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Neurology Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
Report Format: PDF+Excel | Report ID: SR112023A6191
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Market Overview:
The global neurology devices market size reached US$ 12.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 20.0 Billion by 2028, exhibiting a growth rate (CAGR) of 7.9% during 2023-2028.
Neurology is a stream of medical science that deals with diseases and disorders of the nervous system. There are numerous types of devices that are widely used in neurology. For instance, sacral nerve stimulation devices function by sending electrical impulses to the targeted sacral nerves located in the lower back. On the other hand, cerebrospinal fluid management devices maintain the cerebrospinal fluid flow and drain excess fluid from the brain. In line with this, interventional devices use radiology and catheters to diagnose the medical conditions present in the central nervous system, whereas deep brain stimulation devices aid in performing procedures by implanting a medical device that sends electrical impulses to specific target areas in the brain. These devices are instrumental in treating complex disorders. As a result, they find widespread applications in the treatment of numerous neurological disorders, such as obsessive-compulsive disorder, Parkinson's disease, dystonia, chronic pain, essential tremor, and major depression.
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Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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Neurology Devices Market Trends:
The market is primarily driven by considerable growth in the healthcare sector. In addition to this, the growing prevalence of neurological disorders across the globe is significantly contributing to the product demand. The increasing geriatric population and the rising incidences of neurovascular conditions, such as stroke, among the elderly are further propelling the adoption of neurology devices, thereby augmenting the growth of the market. Moreover, continual technological advancements in neurology devices and the widespread demand for minimally invasive (MI) surgeries are also acting as significant growth-inducing factors across the globe. Some of the other factors providing an impetus to the market growth include the expanding healthcare expenditure, huge investments made by global medical device manufacturers and extensive research and development (R&D) in the field of neurotherapy.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global neurology devices market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product and end user.
Breakup by Product:
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- Neurostimulation Devices
- Neurosurgery Devices
- Interventional Neurology Devices
- Cerebrospinal Fluid Management Devices
- Others
Breakup by End User:
- Hospitals
- Ambulatory Surgery Centers
- Neurology Clinics
Breakup by Region:
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- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles 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.
Report Coverage:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2022 |
| Historical Period | 2017-2022 |
| Forecast Period | 2023-2028 |
| Units | US$ Billion |
| Segment Coverage | Product, End User, Region |
| Region Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Countries Covered | United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
| Companies Covered | Abbott Laboratories, B. Braun, Boston Scientific Corporation, Integra LifeSciences, LivaNova PLC, Medtronic plc, Nihon Kohden Corporation, Penumbra Inc. and Stryker Corporation. |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499 |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
Key Questions Answered in This Report
The global neurology devices market was valued at US$ 12.4 Billion in 2022.
We expect the global neurology devices market to exhibit a CAGR of 7.9% during 2023-2028.
The rising adoption of neurology devices to treat complex disorders, such as obsessive-compulsive disorder, Parkinson's disease, dystonia, chronic pain, etc., is primarily driving the global neurology devices market.
The sudden outbreak of the COVID-19 pandemic had led to the postponement of numerous elective treatments for neurological ailments to reduce the risk of the coronavirus infection upon hospital visits and interaction with medical devices, thereby negatively impacting the global market for neurology devices.
Based on the product, the global neurology devices market has been segregated into neurostimulation devices, neurosurgery devices, interventional neurology devices, cerebrospinal fluid management devices, and others. Among these, neurostimulation devices currently hold the largest market share.
Based on the end user, the global neurology devices market can be bifurcated into hospitals, ambulatory surgery centers, and neurology clinics. Currently, hospitals exhibit a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global neurology devices market include 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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