Latin America Neurology Devices Market Analysis

Latin America Neurology Devices Market Executive Analysis

The Latin America Neurology Devices Market is at around $568 Mn in 2022 and is projected to reach $1115 Mn in 2030, exhibiting a CAGR of 8.80% during the forecast period. From 2018 to 2050, Latin American countries are expected to experience somewhat faster average annual per capita health expenditure growth (3.2%) than the Caribbean (2.4%). With the exception of Guyana, all of the nations in Latin America are expecting health spending to climb as a percentage of GDP by 2030. From 2018 to 2050, Latin American countries are expected to experience somewhat faster average annual per capita health expenditure growth (3.2%) than the Caribbean (2.4%). With the exception of Guyana, all of the nations in Latin America are expecting health spending to climb as a percentage of GDP by 2030.

The market for neurology devices in Latin America is made up of Brazil, Mexico, and the remaining nations. Due to government funding for the advancement of research into dementia and Alzheimer's to produce cutting-edge neurological equipment, the market for neuro-rehabilitation devices in Latin America is anticipated to be on the rise. In Latin America, neurology devices are used for a variety of functions, including the diagnosis, treatment, and monitoring of neurological disorders such as epilepsy, Parkinson's disease, and multiple sclerosis. The advantages of neurology equipment in Latin America are considerable since they can increase the precision of diagnosis, assist in creating individualised treatment programmes, and offer non-invasive and efficient treatment choices. Assessment of dementia's effects on healthcare resources must take into account public policies. The identification of dementia's prevalence, risk factors, diagnosis, and treatment are therefore guaranteed by improving public policies.

In Brazil, a number of low-cost methods have been developed as a result of the absence of pertinent public policies for Alzheimer's disease, which has improved health outcomes. By reducing the need for invasive operations and hospitalisation, neurology devices can also save healthcare costs while improving patient outcomes and quality of life. Over 40% of stroke deaths occur during a person's most productive years of life, making stroke the primary or second leading cause of death in the majority of Latin American nations. Neurologists in several Latin American nations have worked extremely hard in recent years to improve stroke care. However, there are still many gaps that must be filled, such as the limited accessibility of stroke prevention and rehabilitation.

Market Dynamics

Market Growth Drivers

The Latin American neurology devices market is growing as a result of the rise in the elderly population, which also raises demand for these devices. Because neurological disorders and diseases including Parkinson's, migraine, epilepsy, neurodegeneration, brain stroke, multiple sclerosis, etc. are becoming more common, neurorehabilitation equipment is being widely used for diagnosing and treating them.

The neurology devices market in Latin America is being driven by a number of factors, including neurological conditions like (Parkinson's disease, epilepsy, and multiple sclerosis) are becoming more common, Increased prevalence of neurological illnesses due to an older population technological developments in neurology equipment, including (neuroprosthetics and neurostimulation devices), raising awareness of neurological illnesses, as well as the methods available for diagnosis and treatment, government programmes to enhance the accessibility of medical equipment and the healthcare system, increasing insurance coverage and healthcare costs for neurological illnesses and disorders respectively.

The Brazilian market for neurorehabilitation devices is being driven by the rising rates of Alzheimer's-related deaths. Along with this, government initiatives for AD patients are promoting market expansion. In order to support the senior citizenry's physical, mental, and social wellness, the government of the country has developed a number of healthcare programmes and policies that are geared towards it.

Market Restraints

Neurology device approval procedures are subject to strict regulations and take a long time, which can delay product introductions and raise development expenses. Limited reimbursement policies for neurology devices and treatments, may restrict patient access and delay market growth. Although the healthcare policies and legal frameworks in the Latin American market for neurology devices can be complicated and vary by nation, compliance with local laws is crucial for market entry and expansion.

Competitive Landscape

Key Players

• Helius Medical
• Bioxtreme
• Kinova
• Hocoma
• Kinestica
• Neurostyle Pte
• Ekso Bionics Holdings

Notable Recent Deals

2021: The acquisition of Neurotech, a Brazilian company, by the Dutch medical technology company Philips in 2021 was one recent development in the Latin American market for neurology devices. Arrays of neurological diagnostic tools, such as electromyography and electroencephalography systems, are offered by Neurotech, a software provider.

2021: Boston Scientific acquired the interventional section of Neovasc, a Canadian manufacturer of medical devices, in 2020. This branch creates minimally invasive medical devices to treat a range of ailments, such as neurovascular disorders.

Healthcare Policies and Regulatory Landscape

The regulatory environment and healthcare policies in the Latin American market for neurology devices can fluctuate by country. Every country in Latin America has a regulatory body in charge of approving medical devices including neurology devices, such as Agência Nacional de VigilânciaSanitária (ANVISA) in Brazil or Comisión Federal para la Protección contra RiesgosSanitarios (COFEPRIS) in Mexico. Clinical trials may be necessary for the approval of medical devices, and they may affect the price and time involved in bringing a device to market. The goal of health policies in the Latin American market for neurology devices is to increase access to healthcare, enhance the infrastructure of the healthcare system, guarantee the safety and effectiveness of medical devices, regulate prices, and encourage illness awareness and prevention.