India Neurology Devices Market Analysis Report 2022 to 2030

India Neurology Devices Market Analysis

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India's neurology device market size was valued at $230 Mn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 10.80% from 2022 to 2030 and will reach $521 Mn in 2030. The neurology device market in India is expected to grow in the coming years due to factors such as the increasing prevalence of neurological disorders, the availability of new technologies, and the growing healthcare expenditure in the country. The market is segmented by type of device and end user. The key players in the markets are B. Braun Melsungen AG, Boston Scientific Corporation, Stryker Corporation, Medtronic PLC, and Nihon Kohden Corporation.

ID: IN10INMD012 CATEGORY: Medical Devices GEOGRAPHY: India

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Neurology Device Market Executive Summary

India's neurology device market size was valued at $230 Mn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 10.80% from 2022 to 2030 and will reach $521 Mn in 2030. There are several types of neurology devices, including imaging devices, monitoring devices, and therapeutic devices. The market for neurology devices in India is dominated by multinational companies, but there are also several local players. Some of India's key players in the neurology device market include Philips, Medtronic, and GE Healthcare.

The estimated adjusted prevalence rate of stroke range, from 84-262/100,000 in rural and 334-424/100,000 in urban areas, it is estimated that nearly 1.5 to 2 million persons are injured and 1 million succumb to death every year in India. Road traffic injuries are the leading cause (60%) of TBIs followed by falls (20%-25%) and violence (10%), It is estimated that there are more than 10 million persons with epilepsy (PWE) in India. Its prevalence is about 1% in our population.

The neurology device market in India is expected to be driven by factors such as the increasing prevalence of neurological disorders, the availability of new technologies, and the growing healthcare expenditure in the country. However, the market may also be impacted by factors such as the cost of treatments, regulatory issues, and competition from alternative therapies.

Neurology Device Market

Market Dynamics

Market Growth Drivers

Neurological diseases are frequent in older adults, affecting between 5% and 55% of people age 55 and older. They are associated with a high risk for adverse health outcomes, including mortality, disability, institutionalization, and hospitalization, which further propels the neurology device market in India.

Moreover, India has a high burden of neurological disorders, such as stroke, epilepsy, and Alzheimer's disease, which is driving the demand for neurology devices. Furthermore, the government of India is increasing its healthcare budget, which is leading to an increase in the availability of funding for the procurement of neurology devices.

Also, neurological diseases are frequent in older adults, affecting between 5% and 55% of people age 55 and older. They are associated with a high risk for adverse health outcomes, including mortality, disability, institutionalization, and hospitalization, which further propels the neurology device market in India

Market Restraints

High cost: Many neurological devices can be expensive, which can be a barrier for some patients and healthcare providers

Limited access: In some areas, access to neurological devices may be limited due to a lack of trained professionals or facilities equipped to use the devices

Reimbursement issues: In some cases, insurance companies may not cover the cost of certain neurological devices, which can be a hindrance to their adoption

Technological limitations: Some neurological devices may not be as effective or reliable as others, which can limit their market potential

Competitive Landscape

Key Players

B. Braun Melsungen AG
Boston Scientific Corporation
Stryker Corporation
Medtronic PLC
Nihon Kohden Corporation.

Recent Developments

July 7, 2022: World Brain Day, the National Institute of Mental Health and Neuro Sciences (NIMHANS), in collaboration with the State Government, opened the Jayanagar General Hospital's first Brain Health Clinic (BHC).

June 2022: Researchers from IIT-Roorkee created a sensor that can accurately identify neurological illnesses in June 2022.

Healthcare Policies and Regulatory Landscape

Medical device regulation:

Medical devices in India are regulated under the Medical Device Rules, 2017 ("MDR") which only applies to medical devices specifically notified by the Ministry of Health and Family Welfare ("MoHFW") as regulated medical devices

Once a device is regulated under the MDR, persons engaged in the manufacture, import and sale of medical devices are required to obtain a license from the relevant drug regulatory authorities to undertake such activities pertaining to the notified medical devices

Policy Changes and Reimbursement Scenario of Neurology Device Market Services

For neurology and neurosurgery, the scheme has several potential benefits. Practically all the significant neuromorbidities requiring secondary and tertiary care have been covered

Pradhan Mantri Jan Arogya Yojana (PMJAY) covers meningitis, stroke as well as brain tumours and epilepsy surgery. This means that for 40% of Indians, there should be no worry on account of such diseases. Care can be accessed from both private and public healthcare facilities. Such a strategy would help to create access to uniform healthcare both for private and public health sector hospitals

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.