Neurology Devices Market

• Growing R&D investments in the pharmaceutical and biotechnology industry to boost the market growth

Neurosurgeons and medical experts are increasingly examining therapeutic alternatives to decrease the risk of fatality or harshness of neurovascular diseases in patients. With an increasing number of patients suffering from neurovascular diseases (such as brain stroke, epilepsy, and cerebral aneurysm) and growing severity of medical conditions (such as bleeding and local infections) in target patients, the demand for adequate neurovascular treatments is continuously growing across major markets for neurology devices in region such as the US, Japan, Germany, China, and India. For instance, a cerebral aneurysm is a common neurovascular disorder across the globe.

This condition has a significant risk of bleeding or permanent neurological damage. As of 2020, -6.5 million brain aneurysm cases were reported in the US. Moreover, ~30,000 people in the US suffer brain aneurysm rupture yearly.

Further, the increasing prevalence of neurological disorders, technological advancements of neurology devices, and increasing demand for minimally invasive procedures are expected to drive the market growth for neurology devices. Interventional neurology devices are used to diagnose and treat vascular diseases of the brain and central nervous system. Interventional neurology includes endovascular, catheter-based techniques, angiography, and fluoroscopy. Catheter angiography is one of the oldest primary in-vivo brain vascular imaging modalities used to diagnose several neurological conditions such as cerebral aneurysm, arteriovenous malformations, intracranialstenosis, arteriovenous fistula, and vasculitis.

Additionally, minimally invasive medical procedures provide significant clinical advantages over conventional surgical procedures, including shorter hospital stays, higher procedural safety & efficacy, faster patient recovery, and greater affordability. Thus, the market approval and demand for neurology devices and different minimally invasive surgical procedures is increasing among medical professionals across the world. Geriatric people are more susceptible to neurological & neurovascular diseases. They choose treatment procedures that provide easy diagnosis neurology devices, easy procedures, higher safety, better efficacy, the least possible hospital stay, and reasonable prices.

Moreover, aging also increases the incidence of adverse thrombotic events such as stroke, pulmonary embolism, and epilepsy, which can require neurosurgical interventions and has enhanced the market CAGR of neurology devices across the globe in recent years.

However, the rising awareness among the population about neurological diseases and their treatment options is expected to drive market growth for neurology devices. For instance, as per a report published by World Health Organization (WHO), in April 2022, titled "Draft Intersectoral Action Plan on Epilepsy and Other Neurological Disorders 2022–2031," 100% of countries are expected to have at least one functioning awareness campaign or advocacy program for neurological disorders by 2031. Such initiatives by the renowned organization are expected to drive the market growth of the neurology devices revenue.

The Global Neurology Devices Market Industry is poised for substantial growth, with projections indicating a market size of 15.7 USD Billion in 2024 and an anticipated increase to 35.9 USD Billion by 2035. This growth trajectory suggests a compound annual growth rate of 7.82% from 2025 to 2035. The expansion is driven by various factors, including technological advancements, increasing prevalence of neurological disorders, and supportive government initiatives. As the market evolves, it is expected to attract significant investments, fostering innovation and enhancing the availability of neurology devices worldwide.

The expanding geriatric population is a significant factor influencing the Global Neurology Devices Market Industry. As individuals age, the risk of developing neurological disorders increases, necessitating the use of various neurology devices for diagnosis and treatment. According to projections, the global population aged 65 and older is expected to reach 1.5 billion by 2050. This demographic shift is likely to result in a surge in demand for neurology devices, as older adults are more susceptible to conditions such as stroke and dementia. Consequently, the market is poised for substantial growth, aligning with the anticipated increase in device utilization.

Increasing awareness and education regarding neurological disorders and available treatment options are contributing to the growth of the Global Neurology Devices Market Industry. Campaigns aimed at educating the public and healthcare professionals about the symptoms and management of neurological conditions are becoming more prevalent. This heightened awareness leads to earlier diagnosis and treatment, thereby increasing the demand for neurology devices. Moreover, educational programs and resources provided by health organizations are empowering patients to seek medical assistance, further driving market growth as more individuals are diagnosed and treated with advanced devices.

Government initiatives aimed at improving healthcare infrastructure and funding for neurological research are pivotal in driving the Global Neurology Devices Market Industry. Various countries are increasing their investments in healthcare, particularly in neurology, to address the growing burden of neurological diseases. For example, the National Institutes of Health in the United States has allocated substantial funding for neurological research, which encourages innovation and development in neurology devices. Such initiatives not only enhance the market landscape but also stimulate collaboration between public and private sectors, fostering advancements in device technology.

