Neurology Devices Market: Current Analysis and Forecast (2022-2028)

The neurology devices market is expected to register a CAGR of approx. 8% over the period of 2022-2028. The science of neurology focuses on conditions affecting the nervous system, which includes the brain, blood vessels, muscles, and nerves in large part. The use of neurovascular devices for the treatment of neurological disorders like Alzheimer's, tumors, and Parkinson's disease includes devices for managing cerebrospinal fluid, interventional devices, and others. Furthermore, cerebrospinal fluid management devices include shunts, valves, and external drainage systems to keep cerebrospinal fluid flowing and excess fluid out of the brain. Furthermore, 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 growing demand for neurology devices can be attributed to the Increase in the number of geriatric populations coupled with the increased prevalence of age-related neurological disorders across the globe. For instance, according to WHO, the number and proportion of people aged 60 years and older in the population are increasing. In 2019, the number of people aged 60 years and older was 1 billion. This number will increase to 1.4 billion by 2030 and 2.1 billion by 2050. Owing to the glaring statistics, the rising geriatric disorders are increasing the demand for neurology devices and are anticipated to grow in the forthcoming years mainly. Furthermore, the neurology devices market is anticipated to grow on account of the increasing number of diagnostic procedures. In addition, rapid technological advancements drive market growth. However, some of the restraints in the market including the high cost of equipment and stringent food and drug administration validation and guidelines for new devices are impeding the growth of this market all over the world.

Based on the product, the neurology devices market is segmented into neurostimulation, interventional neurology, spinal cord stimulation, deep brain stimulation, neurovascular catheters, and others. The neurostimulation segment accounted for a significant market share and it is estimated that it will grow rapidly during the projected timeframe because it helps in the treatment of locomotor and nervous disorders. increasing prevalence of neurological disorders coupled with an increase in the aging population and lifestyle-related disorders such as depression are boosting the segment growth of the market.

Based on the end-user, the market is fragmented into hospitals, ambulatory surgery centers, and neurology clinics. The hospital's segment grabbed a considerable market share and is expected to grow at a significant CAGR during the forecast period. This is due to the easy availability of neurological devices in hospital settings, as well as patients' preference to visit hospitals for neurological device diagnosis and treatment.

For a better understanding of the market adoption of neurology devices market, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and Rest of North America), Europe (Germany, France, Italy, Spain, U.K., and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America constitutes a major market for the neurology devices industry owing to the presence of positive government initiatives and refined healthcare infrastructure, pertaining to pharmaceutical R&D, brain tumour research, neurological R&D investment, and the presence of high CNS research are some drivers anticipated to fuel demand in the region.

Some of the major players operating in Abbott Laboratories, B. Braun Melsungen AG, Medtronic Inc., Johnson & Johnson, W.L. Gore & Associates Inc, Becton Dickinson and Co, Stryker Corporation, Boston Scientific Corporation, Terumo Corp, KANEKA CORPORATION among others. Several M&A's along with partnerships have been undertaken.