Neurology Devices Market Expected to Reach $27.2 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Neurology Devices Market," The neurology devices market size was valued at $12.6 billion in 2021, and is estimated to reach $27.2 billion by 2031, growing at a CAGR of 8.1% from 2022 to 2031. 

Neurology is the branch of medicine that studies, diagnoses, and treats nervous system disorders and diseases. The nervous system is a complex network of cells, tissues, and organs that work together to coordinate and regulate the body's activities. It is made up of the brain, the spinal cord, and nerves throughout the body. Neurology devices are medical instruments and equipment that are used to diagnose and treat neurological conditions of the brain, spinal cord, and nerves. Neurology devices are medical devices that are used to detect, treat, or manage neurological disorders. These devices, which may consist of hardware, software, or a combination of the two, can be used for a variety of purposes, ranging from diagnosis and monitoring to treatment and rehabilitation.  

The neurology device market has gained significant traction in the recent past, owing to the Neurology Devices Market Trends such as increase in prevalence of neurological disorders. For instance, according to WHO report on the prevention and control of non-communicable diseases, the disorders of the nervous system are the leading cause of DALYs (disability-adjusted life year is a measure of overall disease burden, expressed as the number of years lost due to ill-health, disability or early death) and the second leading cause of death globally, accounting for 9 million deaths per year. In addition, the same report concluded that the five largest contributors of neurological DALYs are stroke (42.2%), migraine (16.3%), dementia (10.4%), meningitis (7.9%) and epilepsy (4.9%). Neurosurgery devices have witnessed significant growth, owing to increase in prevalence of neurological disorders such as brain tumors, Parkinson's disease, Alzheimer's disease, and epilepsy. This is leading to an increase in demand for neurosurgical devices as more patients require surgical interventions to manage their conditions. Furthermore, the use of personalized medicine in neurosurgery is increasing, with the development of tools and techniques that allow for accurate and precise surgical planning. or example, navigation systems and intraoperative imaging are being used to create personalized surgical plans that can improve patient outcomes.

Furthermore, the Neurology Devices Market Growth is being driven by the surge in acceptance of minimally invasive treatments as an alternative to traditional surgery owing to the reason that the minimal invasive treatments require lesser time to execute and has significantly less recovery time. For instance, depending on the lesion's location, the minimally invasive surgery takes about 2.5 hours. Patients generally go home on the second postoperative day while patients who have open resection stay in the hospital for five or six days and often need rehabilitation.  

Depending on the product, the market is divided into neurostimulation devices, neurosurgery devices, interventional neurology devices, cerebrospinal fluid management devices, and others. The, interventional neurology devices segment accounted for the largest Neurology Devices Market Share in 2021. However, neurosurgery is anticipated to witness notable growth , owing to the increase in neurosurgery for the treatments of various neurological disease. 

However, high cost of neurology devices may act as restraint to the Neurology Devices Industry. The cost of neurology treatment devices is determined by a variety of factors, including research and development costs, manufacturing costs, regulatory approval, limited market, and insurance coverage. 

On the basis of end user, the market is categorized into hospitals, ambulatory surgery centers, and others. Hospitals occupied highest Neurology Devices Market Size in 2021 owing to preference of large number of patients. However, ambulatory surgery centers is anticipated to witness notable growth. 

Region wise, North America is expected to witness highest growth, in terms of revenue, owing to increase in adoption of neurology device by patients, rise in awareness and consciousness about the cosmetic dentistry, and surge in healthcare infrastructure drive the growth of the neurology devices market. Upsurge in healthcare expenditure in the emerging economies is anticipated to offer lucrative opportunities for the market expansion. However, Asia-Pacific is anticipated to witness notable growth, owing to increase in investments for development of neurology device and rise in number of key players manufacturing neurology devices, drive the growth of the market during the Neurology Devices Market Forecast period 

Key findings of the study 

• By product, the Interventional Neurology Devices segment was the highest contributor to the market in 2021. However, the Neurosurgery Devices segment is anticipated to grow at the highest CAGR during the forecast period. 

• By end user, the Hospitals segment dominated the market in terms of revenue in 2021. However, the Ambulatory surgery centers segment is anticipated to grow at the highest CAGR during the forecast period. 

• Region wise, North America generated the largest revenue in 2021. However, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.