The global Neurology Devices market size is estimated at 21.3billion USD with a CAGR of 10.8% during the forecasted period from 2021-2028.
The key factor driving the Neurology Devices market is attributed to increasing occurrence of neurological disorders across the globe. Some of the neurological disorders include Parkinsonâs disease, memory disorders, brain tumors, multiple sclerosis, stroke, Alzheimerâs, peripheral neuropathy, and so on. Also, a growing demand for noninvasive diagnostic techniques for neurological disorders is impelling the market growth.
In addition, surging demand and adoption of neurology devices owing to high-tech innovations with efficacy of products. Therefore, technical development of neurological devices will prosper the growth of market. Besides, increase in spinal cord injuries is further augmenting the demand for these devices.
Moreover, a rise in geriatric population globally is considered as one of the major factors to upsurge the use of Neurology Devices. Disease such as Alzheimer and dementia will become prevalent along with the aging population. This will positively impact the market growth and increase the demand for these devices.
Considerably, the current outburst of COVID-19 pandemic it can hypothetically be accountable for patients developing new neurological disorders.
On the other hand, factor such as high cost and stringent government guidelines may limit the growth of Neurology Devices market.
The growth of the global neurology devices market is attributed to the increasing incidence of neurological disorders that include brain aneurysms, brain tumors, epilepsy, memory disorders, multiple sclerosis, Parkinsonâs disease, peripheral neuropathy, post-herpetic neuralgia, spinal cord tumor, and stroke.
According to Alzheimerâs Disease International, nearly 44 million people globally had Alzheimerâs or related dementia in 2018, and it is most common in Western Europe. Parkinsonâs disease is the second most common age-related neurodegenerative disorder after Alzheimerâs disease. An estimated 7 to 10 million people worldwide had Parkinsonâs disease in 2018. According to the Brain Aneurysm Foundation, in 2017, an estimate of 6 million people in the U.S. alone have unruptured brain aneurysm, and the annual rate of rupture is approximately 8 to 10 per 10,000 or about 30,000 people in the U.S. According to Epilepsy Society, there are around 60 million people with epilepsy in the world in 2018. According to the World Health Organization, 15 million people suffer stroke worldwide each year. According to the American Cancer Society, an estimate for brain and spinal cord tumors in the United States in 2019 is roughly 23,820 malignant tumors of the brain, or spinal cord (13,410 in males and 10,410 in females) will be diagnosed.
The high cost of neurology devices might hamper the global neurology device market. For instance, according to PriceGuide service, the average cost of the stimulators is $16,957, which is 8% up from 2016. The average cost of new model neurology devices is $19,000, which are manufactured by Boston Scientific Corp. and Medtronic. Hospitals pay, on average, about $13,000 for the older models.
The high cost of neurology endoscopy devices is expensive and classified as capital items by healthcare institutions. The procurement of endoscopic devices involves many procedures and various budget allocation considerations before making the buying decision.
Based on product type, the global neurology devices market is broadly segmented as Cerebrospinal Fluid Management Devices, Interventional Neurology, Neurostimulation Devices, and Neurosurgery Devices. In 2018 Neurostimulation Devices is the dominant segment, and it accounts for approximately 45% of the market.
Neurostimulator device is a surgically placed device and has the size of a stopwatch. Neurostimulator delivers mild electrical signals to the epidural space near your spine through one or more thin wires, called leads. Neurostimulation provides pain relief by disrupting the pain signals traveling between the spinal cord and the brain. The neurostimulator device are further segmented into Spinal Cord Stimulation, Deep Brain Stimulation, Vagus Nerve Stimulation, Gastric Electric Stimulation, and others.
The increasing regulatory approval for neurostimulator devices is one of the prominent factor boosting the neurology devices market. For instance, in January 2018, Nevro Corp., a global medical device company, have received U.S. Food and Drug Administration (FDA) approval for its next-generation Senza II Spinal Cord Stimulation (SCS) System delivering HF10 therapy. Moreover, in December 2017, Boston Scientific Corporation, have received the U.S. Food and Drug Administration (FDA) approval for the Vercise Deep Brain Stimulation (DBS) System. DBS is used to treat the symptoms of Parkinson's disease (PD), a degenerative condition that affects more than one million people in the United States, and 10 million worldwide.
