Market Overview
The neurology devices market size was valued at USD 13.5 billion in 2022 and is projected to grow from USD 14.55 Billion in 2023 to USD 22.84 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 7.80% during the forecast period (2023 - 2030). Neurology is a discipline of medicine that focuses on problems with the nervous system, including the brain, blood vessels, muscles, and nerves. The treatment of neurological disorders like Alzheimer's, tumors, and Parkinson's disease with neurovascular devices like interventional devices, cerebrospinal fluid management devices, and others. Shunts, valves, and external drainage systems are also used in cerebrospinal fluid management devices to facilitate the flow of cerebrospinal fluid and remove excess fluid from the brain.
A shunt also provides an alternative fluid conduit by which the cerebrospinal fluid avoids obstacles in the brain's fluid compartments as well as acts whenever fluid absorption is otherwise impeded. The stent-created bypass relieves the extra fluid buildup which causes hydrocephalus. Furthermore, numerous other devices or instruments, like catheters, ultrasonic aspirators, stents, and stereotactic systems, are available on the market for the therapy of neurological devices market.
Key Players
Some of the key players in the global neurology devices market are B. Braun Melsungen AG, Boston Scientific Corporation, Integra LifeSciences Holdings Corporation, Johnson and Johnson, Medtronic Inc., St. Jude Medical, Inc., Stryker Corporation, W.L. Gore & Associates, Inc., and Esaote, among others
Regional Classification
In 2018, the neurology devices market was dominated by North America, followed by Europe. Increased government funding for the R&D of novel neurological devices and a rise in prevalence of neurological disorders like Alzheimer's and Parkinson's disease are driving the overall expansion of the North American neurology devices market. Furthermore, the widespread availability of innovative neurological equipment and a well-developed healthcare infrastructure and the existence of major companies all contribute to the market's development.
However, due to a growth in the frequency of neurological illnesses and the availability of a big patient pool in this region, LAMEA is expected to develop at the fastest pace over the analysis period. Furthermore, major factors driving the area's neurology devices market development include rising per capita income in many nations, increased government initiatives to boost the healthcare sector, as well as a sharp rise in leading manufacturers' focus on expanding their geographic presence in emerging countries to capture the largest share of the neurology devices market.
Market Segmentation
The cerebrospinal fluid management devices segment dominated the neurology devices market insights by product in 2018, and this trend is expected to continue over the projected period. It is due to an increase in the use of these devices for neurological device diagnosis. These management devices, for example, are frequently employed in the diagnosis and treatment of multiple sclerosis, encephalitis, myelitis, and other neurological diseases.
The hospital segment captured the most market share by end-user in 2018, and this trend is expected to continue during the projected period. This is due to the simple accessibility of neurological devices in hospital settings and patients' preference for visiting hospitals for neurological device diagnosis and therapy.
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