The Australian Neurology Devices market size stood at around USD xx billion in 2019 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of xx% during the forecast period.
Neurological conditions affect the brain, spinal cord, and the nerves that connect them. There are more than 600 diseases of the nervous system. Few examples of neurological conditions are brain cancer, cerebral palsy, dementia, epilepsy, motor neuron disease, multiple sclerosis (MS), Parkinson’s disease, spinal conditions, & others. This has encouraged researchers to focus on the development of neurology devices to change the management options for patients with a variety of diseases using minimally invasive interventional procedures. This further remains as an opportunity for Research and innovation in the Australian Neurology Devices market in the forecast period.
The key factors propelling the growth of the market are the increasing incidence of neurological disorders, huge investments by private players in neurology devices, and the rising aging population.
According to the Australian Bureau of Statistics, 2019, the proportion of the population aged 65 years and over increased from 12.3% to 15.9% over the 20 years. the increasing geriatric population has a heavy risk of developing neurological diseases like sleeping disorders, Parkinson’s diseases, etc. therefore, the growing geriatric population boosts the market growth in the country.
Total prevalence for neurological disorders in 2017 accounted for 10.6 million people or 43 percent of the Australian population.
Major Neurology Devices
Based on the type of devices that are used for the Australian Neurology Device market, the entire market gets segmented as Cerebrospinal Fluid Management Devices, Interventional Neurology Devices, Neurosurgery Devices, Neurostimulation Devices, & Other Types of Devices.
Among the above-mentioned segments, Neurostimulation Devices is expected to grow fastest during the forecast period. The fastest growth of the segment is due to the increasing usage of sacral nerve stimulation devices and deep brain stimulation devices. The deep brain stimulation devices are generally used to treat neuropsychiatric disorders and are effectively used in treating various other neurological disorders, like Parkinson’s disease, essential tremor, dystonia, chronic pain, major depression, and obsessive-compulsive disorder.
According to PainAustrlia.org, 3.24 million Australians were living with chronic pain in 2018. 1.74 million were women and 1.50 million were men. The neurostimulation devices are majorly used for chronic neuropathic pain, that is not controlled by anticonvulsants and antidepressants. hence the large patient pool is a boosting factor for the segment growth.