South Africa Neurology Devices Market Analysis

South Africa Neurology Device Market Executive Analysis

The South Africa Neurology Devices market is at around $82 Mn in 2022 and is projected to reach $ $xx Mn in 2030, exhibiting a CAGR of xx% during the forecast period. South Africa's government devotes a greater amount of funding to health (14% as opposed to 11%). The administration has been attempting to increase the size of the budget line item for health. Due to the high cost, which is anticipated to reach US$16.5 Bn year by 2025, implementing National Health Insurance (NHI) will be difficult. In the South Africa Health budget, $16.4 billion was allotted for healthcare, a 1.1% increase over the year before. The cost of the COVID-19 vaccine doses and their delivery is included in this number along with an additional $100 Mn, of which $83 Mn is a tentative amount. As the pandemic draws to a close, it is important to notice that government health spending growth momentum is now moving in the opposite direction. Health spending is expected to cost $15.4 billion and $15.7 billion respectively in the budgets for 2023 and 2024.

In South Africa, neurology devices are crucial for enhancing neurological disorder diagnosis and treatment and for delivering high-quality patient care. The market for neurological devices in South Africa is expanding as a result of a growing need for better healthcare services, an aging population, and a rising incidence of neurological disorders. South Africa has 3.171 million (5.4%) people aged 65 or over in 2019, and by 2030, this number is expected to rise to 4.404 million (6.7%), according to the World Population Ageing 2019 study. As a result, existing investors will be more motivated to make more investments in this nation as the population of people with dementia is predicted to steadily rise. Neurological devices help with the diagnosis, prognosis, and treatment of a variety of neurological disorders and ailments, such as traumatic brain injury, Alzheimer's disease, Parkinson's disease, and significant depression.

Market Dynamics

Market Growth Drivers

The South Africa devices market has recently been growing as a result of an aging population and an increase in the demand for better healthcare services, due to factors such as an increase in the prevalence of neurological diseases, rising disposable incomes, and a stronger emphasis on healthcare infrastructure and research, it is projected that the market will grow over the coming years. In South Africa, the prevalence of neurological conditions such as stroke, Parkinson's disease, Alzheimer's disease, and epilepsy is rising, which is fueling demand for neurology devices. The primary drivers influencing the growth of the neurology devices market are an increase in the prevalence of neurological illnesses, sizable private sector investments in neurology devices, and increased research and development in the area of Neurotherapy. The South African government is making substantial investments in the healthcare industry, which is promoting the market for neurology devices.

Market Restraints

South Africa's regulatory framework can be convoluted and challenging. and the import and sale of medical devices are subject to a number of laws and certifications. For businesses in the South Africa neurology devices market, this may mean considerable delays and extra expenses. The South African neurology device market is competitively fragmented. Market players are engaged in R&D to provide sophisticated neuromodulation and stimulation techniques with less invasive treatments that are more palatable to patients. In addition, numerous commercial firms are very interested in creating revolutionary neurological devices in order to make big profits. Few new players are anticipated to enter the market in the upcoming years.

Competitive Landscape

Key Players

• B. Braun Melsungen AG
• Stryker
• Medtronic
• Johnson and Johnson
• Integra Lifesciences
• Smith & Nephew
• Abbott Laboratories

Notable Recent Deals

2022: The acquisition of South African medical device manufacturer Tendron Systems by the French company Bertin Technologies is one recent development in the South African neurology devices market. Tendron Systems is an industry leader in the design and manufacture of electromyography (EMG) and EEG systems, among other neurology devices.

Healthcare Policies and Regulatory Landscape

The South African National Department of Health and the South African Health Products Regulatory Authority (SAHPRA) are in charge of enforcing the country's healthcare laws and rules, which also apply to the neurological devices industry. For South Africa's healthcare system, including the purchase, use, and disposal of neurology devices, the National Department of Health establishes the policies and regulations. The South African National Department of Health and the South African Health Products Regulatory Authority (SAHPRA), on the other hand, are in charge of registering and licensing neurology devices, including those used in neurology, and assuring their efficacy, quality, and safety. A neurology device must meet all relevant South African and international standards, including the International Electrotechnical Commission (IEC) 60601 series of standards for medical electrical equipment, in order to be marketed and sold in South Africa. It must also be registered with the South African National Department of Health and the South African Health Products Regulatory Authority (SAHPRA). In South Africa, the regulatory landscape for neurology devices is continually changing and tightening up to protect patient safety and raise the standard of care.