Neurology Devices Market Is Estimated To Witness High Growth Owing To Increasing Prevalence of Neurological Disorders

The Neurology Devices Market is estimated to be valued at US$ 24.1 Mn in 2024 and is expected to exhibit a CAGR of 15.9% over the forecast period 2023- 2030, as highlighted in a new report published by Coherent Market Insights’ The growth of the neurology devices market is primarily driven by the increasing prevalence of neurological disorders such as epilepsy, Parkinson’s disease, Alzheimer’s disease, cerebrovascular diseases, multiple sclerosis and others.

For instance, according to the World Health Organization (WHO), neurological disorders affects over 1 billion people worldwide each year. Alzheimer’s and other dementias are estimated to affect over 55 million people worldwide in 2018 and projected to increase to 152 million by 2050. In addition, growing geriatric population which is more prone to neurological disorders and rising awareness regarding early diagnosis and treatment of neurological conditions also contribute to the market growth.

Key Market Trends: Rise in remote patient monitoring: With advancements in technology, there has been a rise in remote patient monitoring solutions for patients suffering from neurological disorders. This allows continuous monitoring of patients at home and helps in early detection of worsening conditions or side effects of medications. This trend is expected to continue during the forecast period.

Increase in adoption of genomic technologies: Genomic technologies are being increasingly adopted for early detection, diagnosis and treatment monitoring of neurological disorders. Genome sequencing helps in identifying the genetic cause of certain neurological conditions. Understanding the genetic basis of diseases enables development of targeted therapies. This is anticipated to be a key trend in the neurology devices market.

Neurology Devices Market Opportunity: The diagnostic and monitoring devices segment accounts for a significant share of the neurology devices market owing to the growing prevalence of neurological disorders. Diagnostic devices such as MRI scanners, EEG machines, ultrasonic scanners are widely used for precise diagnosis of conditions affecting the nervous system. Furthermore, rise in the number of TBI and stroke cases propel the demand for diagnostic and monitoring neurology devices for accurate diagnosis and tracking of disease progression. Technological advancements in diagnostic imaging have enabled high-resolution 3D scanning of the brain facilitating early detection of tumors and other abnormalities.

The therapeutic devices segment is anticipated to grow at a brisk pace during the forecast period. Neurostimulation devices such as deep brain stimulation devices, vagus nerve stimulation devices, and spinal cord stimulation devices are increasingly being used for treatment of neurological conditions such as Parkinson’s disease, epilepsy, depression, and chronic pain. They help reduce the dosage of drugs required for treatment and provide relief from tremors and numbness. The development of miniature and customized neurostimulation devices by prominent players augurs well for the segment expansion.

Key Market Takeaways: Neurology devices market size was valued at USD 24.1 Mn in 2024 and is anticipated to witness a CAGR of 15.9% during the forecast period 2023- 2030, owing to the rising geriatric population and increasing incidence of neurological disorders.

By device type, diagnostic and monitoring devices segment is expected to hold a dominant position, accounting for over 45% market share in 2030 due to increasing adoption of advanced diagnostic imaging techniques.

Therapeutic devices segment is projected to grow at an impressive CAGR of 17.5% during the forecast period driven by the wide application of neurostimulation devices in disease treatment.

On the basis of end user, hospitals end user segment captures around 60% of the total market share attributed to availability of advanced equipment and presence of skilled professionals.

Regionally, North America is expected to dominate the neurology devices market through 2030, accounting for over 40% share. This is owing to presence of major players, high healthcare expenditures, and rising prevalence of neurological illnesses.

Competitor Insights:  Some of the prominent players operating in the neurology devices market include BIONIK Laboratories Corporation., Stryker Corporation, Medtronic PLC, Abbott Laboratories, and Boston Scientific Corporation. Key players are focusing on new product approvals and launches to strengthen their market position.

Recent Developments: In June 2023 showing their AI model achieved expert-level accuracy in differentiating stroke symptoms from other conditions using short video clips. Their software is currently used by several telehealth companies to assist virtual providers. Neuralink released interim data from their ongoing trials in July 2023 demonstrating they could predict epileptic seizures up to 20 minutes before clinical onset using signals from their implanted brain-computer interface. They hope to gain FDA approval for medical use of seizure prediction capabilities in 2024. More information in full report.