Neurology Devices Market
Neurology Devices Market Analysis By Product (Cerebrospinal Fluid Management Devices, Interventional Neurology Devices, Neurosurgery Devices, Neurostimulation Devices), By End User (Hospitals, Ambulatory Surgery Centers, Neurology Clinics) & Region - Global Market Insights 2022 to 2027
Neurology Devices Market Outlook (2022-2027)
Worldwide sales of neurology devices are anticipated to increase at a CAGR of 6.2% from 2022 to 2027. At present, the global neurology devices market is valued at US$ 9.6 billion and is projected to reach a market size of US$ 13 billion by 2027.
Demand for cerebrospinal fluid management devices is expected to rise faster at a CAGR of 6.5% through 2027. Segment growth is attributed to the incorporation of new and improved sensors in cerebrospinal fluid management devices to enhance the accuracy of diagnosis.
Neurology Devices Market Size (2022)
US$ 9.6 Billion
Projected Market Value (2027)
US$ 13 Billion
Global Market Growth Rate (2022-2027)
Market Share of Cerebrospinal Fluid Management Devices
Share in Medical Devices Market (2022)
Key Companies Profiled
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Revenue Analysis of Neurology Devices (2017-2021) Vs. Market Estimations (2022-2027)
“Growing Public Awareness about Early Detection of Neurological Disorders to Boost Market Value”
According to Fact.MR, a market research and competitive intelligence provider, global demand for neurology devices is projected to increase at a CAGR of 6.2% from 2022 to 2027.
Neurovascular illnesses might cause the patient to experience significant disability because they are brought on by inadequate or constrained blood and oxygen supply to the brain. The rising prevalence of neurological disorders in the general population is expected to increase the demand for neurology products.
Neurosurgery devices are used to treat neurological diseases with pathophysiological problems that impact the brain, spinal cord, and nervous system. The culmination of technological growth in the field of neurological products has been the creation of innovative neurological devices that can hasten the rate of product adoption.
Rapid urbanization and industrialization, innovation in neurointerventional devices, a large patient pool, an increase in the number of private hospitals and diagnostic facilities, and growing public awareness about the early detection of neurological disorders are some of the factors driving market growth.
Why is Demand for Neurology Devices Set to Boom?
“Advent of Technologically Advanced Neurology Devices”
Increasing research activities in neurovascular therapies, favorable reimbursement policies, product development and commercialization, and advances in healthcare infrastructure across emerging markets are anticipated to propel market expansion.
The market for interventional neurology devices is expanding due to the advent of technologically advanced neurology systems, including carotid artery stents and flow diverters, which are supported by solid clinical data.
The rising demand for minimally-invasive neurosurgical procedures is a major driver fueling market revenue. These techniques are becoming more popular because they offer many benefits over conventional surgical procedures, including lower costs, increased operational safety & efficacy, speedier patient recovery, and shorter hospital stays.
Neurovascular devices are widely used in stroke treatment. The frequency of strokes worldwide has been rising as a result of several causes, including growing urbanization, a sedentary lifestyle, and stress.
Medical experts and neurosurgeons are increasingly considering neuroprotection therapeutics that can successfully lower the probability of patient death or the complexity of neurovascular illnesses. The need for efficient neurovascular treatments is continuously increasing due to the rising number of patients with neurovascular diseases and an increase in the intensity of medical conditions in target patients.
Market growth is anticipated to be fueled by continuous improvements in imaging technologies and the ensuing creation of neurology diagnostics devices. Another contributing factor that is anticipated to increase the demand for neurology instruments over the forecast period is the ongoing growth in the number of neuroinformatics-related projects for the provision of effective algorithms.
Neurology equipment manufacturers are investing in the research and development of implantable wireless neurostimulators to treat neurological and psychiatric conditions. Neuromodulation devices are placed inside the cranium to connect with the brain and activate body nerves. By appropriately altering brain signals, these devices are utilized to treat bipolar conditions, brain injury, anxiety, and depression.
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What Could Impede Neurology Device Demand Growth?
“High Cost & Unfavorable Reimbursement Policies”
Market expansion is constrained by many adverse factors. The total cost of ownership for these devices would increase due to maintenance costs and other indirect costs, which would limit their adoption.
Budget restrictions prevent small hospitals and independent ambulatory surgery centers from purchasing advanced equipment. Due to exorbitant costs and unfavorable reimbursement policies, only a small percentage of patients can afford neurological therapies.
The high cost of R&D and the lengthy government approval procedures are a few issues that might limit market expansion.
How are Emerging Market Players Making a Mark in This Space?
