's Simoa neurofilament light (NfL) chain test as a breakthrough device for assessing the risk of disease activity in patients with relapsing-remitting multiple sclerosis (MS).
To read more about the latest highlights related to the neurology devices market, get a snapshot of the key highlights entailed in the Global Neurology Devices Market Report
Neurology Devices Overview
Neurological devices, which include neurostimulation devices, neurosurgery devices, and others, are medical devices used to diagnose and treat a variety of neurological diseases. Neurology is a branch of science that deals with nervous system disorders, which primarily affect the brain, blood vessels, muscles, and nerves. Cerebrospinal fluid management devices, interventional devices, and other neurovascular devices are used to treat neurological disorders such as Alzheimer's, tumors, and Parkinson's disease. Furthermore, cerebrospinal fluid management devices include shunts, valves, and external drainage systems to keep cerebrospinal fluid flowing and excess fluid out of the brain. Moreover, a shunt provides an alternative fluid pathway through which the cerebrospinal fluid avoids obstructions in the brain's fluid compartments and acts when fluid absorption is otherwise reduced. The bypass made possible by the stent relieves the excess fluid buildup that causes hydrocephalus. Furthermore, other devices or instruments used for the treatment of neurological diseases, such as catheters, stents, ultrasonic aspirators, and stereotactic systems, are available on the market.
Neurology Devices Market Insights
North America dominated the global neurology devices market in 2021 and will continue to do so during the forecast period (2022–2027). This can be attributed to the rising prevalence of head injuries and neurological diseases such as Parkinson's disease, Alzheimer's disease, and others, the rise in the geriatric population, and others. In addition, the rising product launches and approvals in the region and the presence of key market players in the region will increase demand for neurology devices over the forecast period. For instance, in October 2022, Axoft, a neurotechnology company, today announced the FDA Breakthrough Device designation for its brain-machine interface (BMI) to treat neurological disorders. The company raised $8 million in funding to fund pre-clinical studies with the FDA and to scale up prototypes of its "as soft as the brain" neural implants.
To know more about why North America is leading the market growth in the neurology devices market, get a snapshot of the Neurology Devices Market Outlook
Neurology Devices Market Dynamics
The rising prevalence of difficult-to-treat neurological diseases, such as Alzheimer's disease (AD), Huntington's disease (HD), Parkinson's disease (PD), and multiple sclerosis (MS), will necessitate the development of safer and more efficient drug molecules for their treatment and management. According to the World Health Organization (WHO) 2022, approximately 55 million people had dementia in 2020, and millions of cases of dementia occur each year. Another major factor driving the growth of neurology devices is the growing geriatric population.
However, the high cost and risk associated with various neurology devices may act as a restraint on the growth of the neurology devices market.
Additionally, the neurology devices market was negatively impacted during the COVID-19 pandemic due to lockdown impositions to avoid disease spread among hospital personnel and the general public. Due to the widespread of COVID-19 infection, neurology departments in hospitals and clinics were closed, and neurological procedures were halted. Furthermore, there is a market shortage of supply chains, raw materials, and other resources, resulting in decreased manufacturing of all medical devices.
However, the development of the COVID-19 vaccine has begun the process of economic recovery with the easing of lockdown restrictions and the return of normalcy in the economic landscape, which has begun the process of resumption of regular healthcare services such as regular out-patient visits for treatments and diagnosis in hospitals, clinics, and laboratories, bringing the demand for products in the neurology devices market back on track.
Get a sneak peek at the neurology devices market dynamics @ Neurology Devices Market Dynamics Analysis
Report Metrics |
Details |
Coverage |
Global |
Study Period |
2019–2027 |
Base Year |
2021 |
Neurology Devices Market CAGR |
~7% |
Key Neurology Devices Companies |
Abbott, B. Braun SE, Boston Scientific Corporation, Integra LifeSciences, LivaNova plc, Medtronic, Magstim TMS, Penumbra, Inc, Stryker, MicroPort Scientific Corporation, Koninklijke Philips N.V., Rapid Medical, Acandis GmbH, Helius Medical Technologies, Cerus Endovascular Inc., Zimmer Biomet, Sense Neuro, Natus Medical Incorporated, Braintale SAS, Avanos Medical Inc., among others |
Neurology Devices Market Assessment
- Neurology Devices Market Segmentation
- Market Segmentation By Device Type: Neurostimulation Devices, Neurosurgery Devices, Cerebrospinal Fluid Management Devices, Interventional Neurology Devices, and Others
- Market Segmentation By Application: Diagnosis and Treatment
- Market Segmentation By End User: Hospitals, Speciality Clinics, and Ambulatory Surgical Centers
- Market Segmentation By Geography: North America, Europe, Asia-Pacific, and Rest of World
- Porter's Five Forces Analysis, Product Profiles, Case Studies, KOL's Views, Analyst's View
Which MedTech key players in the neurology devices market are set to emerge as the trendsetter explore @ Neurology Devices Companies
Table of Contents
1 |
Report Introduction |
2 |
Executive summary |
3 |
Regulatory and Patent Analysis |
4 |
Key Factors Analysis |
5 |
Porter's Five Forces Analysis |
6 |
COVID-19 Impact Analysis on Neurology Devices Market |
7 |
Neurology Devices Market Layout |
8 |
Global Company Share Analysis – Key 3-5 Companies |
9 |
Neurology Devices Market Company and Product Profiles |
10 |
Project Approach |
11 |
About DelveInsight |
Interested in knowing the neurology devices market by 2027? Click to get a snapshot of the Neurology Devices Market Trends
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SOURCE DelveInsight Business Research, LLP
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