The rising incidence of neurological disorders, such as Alzheimer's disease, Parkinson's disease, and epilepsy, is a primary driver of the Global Neurology Devices Market Industry. As populations age, the prevalence of these conditions is expected to escalate, leading to a greater demand for diagnostic and therapeutic devices. For instance, the World Health Organization indicates that the number of people with dementia is projected to reach 152 million by 2050. This growing patient population necessitates advanced neurology devices, contributing to the market's projected growth from 15.7 USD Billion in 2024 to 35.9 USD Billion by 2035.

Innovations in technology are transforming the Global Neurology Devices Market Industry, enhancing the efficacy and accessibility of treatment options. Developments in neurostimulation devices, imaging technologies, and minimally invasive surgical techniques are notable examples. For instance, advancements in MRI and CT imaging have improved diagnostic accuracy, while new neurostimulation devices offer better patient outcomes. These technological improvements not only increase the demand for existing devices but also pave the way for new product introductions, potentially driving the market's compound annual growth rate of 7.82% from 2025 to 2035.

By Region, the study delivers market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America neurology devices market accounted for USD 6.18 billion in 2022 and is anticipated to exhibit a significant CAGR growth during the study period. This is owing to the existence of key manufacturers such as Stryker Corporation, Penumbra, Inc., Johnson & Johnson, and Merit medical systems, Inc. in the region. In April 2020, Cerus Endovascular Ltd. received CE Mark approval for its 0.021-inch Contour Neurovascular System, compatible with smaller commercially available 021 microcatheters for the treatment of saccular intracranial aneurysms.

Further, the US neurology devices market held the largest market share, and the Canada market of neurology devices was the fastest growing market in the European region.

Further, the prominent countries studied in the market report are: The U.S, Germany, France, Canada, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3:  NEUROLOGY DEVICES MARKET SHARE BY REGION 2022 (%)Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Europe neurology devices market accounts for the second-largest market share due to an increase in the R&D investment by the manufacturers for the development of neurology devices and a rise in government initiatives are contributing immensely to the regional market growth. Further, the Germany market of neurology devices held the largest share, and the UK market of neurology devices was the fastest-growing market in the European region.

The Asia-Pacific neurology devices market is anticipated to expand at the fastest CAGR from 2022 to 2030. This is due to the factors such as rising target disease burden, rising healthcare expenditure, and entry of key regional players contributing to market growth for neurology devices. Moreover, China market of neurology devices held the largest market share, and the India market of neurology devices was the fastest-growing market in the Asia-Pacific region.

Major market players are spending a huge amount of money on R&D to expand their product lines, which will help the market growth of neurology devices even more. Market participants are also taking several strategic initiatives to grow their footprint ly, with key market developments such as new product launches, mergers and acquisitions, contractual agreements, increased investments, and collaboration with other organizations. Competitors in the neurology devices industry must offer cost-effective items to enhance and survive in an increasingly competitive and growing market environment.

One of the major business strategies manufacturers adopts in the neurology devices industry to improve customers and enhance the market sector is manufacturing locally to decrease operating costs. The neurology devices industry has provided devices with some of the most substantial advantages in recent years. In the neurology devices markets, major players such as Medtronic Inc (Ireland), Stryker Corporation (US), Abbott Laboratories (US), and others are working to enhance the market demand by supporting research and development activities.

Medtronic Inc. (Ireland) is a healthcare solutions company committed to improving people's lives through medical technologies, services, and solutions. With Covidien, the company has accelerated and advanced its ability to create meaningful innovations for hospitals, health systems, and healthcare providers to deliver the best care possible to patients and their families worldwide. In January 2021, Medtronic announced that it made the first enrollment in the Adapt-PD trial for adaptive deep brain stimulation.

Terumo Corporation is a manufacturer and supplier of pharmaceuticals, medical tools, and equipment. The Company's products include health foods, transfusion and infusion equipment, disposable medical supply, clinical testing systems, artificial organs, and electronic thermometers. Terumo markets its products through its subsidiaries and sales offices in the US, Europe, and Asia. In December 2020, Terumo Corporation introduced the WEB Embolization System, an intravascular aneurysm treatment device. The device is a first-of-its-kind intravascular flow disruptor device available for the Japanese market.

With the commercial launch, Terumo aims to provide new treatment options for brain aneurysm cases that were challenging to treat in currently approved approaches.