Neurology Devices Market Demand Volume Share Overview Analysis 2023-2030

Neurology Devices Market Demand Volume Share Overview Analysis 2023-2030
DataM Intelligence
Neurology Devices Market size to reach at a CAGR of 8.2% during the forecast period (2023-2030).

Market Dynamics:

The neurology devices market growth is driven by the rising prevalence of chronic CNS disorders, globally aging population and increased adoption of minimally invasive neurological.

Technological advancements to improve brain stimulation devices are expected to drive market growth.

Epilepsy and other movement disorders have long been known to start in more than one part of the brain in certain people. However, past studies only looked at certain reactions in specific brain locations. The Mayo Clinic uses artificial intelligence to improve brain stimulation devices to treat mobility and psychological disorders. Mayo Clinic researchers collaborated with Google Research to create an algorithm that captures the complex dynamics of stimulating brain networks rather than a particular brain region. This algorithm indicates a comprehensive collection of responses that describe the brain’s complex dynamics and activities. It’s a sophisticated method for probing brain networks.

 

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Moreover, manufacturers of neurology devices are investing in research and development of implantable wireless brain devices to treat neurological and psychiatric illnesses. Neuromodulation devices are small, wireless neuromodulators implanted inside the skull (head) to connect with the brain and stimulate nerves throughout the body. They have antennae, application-specific integrated circuits, a ceramic cover, and feedthrough. These devices treat depression, traumatic brain injury, stress, and bipolar disorder by modifying brain impulses. For instance, prominent global medical technology company Medtronic planned in August 2020 to grow its Hyderabad research and development (R&D) center into its second-largest research hub in five years. The business would invest Rs 1,200 crore in this project. Thus, from the above statements, the market is expected to drive in the forecast period.

Restraint:

The high cost of neurology devices, strict regulations by the government bodies and compliance standards of the neurology devices are the factors the market is expected to get hampered in the forecast period.

 

Industry Analysis:

The neurology devices market provides in-depth analysis of the market based on various industry factors such as unmet needs, pricing analysis, supply chain analysis, regulatory analysis etc.

 

Segment Analysis:

Neurostimulation Devices segment is expected to hold the largest market share in the neurology devices market.

The neurostimulation devices segment accounted for the largest market share in 2021. Neurostimulation devices are further sub-segmented into Spinal Cord Stimulation, Deep Brain Stimulation, Sacral Nerve Stimulation, Vagus Nerve Stimulation, and Gastric Electric-Stimulation devices. Neurostimulation devices help reduce pain by blocking the pain signals before they reach the brain. Some key factors driving the market growth include a growing geriatric population base, the introduction of novel technological advancements, escalating demand for neurostimulation devices as add-on therapy, increasing incidence of chronic diseases such as migraine and epilepsy and the presence of high unmet medical needs in these disease segments. New product launches, health app launches by the market players and an increased focus on R&D are other ways the leading players and improve their market presence. For instance, on July 26, 2022, Abbott received Health Canada approval to deploy its NeuroSphere Virtual Clinic app. Abbott Park, the Illinois-based company, created the remote programming technology, the first of its kind in Canada, with compatibility with Abbott’s suite of neuromodulation technologies, with the potential to increase access to optimal treatment for patients suffering from chronic pain, Parkinson’s disease, or essential tremors who might otherwise struggle to receive care from their healthcare provider due to location or being unable to travel to seek care.

 

Geographical Analysis:

North American region is expected to hold the largest market share in the global neurology devices market.

The North American region accounted for the largest market share in 2021. Owing to the presence of favorable government initiatives on neurological R&D investment and cancer research. The increasing regulatory approval for neurology devices in the U.S. boosts the North American neurology devices market. For instance, ClearMind Biomedical’s neuro endoscope, the Axonpen System, received FDA certification in January 2021. This device is used to illuminate and see cerebral tissue and fluids, as well as controlled tissue and fluid aspiration during surgery.

 

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Besides, the sophisticated healthcare infrastructure in countries such as Canada and the U.S. and the presence of a considerably large CNS disorder patient base are some drivers anticipated to fuel demand in the region. According to the Alzheimer’s Association, 1 in 10 Americans over the age of 65 has Alzheimer’s. More than 5 million Americans are living with Alzheimer’s, and by 2050, it’s estimated there will be as many as 16 million Americans living with Alzheimer’s. The neurology devices market is highly consolidated, with major shares obtained by most emerging and local players. Some of the major players include Helius Medical Technologies, Inc., Nihon Kohden Corporation, Neurotrope, Inc., Integra LifeSciences, and Eyecarrot Innovations Corp. Helius Medical Technologies is in surge with the PoNS device, which is used for the treatment of neurological symptoms caused by brain diseases. Moreover, the key players are adopting various key strategies such as product launches, mergers, and acquisitions, contributing to the growth of the global neurology devices market. For instance, In May 2019, Cala Health raised $50M ahead of the commercial launch of its bioelectric stimulation device.

 

Competitive Landscape:

Major key players in the neurology devices market are Stryker Corporation, Boston Scientific Corporation, Integra LifeSciences Holdings Corporation, Johnson and Johnson, Medtronic Inc., Penumbra Inc., Abbott Laboratories, Nihon Kohden Corporation, Smith & Nephew plc, B. Braun Melsungen AG.

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