The Indian 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 7.1% during the forecast period.
The increasing healthcare spending, increasing investment by medical device manufacturers, and increasing neurological disease prevalence is expected to drive the overall Neurology devices market growth in India. It is estimated that 30 million Indians suffer from serious neurological disorders a year. The most common include epilepsy at 6-8 million people, strokes at 1-2 million people and headaches at 10-12 million people. Market growth will be driven by increased aging population and improvements in neurological device technology. Increasing rate of neurological disorders prevalence with around 10 million people with epilepsy and high fatality rates of stroke has given rise to product demand.
The key factors propelling the growth of the Neurology device market in India are the increasing incidence of neurological disorders, huge investments by private players in neurology devices, an increase in R&D in the field of Neurotherapy, and the rising aging population. Another factor is increase in geriatric population will increase the probability of more old people suffering from neurological disorders, resulting in demand for various neurological devices. Growing awareness among people and government initiatives such as National Epilepsy Control Program and established stroke units at different levels of health care pyramid will induce rapid growth over the forecast period.
Major Neurological Diseases with Prevalence
The major neurological diseases in India are stroke, Brain injury, epilepsy, spinal cord injury, Alzheimer’s disease or other dementias, multiple sclerosis, Parkinson’s disease. Of these, people suffering from the effects of strokes are more in number compared to any other disease, it is followed by Brain injury and spinal cord injury. A total of 260 (out of 10,000 studied) individuals were found positive for neurological disorders yielding a crude prevalence of 2.6%. The crude prevalence for rural areas was found to be 2.28% (206/9000), whereas the crude prevalence in urban area was found to be 5.4% (54/1000). Migraine was the most common disorder.