Neurology Devices Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Japan, India, China, Australia, Brazil, Mexico, Saudi Arabia, South Africa), Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024
Report ID: GMI2742
Neurology Devices Market size is projected to experience significant growth from 2018 to 2024.
Increasing number of neurological disorders across the globe will drive the neurological disorders market growth in the upcoming years. According to World Health Organization (WHO), neurological disorders accounted for 6.3% of global disability-adjusted life-years (DALYs). Rise in prevalence of neurological disorders such as Alzheimer disease, chronic low back pain (CLBP), migraine headache, stroke, traumatic brain injury (TBI), multiple sclerosis (MS), spinal cord injury and epilepsy will fuel the industry growth.
Technological advancement in the field of neurology devices has resulted in production of more enhanced and efficient devices that will increase the product adoption rate. Researchers from Nanyang Technological University, Singapore (NTU) and National Neuroscience Institute (NNI) have developed several new technologies that includes artificial intelligence system that can help identify different types of brain injuries from CT scans. Development of technologically advanced new products will boost the neurological devices market growth.
Rise in geriatric population across the world will have a significant impact on the industry growth. As the population ages further and life expectancy continues to increase, neurological disorders such as dementia and Alzheimer disease will become more prevalent. Increase in geriatric population will increase the probability of more old people suffering from neurological disorders, resulting in demand for various neurological devices.
High cost of the neurological devices will be an impeding factor. According to recent study, treatment cost related to neurological disorders is anticipated to grow exponentially in upcoming years. High cost of treatment for neurological disorders in developing regions having low-middle income population will result in declining product demand.
Neurostimulation devices for treatment of neurological disorders are estimated to witness considerable growth in the near future. Also, rapid technological advancements in neurostimulation devices are providing satisfactory results to number of patients that are suffering from debilitating neurologic and psychiatric disorders. Recent advances in neuroimaging and neurotechnology, along with rising understanding of neurocircuitry, are some of the factors contributing to rapid rise in the use of neurostimulation therapies in order to treat an increasingly wide range of neurologic and psychiatric disorders.
U.S. neurology devices market is estimated to hold majority of market share in the global neurology devices market. According to recent news, over a 100 million Americans, about one-third of the total population suffer from neurological disorders such as spinal cord injury, epilepsy, multiple sclerosis, migraines and Alzheimer’s disease. According to new report published by journal Annals of Neurology, these conditions put enormous amount of economic burden on the healthcare system of the country, accounting for about USD 800 billion annual cost. The increasing in number of patients suffering from neurological disorders and increasing cost of treatment in U.S. will result in boosting the industry growth.
India neurology devices market will witness substantial growth during the projection period. Rising prevalence and incidence rates of neurological disorders such as epilepsy, stroke, Parkinson's disease and tremors show considerable variation across different regions of the country. Increasing rate of neurological disorders prevalence in the country with around 10 million people with epilepsy and high fatality rates of stroke should give rise to product demand. Growing awareness among people and government initiatives such as National Epilepsy Control Program and well establish stroke units at different levels of health care pyramid will induce rapid growth over the forecast period.
Some of the key industry players include Braun Melsungen AG, Boston Scientific, Stryker Corporation, Medtronic, Inc., Abbott, Johnson and Johnson, Smith & Nephew, Microport, Nihon Kohden and Penumdra Inc. The key players focus on strategic alliances and new product launches to expand their business product portfolio across the globe.
Sinus Dilation Devices Market by product, 2013-2024 (USD Million)
- Neurostimulation Devices
- Neurosurgery Devices
- Interventional Neurology Devices
- Cerebrospinal Fluid Management Devices
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
- Braun Melsungen AG
- Boston Scientific
- Stryker Corporation
- Medtronic, Inc.
- Johnson and Johnson
- Smith & Nephew
- Nihon Kohden
- Penumdra Inc.
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