Neurology devices are used in the treatment of Alzheimer’s, Parkinson’s, acute spinal cord injury, amyotrophic lateral sclerosis, ataxia, Bell's palsy, brain tumors, cerebral aneurysm, epilepsy, seizures, and other neurological disorders.
The global neurology devices market is estimated to account for US$ 44,045.9 Mn in terms of value by the end of 2027.
Global Neurology Devices Market: Drivers
Increasing prevalence of neurological disorders is expected to propel growth of the global neurology devices market over the forecast period. For instance, according to Alzheimer’s Association, around 5.8 million people in the U.S. aged 65 and older are living with Alzheimer's dementia in 2020.
Moreover, increasing geriatric population is also expected to aid in growth of the market. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.
North America held dominant position in the global neurology devices market in 2019, accounting for 58.5% share in terms of value, followed by Europe and Asia Pacific, respectively
Figure 1: Global Neurology Devices Market Share (%) Value, By Region, 2019
Neurology Devices | Coherent Market Insights
Global Neurology Devices Market: Restraints
No significant evidence regarding the efficacy of wearable brain devices is expected to hinder growth of the market. Wearable brain devices claim to offer benefits such as stress reduction, improved sleep, weight loss, and improved cognition. However, very few studies have assessed the scientific validity of wearable brain devices.
Moreover, high cost of clinical trials to assess the efficacy of neurology devices is also expected to limit growth of the market. This can be attributed to adequate infrastructure for trials, lack of historical data, and enrollment and retention of patients suffering from specific neurological disorders.
Global Neurology Devices Market: Opportunities
R&D in neurostimulation devices is expected to offer lucrative growth opportunities for players in the global neurology devices market. For instance, in May 2020, researchers from Stony Brook University, U.S., reported development of an analog circuit as a model for the multistable brain dynamics, which is expected to test the efficacy of next-generation neural stimulators.
Moreover, increasing government funding in R&D of neurological disorders is also expected to aid in growth of the market. For instance, in December 2019, the U.S. Congress granted US$ 350 million annual appropriation for R&D in Alzheimer’s and dementia.
The global neurology devices market was valued at US$ 13,572.1 Mn in 2019 and is forecast to reach a value of US$ 44,045.9 Mn by 2027 at a CAGR of 15.9% between 2020 and 2027.
Figure 2: Global Neurology Devices Market Value (US$ Bn), 2016 – 2027
Neurology Devices | Coherent Market Insights
Market Trends/Key Takeaways
Patients suffering from Covid-19 have reportedly demonstrated neurologic symptoms, which is expected to create conducive environment for growth of the market. For instance, in April 2020, researchers at the Union Hospital and Huazhong University of Science and Technology in Wuhan, China, reported that over a third of 214 confirmed COVID-19 cases in China had neurologic symptoms that included acute cerebrovascular events, impaired consciousness, and muscle injury.
Moreover, adoption of Artificial Intelligence (AI) in neurology is also expected to aid in growth of the market. For instance, according to the study ‘Artificial Intelligence Techniques for Automated Diagnosis of Neurological Disorders’, published in March 2020, in European Neurology, computer-aided diagnosis (CAD) system using AI and advanced signal processing techniques can assist clinicians in analyzing and interpreting physiological signals and images more effectively.
Global Neurology Devices Market: Competitive Landscape
Major players operating in the global neurology devices market include, B. Braun Melsungen AG, Boston Scientific Corporation, BIONIK Laboratories Corp., Integra LifeSciences Holdings Corporation, Johnson and Johnson, Magstim Co Ltd., Braintale SAS, Medtronic, plc., Abbott, Zimmer Biomet, Stryker Corporation, Helius Medical Technologies, Inc., Avanos Medical, Inc., W.L. Gore & Associates, Inc., HeadsafeIP Pty Ltd., Cerus Endovascular Ltd., and Cyberonics, Inc..
Global Neurology Devices Market: Key Developments
Major players in the market are focused on approval and launch of new devices to expand their product portfolio. For instance, in May 2020, Helius Medical Technologies, Inc., a neurotech company, received Breakthrough Designation for its PoNS device as a potential treatment for gait deficit due to symptoms of multiple sclerosis.
Similarly, in April 2020, Braintale SAS received CE mark approval for Brainquant, a quantitative brain measurement device used for managing patients in a coma following brain injury.