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Neurology Devices Market Size Worth $ 21.02 Billion By 2027 at 10.2% CAGR – Report by Market Research Future (MRFR)

Neurology Devices Market Insights and Industry Analysis by Product (Neurostimulation, Interventional Neurology, CSF Management, Neurosurgery Devices), End User (Hospitals & Clinics, Specialty Center) and Region (Americas, Europe, Asia-Pacific, Middle East & Africa), Competitive Market Size, Share, Trends, and Forecast to 2027

New York, US, June 15, 2021 (GLOBE NEWSWIRE) -- Neurology Devices Market Overview

According to a comprehensive research report by Market Research Future (MRFR), “Neurology Devices Market - Information by Product, Category, End User and Region - Forecast till 2027” the market is projected to reach USD 21.02 Billion by 2027 at a CAGR of 10.2% during the forecast period.

Market Scope:

For the treatment of neurological diseases that have pathophysiological conditions that affect the brain, spinal cord, and nervous system, neurological instruments are used. In the field of neurological products, technical progress has culminated in the development of more improved and effective devices that can accelerate the pace of product acceptance. Over the forecast era, increasing improvement in the field of imaging technology and the consequent production of neurosurgical endoscopy devices are likely to drive growth. Due to the growing prevalence of neurological diseases, increasing geriatric populations, increasing technical advanced technologies, increasing demand for minimally invasive devices, among others, the market for neurological devices is projected to expand at high speed. Further rises in the number of projects related to neuroinformatic for the provision of efficient algorithms are also due to factors which are projected to raise demand over the forecast period.

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Neurology Devices Market Competitive Landscape:

Some of the key players in the global neurology devices market are

  • B. Braun Melsungen AG
  • Boston Scientific Corporation
  • Integra LifeSciences Holdings Corporation
  • Johnson and Johnson
  • Medtronic Inc.
  • St. Jude Medical, Inc.
  • Stryker Corporation
  • W.L. Gore & Associates, Inc.
  • Esaote

These companies are interested in the implementation and advancement in magnetic stimulation technologies because of advanced advances in neurostimulation and neuromodulation techniques. Throughout the forecast era, it is anticipated that the production of algorithms for quicker and more effective solutions for disease detection and treatment would fuel sector growth. Market companies participate in mergers with smaller organizations and research institutes to expand their position and promote the creation of innovative, secure and effective procedures.

Market USP exclusively encompassed:

Market Drives:

  • These huge prevalence of neurological disorders among the population and rising healthcare expenditure for neurological disorders are driving the growth of the Neurology Devices market.
  • The launch of new products and technical developments in neurological instruments to promote the detection of neurovascular disorders have led to the effective treatment of neurovascular disorders, which are projected to create lucrative business growth prospects over the forecast era.

Market Restraints:

  • High-cost processes and tight regulatory government controls, however, are some of the reasons that are likely to hamper business development.

COVID 19 Analysis

Not only does the COVID-19 pandemic affect the immune system, but it also most definitely affects the cardiovascular and neurological processes. The eventual rush of COVID-19 patients to emergency departments and the re-allocation of COVID-19 patients to neurological wards and neuro-intensive beds can affect the ability to treat other emergencies, including neurological disorders, as well as the treatment of chronic neurological conditions. As a consequence, health care services are strained, and the effective quality of medical care to all patients has become a worldwide challenge. Insufficient exposure to early warning signals, insufficient storage, lack of access to test kits and personal protective equipment (PPE) and national heterogeneity in testing methods, EPP delivery, and timing and degree of social distance interventions have all likely impacted the spread of the disease. The biggest problems facing the medical sector are insufficient PPE, overcrowding, and trouble securing current patients.

Browse In-depth Market Research Report (90 pages) on Neurology Devices:

Neurology Devices Market Segmentation

The global neurology devices market has been segmented based on the product, and end user.

Based on product the market is segmented into neurostimulation, Interventional neurology, CSF management, and Neurosurgery devices. As a result of the rising incidence of epilepsy, Parkinson's disease, tremor, dystonia, depression, obsessive-compulsive disorder, Tourette syndrome, chronic pain, and cluster headache, the neurostimulation category accounted for the largest market share. Owing to the growing demand for non-invasive neurosurgery, the segment is projected to rise at the fastest CAGR during the forecast era.

The market based on end users has been segmented into hospitals & clinics, specialty centers, and others. Leading to the greater patient footfall in hospitals, the hospitals and clinics segment is projected to have the highest market share.

Neurology Devices Market Regional Insights

For the last two years, the Americas have been accounted for as the main regional market and are expected to dominate the market share during the analysis period. Market development is anticipated to be guided by the increasing prevalence of neurological disorders and attractive reimbursement schemes in the region. In addition, the existence, among other factors, of large suppliers such as Boston Science Company, Covidien PLC, Johnson, and Johnson, and the technical growth of these firms accounted for major global market share. The U.S. demand for neurological devices is expected to hold much of the market share in the overall market for neurological devices. The rise in the number of patients suffering from neurological disabilities and growing care rates in the U.S. would fuel the growth of the industry.

Owing to the growing geriatric population, the demand for neurology devices in Europe held the second-largest position in 2019, increasing the acceptance of technical devices.

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The fastest-growing regional market is known to be APAC. The development of the demand for neurological devices in this area is due to the increasing number of cases of neurological disorders. A significant number of the geriatric population still live in the area and affect the business development. Demand growth is also expected to fuel the increasing emphasis of market players on the Asia-Pacific market due to the prevalence of highly unmet medical needs, combined with increasingly rising R&D investment in healthcare and raising medical spending in emerging economies such as India and China.

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