Global Neurology Devices Market Size 2024, Forecast To 2033

11 Mar, 2024

The neurology devices market has witnessed rapid growth, escalating from $17.82 billion in 2023 to $19.78 billion in 2024, with a compound annual growth rate (CAGR) of 11.0%. The growth in the historic period is attributed to the rapid growth in the elderly population, technological advances, economic growth in emerging markets, increased research and development in the field, and significant investments by private players in neurology devices. Looking ahead to 2028, the market is poised for rapid growth, targeting a size of $29.46 billion at a CAGR of 10.5%. The anticipated growth is driven by factors including the increasing elderly population, lifestyle changes, rising awareness of neurological disorders, a rise in the burden of neurological diseases, and faster economic growth. Key trends in the forecast period involve investments in developing neuromodulation devices, wearable neurology devices, new product launches, the adoption of mergers and acquisition strategies, and increased research and development activities.

Global Neurology Devices Market Key Driver

Favorable government initiatives are expected to propel demand for neurology devices. Government initiatives for medical devices encompass policies, regulations, and programs aimed at overseeing and fostering the safety, quality, and advancement of these healthcare products. Favorable government initiatives can significantly impact the neurology device market by influencing regulations, funding research and development, providing financial incentives, expanding telemedicine, promoting public health awareness, and improving overall healthcare infrastructure and access. For instance, in October 2023, the Food and Drug Administration, a US-based federal agency under the Department of Health and Human Services, extended the Total Product Life Cycle Advisory Programme (TAP) to encompass neurological and physical medicine devices, with the goal of expediting the advancement of technologies in these areas. By the first quarter of 2025, the FDA intends to include an additional four offices in the program and enroll up to 65 more devices. Therefore, favorable government initiatives will stimulate the growth of the neurology device market in the future. The market size for neurology devices was estimated at $XX billion in 2023 and is projected to reach $XX billion by 2024, with a CAGR of XX% from 2023 to 2028.

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Global Neurology Devices Market Segments

The neurology devices market covered in this report is segmented –
1) By Type: Cerebrospinal Fluid Management (CSF) Devices And Equipment, Interventional Neurology Devices And Equipment, Neurosurgery Devices And Equipment, Neurostimulation Devices
2) By Type of Expenditure: Public, Private
3) By Product: Instruments/Equipment, Disposables
4) By End User: Hospitals And Clinics, Diagnostic Laboratories, Other End Users
Subsegments Covered: CSF Drainage Systems, CSF Shunts, Aneurysm Coiling & Embolization Devices, Neurothrombectomy Devices, Angioplasty Devices, Interventional Neurology Support Devices, Neurosurgical Navigation Systems, Neurosurgical endoscopes, Aneurysm Clips, Stereotactic Systems, Other Neurosurgery Devices, Implantable Neurostimulation Devices, External Neurostimulation Devices
By Geography:The regions covered in the neurology devices market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa North America was the largest region in the global neurology devices market in 2023. Asia-Pacific was the second largest region in the global neurology devices market. Africa was the smallest region in the global neurology devices market. The regions covered in the neurology devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

Major Neurology Devices Industry Players

Medtronic Inc., Stryker Corporation, Boston Scientific Corporation, Integra LifeSciences, Abbott Laboratories, Terumo Corporation, LivaNova, PLC, Integer, Penumbra, Inc., B. Braun Group, Johnson & Johnson, W.L Gore, St. Jude Medical LLC, Parasym, TUR Therapietechnik GmbH, Smiths Medical, Cizeta Surgical, Neuro France Implants, Ectron, Metrion Biosciences, Abbvie, Accentus Medical Ltd, Adaptix, Argonaut Therapeutics, Beckley Psytech, Brainwave Discovery, Cerus Endovascular, Chronus Therapeutics, Cytiva, Natus Medical Incorporated, Cerenovus, Nevro, Aleva Neurotherapeutics SA, Dynatronics Corporation, Cyberonics Inc.

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Neurology Devices Market Overview

Neurology devices are used to diagnose, prevent, and treat various neurological disorders such as Alzheimer’s, spinal cord injury, and traumatic brain injury. These devices are also used to restore hearing and sight for patients with limb loss or congenital limb differences.

Neurology Devices Global Market Report 2023 provides data on the global neurology devices market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The neurology devices market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.