July 24, 2024

Neurology Devices Market High Growth Opportunities, Emerging Trends, Industry Review, Forecast Till 2030

The global Neurology Devices Market is estimated to be valued at US$ 24.1 Mn in 2023 and is expected to exhibit a CAGR of 15.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The neurology devices market comprises medical devices used for diagnosis and treatment of neurological disorders. Major product types include neurostimulation devices, interventional neurology devices, cerebral spinal fluid (CSF) management devices, and neurosurgery devices. Neurostimulation devices help in regulating abnormal nerve impulses and include deep brain stimulation devices, sacral nerve stimulation devices, transcranial magnetic stimulation devices among others. Interventional neurology devices are used for minimally invasive procedures related to neurological disorders and comprise embolization and aneurysm coiling devices, angiography devices, support devices among others. CSF management devices include shunts, external draining systems and are used for treatment of hydrocephalus and other CSF related disorders. Neurosurgery devices include neuroendoscopes, ultrasound aspirators, stereotactic systems used majorly for brain and spinal surgeries. Growing incidences of neurological disorders along with technological advancements in neurology devices are major factors anticipated to drive the market growth.

Read More Insights @ https://www.coherentmarketinsights.com/market-insight/neurology-devices-market-3889

Market key trends:

One of the key trends in the neurology devices market is increasing adoption of digital platforms. With rising implementation of digital health solutions, neurology devices are increasingly being integrated with digital platforms for remote monitoring and virtual consultation. This enables continuous monitoring of patients and quick diagnosis even from remote locations. For instance, several neurostimulation devices can be paired with smartphone apps to remotely program and adjust stimulation parameters. Similarly, interventional neurology devices are integrated with augmented reality systems to enable minimally invasive surgeries with high precision. Rising digitalization is thus poised to enhance patient outcomes and boost adoption of neurology devices over the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate due to the high R&D and clinical trial costs required to enter the market. Bargaining power of buyers: Individual buyers have low bargaining power due to the differentiated nature of products in the industry, however group purchasing organizations have moderate bargaining power.

Bargaining power of suppliers: Due to the presence of a large number of component suppliers, the bargaining power of suppliers is low.

Threat of new substitutes: The threat of substitutes is low as there are limited treatment options available for neurological disorders.

Competitive rivalry: The competitive rivalry is high due to the presence of many global and local players offering differentiated products.

Key Takeaways

The global Neurology Devices Market is expected to witness high growth, exhibiting a CAGR of 15% over the forecast period, due to increasing prevalence of neurological disorders. North America dominated the neurology devices market in 2023 due to the growing prevalence of neurological disorders, high healthcare expenditure, and advanced healthcare infrastructure in the region. Key players operating in the neurology devices market incorporate B. Braun Melsungen AG, Boston Scientific Corporation, BIONIK Laboratories Corp., Integra LifeSciences Holdings Corporation, Johnson and Johnson, Magstim Co Ltd., Braintale SAS, Medtronic, 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. The increasing adoption of robot assisted devices and further technological advancements are expected to offer lucrative growth opportunities for players in the market.

Regional analysis comprises: The North America region dominated the global neurology devices market in 2023 and is expected to continue its dominance over the forecast period. This can be attributed to growing prevalence of neurological disorders, high healthcare expenditure, and advanced healthcare infrastructure in the region. Asia Pacific expected to exhibit fastest growth during the forecast period owing to rising healthcare spending, increasing awareness regarding neurological disorders, and expanding base of geriatric population.

Key players related content comprises: Key players operating in the neurology devices market are B. Braun Melsungen AG, Boston Scientific Corporation, BIONIK Laboratories Corp., Integra LifeSciences Holdings Corporation, Johnson and Johnson, Magstim Co Ltd. Braintale SAS, Medtronic, Abbott, Zimmer Biomet, and Stryker Corporation. Boston Scientific Corporation is one of the leading player offering wide range of neurology devices including brain biopsy devices, intracranial aneurysm coils, shunts, and neuromodulation. Medtronic holds a leading position owing to its diversified product portfolio in therapy, surgical tools, neurovascular, spine, ENT and biologics areas.