According to the latest report by IMARC Group, titled “Neurology Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global neurology devices market size reached US$ 12.4 Billion in 2022. Neurology devices are advanced medical equipment used to diagnose, treat, and prevent various neurological disorders and conditions. These devices encompass a wide range of tools and instruments, including neurostimulation devices, neurosurgical devices, neurointerventional devices, and devices for neuromonitoring. They have been pivotal in transforming neurocare, enabling non-invasive or minimally invasive interventions for conditions such as epilepsy, Parkinson's disease, Alzheimer's disease, stroke, and other neurological ailments. They work by assessing neural activities, stimulating neural responses, or facilitating surgical procedures to correct or alleviate the complications arising from these conditions. In recent years, these devices have become indispensable to neurological treatment protocols, ensuring accurate diagnosis and effective treatment outcomes.
Global Neurology Devices Market Trends:
The global neurology devices market is experiencing significant growth, primarily driven by factors such as an aging population, the increasing prevalence of neurological disorders, technological advancements, and heightened awareness about neurological diseases. Along with this, the rising geriatric population is a key demographic that is susceptible to neurological conditions, contributing to an escalated demand for neurology devices. Additionally, the escalating incidence of neurological disorders across the globe is propelling the need for advanced diagnostic and therapeutic equipment. In addition, the advent of novel technologies, such as AI-powered devices, neuro-robotics, and advanced imaging modalities, has revolutionized neurological care, paving the way for precise diagnosis and targeted treatments. Apart from this, increased healthcare spending and improved healthcare infrastructure, especially in emerging economies, are also positively influencing the market. Furthermore, the shift towards minimally invasive neurosurgeries is a significant trend driving the demand for specialized neurology devices. Another promising trend is the development and adoption of wearable neurology devices that enable continuous patient monitoring and remote neurological care. This, combined with the ongoing research and development activities to introduce more effective and efficient neurology devices, creates a positive market outlook. Looking forward, the market value is projected to reach US$ 20.0 Billion by 2028, expanding at a CAGR of 7.9% during 2023-2028.
- Based on the product, the market has been segmented into neurostimulation, neurosurgery, interventional neurology, cerebrospinal fluid management, and other devices.
- On the basis of the end user, the market is segregated into hospitals, ambulatory surgery centers, and neurology clinics.
- Region-wise, the market has been segmented into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa.
- The competitive landscape of the market has also been examined, with some of the key players being Abbott Laboratories, B. Braun, Boston Scientific Corporation, Integra LifeSciences, LivaNova PLC, Medtronic plc, Nihon Kohden Corporation, Penumbra Inc. and Stryker Corporation.
|Base Year of the Analysis
||Product, End User, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Abbott Laboratories, B. Braun, Boston Scientific Corporation, Integra LifeSciences, LivaNova PLC, Medtronic plc, Nihon Kohden Corporation, Penumbra Inc. and Stryker Corporation.
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