North America Neurology Devices Market Analysis Report [2022-30]

North America Neurology Devices Market Analysis

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The North America Neurology Devices Market size was valued at $6.31 Bn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 6.80% from 2022 to 2030 and will reach $10.68 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. The key players in the North America neurology device market are Abbott Laboratories, Boston Scientific, Medtronic, Stryker, and B. Braun SE.

ID: IN10NAMD012 CATEGORY: Medical Devices GEOGRAPHY: North America AUTHOR: Jigyasu Bhandari

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North America Neurology Device Market Executive Analysis

The North America Neurology Device Market size was valued at $6.31 Bn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 6.80% from 2022 to 2030 and will reach $10.68 Bn in 2030. The healthcare market in North America is one of the largest in the world, with some of the highest per-capita costs. Nearly 18% of the US gross domestic product, or $3.8 trillion, was spent on healthcare in 2020, according to estimates (GDP). The average cost of healthcare in Canada was estimated to be $6,604 per person, with a total cost of $242 Bn. However, the Mexican government spent $581 per person on healthcare in 2019, with a total of $54 billion spent on healthcare. So, North America spends a lot on healthcare, with the United States having the highest per-capita healthcare costs in the world.

Devices used in neurology are those that help with Parkinson's disease, epilepsy, traumatic brain injury, Alzheimer's disease, major depressive disorder, and spinal cord injury, among other neurological disorders and conditions. These tools can be used to aid in the recovery of hearing and vision, and they can provide enhanced functionality for people who have lost limbs or have congenital limb differences.

For the North America neurology devices, Canada and the United States are analyzed. In Canada, a stroke is the third most common cause of death. It also makes a major contribution to the occurrence of disabilities. Additionally, neurological problems are becoming more prevalent throughout. As a result, government funding is being provided for research and development projects. Additionally, the government is funding research in the field of brain health.

north america neurology devices market analysis

Market Dynamics

Market Growth Drivers

North America is in command of the market and is expected to control the largest share of the entire industry due to the region's notable uptake of neurovascular devices by neurosurgeons, excellent repayment conditions, the concentration of device manufacturers, and the availability of crucial R&D investments. The market for neurology devices in North America is expanding as a result of a number of factors, including the rising incidence of stroke, the growing elderly population, government financing and efforts, the rising prevalence of neurological illnesses, and technical improvements. In order to foster cooperation and linkages and accelerate innovation in stroke care and treatment, Medtronic launched the Neurovascular Co-Lab Platform in October 2022. Abbott released a new edition of its digital health app, NeuroSphere myPath, in April 2022. The functionality of the app has been improved to help doctors monitor their patients more effectively when they use Abbott neurostimulation devices to treat their chronic pain.

Market Restraints

In the environment of regulatory complexity and strict guidelines for clinical trials, Market expansion is being limited by the intricate regulatory framework that surrounds the approval and commercialization of neurology devices in North America. The lengthy process of receiving clearance for new neurology devices as well as onerous clinical trial standards are further impeding market expansion.

Competitive Landscape

Key Players

Abbott Laboratories
Boston Scientific
Medtronic
Stryker
B. Braun SE
Integra Life Sciences

Notable Recent Deals

2021: The acquisition of the US-based medical technology company Neuros Medical by the Japanese company Omron Healthcare in 2021 was one recent deal in the North American market for neurology devices. The Altius System, a high-frequency nerve block device intended to treat chronic pain problems, is created and manufactured by Neuros Medical.

2020: Wright Medical, a firm that makes orthopedic implants and biologics, including devices for the treatment of neurological diseases such as peripheral nerve repair, was acquired by Stryker in November 2020.

Healthcare Policies and Regulatory Landscape

The Food and Drug Administration (FDA), International Medical Device Regulators Forums (IMDRF), and the Affordable Care Act (ACA) are just a few of the national and international organizations that have an impact on the regulatory environment and healthcare policy in the North American neurology device industry. These organizations are essential in regulating the approval and marketing of neurological equipment, guaranteeing their patient safety and effectiveness, and establishing reimbursement guidelines.

Affordable Care Act (ACA) has had a substantial impact on the neurology device market since it has increased the number of people with insurance coverage, which has raised the demand for neurology devices. International Medical Device Regulators Forums (IMDRF) is a global conference that brings together regulatory bodies from all around the world to synchronize laws governing medical devices. The IMDRF is aiming to synchronize North American medical device regulations, which is anticipated to enhance the regulatory environment for neurology devices in the future.

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.