Neurology Devices Market is Anticipated to Witness High Growth Owing to Rising Prevalence of Neurological Disorders
Neurology Devices Market is Anticipated to Witness High Growth Owing to Rising Prevalence of Neurological Disorders
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The neurology devices market comprises neurostimulation devices such as deep brain stimulation devices, vagus nerve stimulation devices, sacral nerve stimulation devices and spinal cord stimulation devices. These devices are used for treatment of neurological disorders such as epilepsy, Parkinson's disease, chronic pain, depression and others. The growing prevalence of neurological disorders coupled with rising geriatric population are key factors driving the demand for neurology devices.
The Global Neurology Devices Market is estimated to be valued at USD 32.2 Mn in 2025 and is expected to exhibit a CAGR of 15.9% over the forecast period 2025 to 2032.
Key Takeaways
Key players operating in the neurology devices market are B. Braun Melsungen AG, Boston Scientific Corporation, Abbott, Medtronic, Integra LifeSciences Corporation and others.
Some of the key opportunities in the Neurology Devices Market Demand include growing demand for minimally invasive surgical procedures and technological advancements in neurostimulation devices. The market players are also focusing on expanding their geographical presence in emerging markets through strategic partnerships and acquisitions.
Globally, North America captured the largest share of the neurology devices market in 2020 owing to presence of favorable reimbursement policies and high healthcare expenditure. However, Asia Pacific region is expected to exhibit the fastest growth over the forecast period supported by rising medical tourism, increasing healthcare spending and growing prevalence of neurological disorders.
Market Drivers
Rising prevalence of neurological disorders - The increasing incidence of neurological conditions such as Alzheimer's disease, Parkinson's disease, epilepsy and migraine is a major factor fueling the demand for effective treatment options such as neurology devices.
Advancements in neurostimulation technology - Introduction of innovative neurostimulation devices with enhanced effectiveness and usability has boosted the adoption of these devices as viable treatment alternatives.
Market Restrains
High cost of neurology devices - The neurology devices used for treatment of various neurological disorders have high cost of acquisition as well as maintenance which may restrict market growth.
Lack of skilled medical professionals - Unavailability of adequate number of trained neurologists and neurosurgeons to operate neurology devices and monitor patients post-procedure can hamper the market growth.
Segment Analysis
The neurology devices market can be segmented into neurostimulation devices and neurodiagnostic devices. The neurostimulation devices segment currently dominates the market as it accounts for over 60% share. This is because neurostimulation devices such as deep brain stimulation devices, vagus nerve stimulation devices, and spinal cord stimulation devices are increasingly being used to treat neurological conditions such as Parkinson's disease, epilepsy, depression, and chronic pain. Deep brain stimulation devices sub-segment holds the largest share under neurostimulation devices segment. This is due to the ability of deep brain stimulation devices to suppress tremors and improve motor symptoms associated with Parkinson's disease.
Global Analysis
North America currently dominates the global neurology devices market and accounts for over 40% market share. This is attributed to rising geriatric population, growing prevalence of neurological disorders such as Alzheimer's and Parkinson's diseases, and increasing adoption of neuromodulation surgery in the region. The Asia Pacific region is expected to grow at the fastest CAGR during the forecast period. This is due to improving access to healthcare, availability of low-cost neurology treatments, and rising medical tourism in countries such as India and China.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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