“New Market Entrants Focused on Advancements in Neurological Medical Devices”
A condition known as hydrocephalus causes an abnormal accumulation of intracranial fluid in the brain cavities. The implantation of a shunt to drain the surplus accumulation is one of the traditional treatments for chronic hydrocephalus. Data on intracranial pressure is continuously monitored and collected by newer systems, such as Internet of Things (IoT) sensors.
New companies offer neuromodulation solutions to help patients manage their discomfort from neurological illnesses. Aspiring market players are working on developments in neurological medical devices.
- A French start-up, Neurallys, offers a sensor that requires little to no surgery to treat hydrocephalus. Along with the intracranial fluid drainage valve, the pressure sensor is embedded, continuously monitoring and gathering real-time intracranial pressure data. In the situation of any irregularities, the sensor warns physicians and communicates the data via a smartphone.
Which Region Accounts for High Sales of Neurology Devices?
“High Use of Neurology Diagnostic Equipment in North America”
North America accounts for the highest share of the neurology devices market. Increased use of neurology diagnostic equipment, an expanding target patient population for neurovascular illnesses, and ongoing government attempt to update and extend the healthcare infrastructure are all factors contributing to market revenue growth.
Rising funding from various organizations for the development of neurology monitoring devices, favorable reimbursement policies, and increasing research and development activities are the factors driving market growth in the region. Furthermore, because of the availability of affordable equipment, the use of neurological devices has expanded in North America.
Why is the U.S. Neurology Devices Market Expected to Grow Rapidly?
“Rise in Minimally-invasive Neurology Treatments”
The use of neurology devices in the U.S. is projected to increase due to an increase in emergency room visits, neurology operations, and trauma cases. The rise in minimally-invasive neurology treatments, the presence of suppliers of neurology devices, and the continuous growth of emergency care facilities are the main drivers of the neurology devices market in the U.S.
Additionally, during the forecast period, the use of neurology devices is anticipated to be boosted by healthcare expenditure and rapid acceptance of technologically advanced systems.
Demand for neurology devices in the U.S. is expected to be fueled by the presence of supportive government efforts and advanced healthcare infrastructure, including investments in pharmaceutical R&D, brain tumor research, and neurological R&D.
How is the Market for Neurology Devices Progressing in China?
“Increased Knowledge among Neurosurgeons of Neurology Device Advantages”
The neurology devices market in China is expected to increase at a CAGR of 9% from 2022 to 2027.
The accessibility of enhanced diagnostic techniques in neuro critical care units, enhanced general healthcare & infection control, and high survival rates, along with rising disposable incomes and changing lifestyles, are projected to drive market expansion.
Economic growth, healthcare reforms, a large population base, and an increase in hospitals and clinics are some of the factors that will raise government spending on intensive R&D and spur market expansion in China. The increased knowledge among neurosurgeons of the advantages of neurology devices is supporting market expansion.
Why are Cerebrospinal Fluid Management Devices Highly Sought-after?
“Rising Prevalence of Hydrocephalus Driving Demand for Cerebrospinal Fluid Management Devices”
By product, the neurology devices market is classified into cerebrospinal fluid management devices, interventional neurology devices, neurosurgery devices, and neurostimulation devices. Cerebrospinal fluid management devices account for 30% share of the global market.
Cerebrospinal fluid management devices such as shunts and external drainage systems regulate the flow of CSF and drain excess fluid from the brain. The rising prevalence of hydrocephalus is driving the demand for CSF management devices as a form of therapy.
The rise in shunting treatments, the development of devices to address biocompatibility, infection, and fouling issues, and the rising elderly population are boosting the use of cerebrospinal fluid management devices.
Which End User Accounts for High Usage of Neurology Devices?
“Easy Availability of Neurological Equipment in Hospitals”
The neurology devices market is segmented into hospitals, ambulatory surgery centers, and neurology clinics based on end user. The demand for neurology equipment in hospitals is anticipated to be primarily driven by the growing patient preference for less-invasive medical procedures, the convenience of scheduling, the clinical staff's concentration, and the increased safety & efficacy.
Market demand is driven by the wide availability of neurological equipment in hospital settings and patients' increasing desire for visiting hospitals for the diagnosis and treatment of various neurological ailments.
Key producers of neurology devices are focusing on innovation by manufacturing and releasing new products as part of their strategy to maintain their position in the neurology devices market on a worldwide scale. To diversify their product offerings, top neurology medical device companies are concentrating on getting new devices approved.
For instance :
- In 2020, Helius Medical Technologies, Inc. obtained Exceptional Recognition for its PoNS equipment as a potential treatment for gait deficiency caused by multiple sclerosis symptoms.
Key Segments in Neurology Devices Industry Research
By Product :
- Cerebrospinal Fluid Management Devices
- Interventional Neurology Devices
- Neurosurgery Devices
- Neurostimulation Devices
By End User :
- Ambulatory Surgery Centers
- Neurology Clinics
By Region :
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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