Global Neurology Devices Market Analysis Report [2022-30]

Global Neurology Devices Market Analysis

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The Global Neurology Devices Market size was valued at $12.62 Bn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 7.80% from 2022 to 2030 and will reach $23.01 Bn in 2030. The main factors driving the growth of the global neurology devices market are the rise in the elderly population around the world, the increased demand for minimally invasive procedures, and the rise in disposable income. The market is segmented by product type and by the end user. Some key players in this market include Abbott Laboratories, B. Braun, Boston Scientific, Integra Life Sciences, and Stryker.

ID: IN10GLMD012 CATEGORY: Medical Devices GEOGRAPHY: Global AUTHOR: Jigyasu Bhandari

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Global Neurology Devices Market Executive Analysis

The Global Neurology Device Market is at around $12.62 Bn in 2022 and is projected to reach $ 23.01 Bn in 2030, exhibiting a CAGR of 7.80% during the forecast period. By 2024, it is expected that public and private healthcare spending would total over $10 trillion globally. Over the past 20 years, global health spending has dramatically expanded, growing from $4.1 trillion in 2000 (8.3% of GDP) to $8.2 trillion (9.7% of GDP) in 2017. Global health spending climbed steadily between 2018 and 2020, reaching US$ 8.3 trillion, or 10% of the world's GDP.

Alzheimer's disease is the most common cause of dementia, accounting for 60–80% of cases, and 50 million people worldwide suffer from it. Alzheimer's disease is more common as people get older; it affects roughly 30% of those over the age of 85. Many regions of the world have different rates of multiple sclerosis. There are thought to be 2.8 million persons living with multiple sclerosis globally. Globally, there are thought to be 50 cases of epilepsy per 100,000 individuals per year, and there are thought to be 6 cases per 1,000 people. One billion individuals, or 14.7% of the world's population, are thought to suffer from migraines on a yearly basis.

Neurological devices are more effective than pharmaceuticals at treating patients' conditions, more patients are choosing to utilize them instead of taking drugs. Additionally, the rate of development of these devices has increased as a result of quicker routes to approval and favorable incentives. As a result, there have been fast changes in the way neurology is practiced all over the world. Neurological device developers and manufacturers have been beating their pharmaceutical competitors. Neurological devices can aid in the restoration of hearing and sight as well as greater function for people who have lost a limb or have congenital limb differences. Devices for the study of the nervous system include those for neuro-diagnostics, neuro-intervention, and neurostimulation. Numerous neurological disorders and conditions, such as Alzheimer's disease, Parkinson's disease, major depressive disorder, epilepsy, spinal cord injury, and traumatic brain injury, can be diagnosed, prevented from occurring, and treated with the help of neurological devices.

global neurology devices market analysis

Market Dynamics

Market Growth Drivers

The main factors driving the growth of the global neurology devices market are the rise in the elderly population around the world, the increased demand for minimally invasive procedures, the rise in disposable income, the development of advanced technologies, and improvements in healthcare infrastructure. Additionally, a sharp increase in neurological disease incidence around the globe is driving the market growth.

Market Restraints

Neurology device reimbursement practices differ significantly between nations and regions, making it challenging for patients and medical professionals to secure coverage for these devices. The rate at which new devices hit the market can be slowed down by the complexity and length of the approval procedure for neurological devices. Concerns regarding data privacy and security have grown as a result of the expanding usage of digital devices in the healthcare sector, which could limit the market for neurology devices expansion.

Competitive Landscape

Key Players

Abbott Laboratories
B. Braun
Boston Scientific
Integra Life Sciences
LivaNova
Nihon Kohden
Stryker

Notable Recent Deals

January 2022: A non-invasive ventilation technology has been acquired by the New Zealand-based Fisher & Paykel Healthcare from the German business B&D Electromedical. Patients with neurological diseases like ALS and Parkinson's disease who are experiencing respiratory distress can be treated with this device.

2022: Guerbet, a French manufacturer of medical devices, purchased Accurate Medical Therapeutics, a Swiss manufacturer of medical technology, to expand its selection of interventional neurology devices for the treatment of brain aneurysms and stroke.