Interventional neurology has shown significant growth in 2018, and it is expected to grow in the forecasting years, due to the regulatory approval for interventional neurology. For instance, in November 2017, Stryker Corporation, has received the U.S. Food and Drug Administration approval for the Neuroform Atlas Stent System for marketing under a humanitarian device exemption (HDE). The device is to be utilized in conjunction with neurovascular embolic coils for the treatment of wide neck, intracranial, saccular aneurysms. The approval allows the company to begin U.S. commercialization.
The global neurology devices market is segmented into North America, Europe, Asia-Pacific, South America, Middle East & Africa.
North America is dominating the global neurology devices market, due to the increasing incidence of neurological disorder in the U.S. For instance, according to the Alzheimerâs Association, 1 in 10 Americans over the age of 65 has Alzheimerâs. More than 5 million Americans are living with Alzheimerâs, and by 2050, itâs estimated there will be as many as 16 million Americans living with Alzheimerâs. According to the Centers for Disease Control and Prevention (CDC), in 2015, about 3.4 million people of the US population had active epilepsy. Epilepsy is the 4th most common neurological problem; only migraine, stroke, and Alzheimerâs disease occur more frequently.
The North America neurology devices market size was XX million USD in 2017, and it will be 6,385.0 million USD in 2025, with a CAGR 8.9% from 2018 to 2025.
Europe is the second largest market for neurology devices in 2018, due to the increasing clinical trials by the companies. For instance, in November 2018, E-Motion Medical have received CE Mark approval for its E-Motion stimulation therapy system intended to treat patients with acute gastrointestinal dysmotility. E-Motion system is designed to deliver electrical stimulation to the esophagus using its E-Motion tube. Moreover, in November 2017, Medtronic plc, have received CE (ConformitÃ© EuropÃ©enne) Mark for the Intellis platform for both Spinal Cord Stimulation (SCS) and Peripheral Nerve Stimulation (PNS) as an aid in the management of certain types of chronic pain. The Intellis platform is managed on the Samsung Galaxy Tab S2 tablet interface and can record and track patient activity.
The major players include B. Braun Melsungen AG, Boston Scientific Corporation, Covidien PLC, Integra LifeSciences Holdings Corporation, Johnson and Johnson, Medtronic Inc., Penumbra Inc., Stryker Corporation, Abbott Laboratories, Nihon Kohden Corporation, Cyberonics, and Brain Labs.
The investment for R&D activities and innovation of neurological device is the key factor boosting the global neurology devices market. For instance, in October 2017, Aleva Neurotherapeutics, an EPFL spinoff developing implants for deep brain stimulation (DBS) in major neurological indications such as Parkinsonâs disease and Essential Tremor, have raised USD 13 million investment for neurological devices.
The increasing regulatory approval for neurology devices is boosting the global neurology devices market. For instance, in August 2018, Abbott has received the U.S. Food and Drug Administration (FDA) approval for Infinity DBS system. Infinity Deep Brain Stimulation (DBS) System designed to treat patients with Parkinsonâs disease and essential tremor.
Global Allergen immunotherapy Market
- Consumption by Regions
- North America
- South America
- Asia Pacific
- Middle East and Africa
- Segment by Type
- Implantable Devices
- Deep Brain Stimulation
- Spinal Cord Stimulators
- Vagus Nerve Stimulation
- Gastric Electric Stimulation
- External Devices Devices
- Transcranial Magnetic Stimulation (TMS)
- Transcutaneous Electrical Nerve Stimulation (TENS)
- Interventional Neurology
- Aneurysm Coiling and Embolization
- Neurovascular Catheters
- Cerebral Balloon Angioplasty & Stents
- CSF Management Devices
- Cerebral Shunts
- Cerebral External Drainage
- Neurosurgery Devices
- Ultrasonic Aspirators
- Stereotactic Systems
- Aneurysm Clips