Healthcare Policies and Regulatory Landscape

Neurology device healthcare policies vary by country, but in general, they strive to ensure that patients have access to reliable and effective treatments for neurological illnesses. The US Food and Drug Administration (FDA) and the European Medicines Agency (EMA) are two regulatory bodies in various nations that must approve neurological devices before they can be marketed and sold. It is the goal of this approval procedure to make sure that the gadgets are secure and efficient for the use for which they are intended. Healthcare policies may address concerns about patient access to neurology devices, such as ensuring that patients in rural areas have access to the same treatments as those in metropolitan areas, or ensuring that patients are not subjected to unnecessary barriers to receiving necessary treatments.

1. Executive Summary
1.1 Device Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Regulatory Landscape for Medical Device
1.6 Health Insurance Coverage in Country
1.7 Type of Medical Device
1.8 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Neurology Device Market Segmentation

The Neurology Device Market is segmented as mentioned below:

By Product Type (Revenue, USD Billion):

Neurostimulation
?Spinal Cord Stimulation Devices
Deep Brain Stimulation Devices
Sacral Nerve Stimulation
Vagus Nerve Stimulation
Gastric Electric Stimulation
Interventional Neurology
- Aneurysm Coiling & Embolization
- Embolic Coils
- Flow Diversion Devices
- Liquid Embolic Agents
- Cerebral Balloon Angioplasty & Stenting
- Carotid Artery Stents
- Filter Devices
- Balloon Occlusion Devices
- Neurothrombectomy
- Clot Retriever
- Suction Aspiration Devices
- Snares
CSF Management
- CSF Shunts
- CSF Drainage
Neurosurgery Devices
- Ultrasonic Aspirators
- Stereotactic Systems
- Neuroendoscopes
- Aneurysm Clips

By End User (Revenue, USD Billion):

??Hospitals and Clinics
Specialty Centres
Others

Methodology for Database Creation

Our database offers a comprehensive list of healthcare centers, meticulously curated to provide detailed information on a wide range of specialties and services. It includes top-tier hospitals, clinics, and diagnostic facilities across 30 countries and 24 specialties, ensuring users can find the healthcare services they need.

Additionally, we provide a comprehensive list of Key Opinion Leaders (KOLs) based on your requirements. Our curated list captures various crucial aspects of the KOLs, offering more than just general information. Whether you're looking to boost brand awareness, drive engagement, or launch a new product, our extensive list of KOLs ensures you have the right experts by your side. Covering 30 countries and 36 specialties, our database guarantees access to the best KOLs in the healthcare industry, supporting strategic decisions and enhancing your initiatives.

How Do We Get It?

Our database is created and maintained through a combination of secondary and primary research methodologies.

1. Secondary Research

With many years of experience in the healthcare field, we have our own rich proprietary data from various past projects. This historical data serves as the foundation for our database. Our continuous process of gathering data involves:

Analyzing historical proprietary data collected from multiple projects.
Regularly updating our existing data sets with new findings and trends.
Ensuring data consistency and accuracy through rigorous validation processes.

With extensive experience in the field, we have developed a proprietary GenAI-based technology that is uniquely tailored to our organization. This advanced technology enables us to scan a wide array of relevant information sources across the internet. Our data-gathering process includes:

Searching through academic conferences, published research, citations, and social media platforms
Collecting and compiling diverse data to build a comprehensive and detailed database
Continuously updating our database with new information to ensure its relevance and accuracy

2. Primary Research

To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:

Collaborating with local healthcare providers, hospitals, and clinics to gather real-time data.
Conducting surveys, interviews, and field studies to collect fresh data directly from the source.
Continuously refreshing our database to ensure that the information remains current and reliable.
Validating secondary data through cross-referencing with primary data to ensure accuracy and relevance.

Combining Secondary and Primary Research

By integrating both secondary and primary research methodologies, we ensure that our database is comprehensive, accurate, and up-to-date. The combined process involves:

Merging historical data from secondary research with real-time data from primary research.
Conducting thorough data validation and cleansing to remove inconsistencies and errors.
Organizing data into a structured format that is easily accessible and usable for various applications.
Continuously monitoring and updating the database to reflect the latest developments and trends in the healthcare field.

Through this meticulous process, we create a final database tailored to each region and domain within the healthcare industry. This approach ensures that our clients receive reliable and relevant data, empowering them to make informed decisions and drive innovation in their respective fields.