The Road Ahead for the Neurology Devices Market: Key Growth Trends and Opportunities to Watch
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What CAGR is Anticipated for the Neurology Devices Market During the Forecast Period, and Why?
In recent years, there has been a substantial expansion in the market size of neurology devices. The market is projected to rise from $18.42 billion in 2024 to $20.79 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 12.9%. This growth during the historical period is the result of the accelerated growth in the elderly population, technological advancements at a fast pace, economic progression in developing markets, an escalation in research and development in the field, and large-scale investments from private entities in neurology equipment.
The market size for neurology devices is projected to witness substantial growth over the next few years, ballooning to $33.38 billion by 2029 with an impressive compound annual growth rate (CAGR) of 12.6%. Factors such as a growing elderly population, lifestyle changes, heightened awareness about neurological disorders, and an increase in the prevalence of neurological diseases coupled with expedited economic growth contribute to this predicted surge in the forecast period. Other identified trends for this period include heightened investment in neuromodulation devices, wearable neurology devices, introduction of innovative products, mergers and acquisitions strategies, and ongoing research and development activities.
Which Drivers Are Expected to Have the Greatest Impact on the neurology devices Market’s Growth?
The potential growth of the neurology device market is highly anticipated due to positive government initiatives. Such initiatives regarding medical devices include programs, policies, and guidelines designed to ensure and bolster the quality, safety, and progression of these health care products. They can considerably affect the neurology device market through aspects like influencing regulations, financing research and development, granting financial benefits, escalating telemedicine, enhancing public health cognizance, and upgrading overall healthcare infrastructure and accessibility. An example to note is the Total Product Life Cycle Advisory Programme (TAP) extension, by the Food and Drug Administration, a federal agency in the US under the Department of Health and Human Services, towards neurological and physical medical devices in October 2023. The goal was to expedite technological advancements in these fields. The FDA plans to incorporate four more offices into the program and register a further 65 devices by the first quarter of 2025. Thus, positive government initiatives are likely to boost the neurology device market’s future growth.
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Which Companies Are Poised to Shape the Future of the Neurology Devices Market?
Major companies operating in the neurology devices market include:
• Medtronic PLC_x000D_
• Stryker Corporation_x000D_
• Boston Scientific Corporation_x000D_
• Integra LifeSciences_x000D_
• Abbott Laboratories_x000D_
What Are the Latest Innovations and Trends Influencing the Neurology Devices Market?
Leading businesses in the neurology devices market, such as Braintale, are focusing on the advancement of digital platforms like BrainTale-care to bolster their product portfolio and enhance patient care outcomes. BrainTale-Care serves as an exclusive digital tool tailored for predicting and monitoring neurological conditions. In a significant business growth move, Braintale, based in France, launched the BrainTale-care platform in March 2022. It features brainQuant for white matter quantification and brainScore-coma for predicting coma recovery. The objective is to aid European medical professionals with a cutting-edge digital medical instrument for informed decision-making. Braintale is dedicated to providing neurologists and resuscitation specialists with clinically validated non-invasive solutions that can improve the diagnosis, monitoring, and prognosis of neurological conditions.
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Which Key Segments of the Neurology Devices Market Are Poised for Growth and Innovation?
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:
1) By Cerebrospinal Fluid Management (CSF) Devices And Equipment: CSF Shunts, CSF Drainage Systems, Ventriculostomy Devices
2) By Interventional Neurology Devices And Equipment: Intracranial Stents, Embolic Coils, Neurovascular Catheters
3) By Neurosurgery Devices And Equipment: Surgical Microscopes, Surgical Navigation Systems, Neurosurgical Instruments
4) By Neurostimulation Devices: Deep Brain Stimulation Devices, Spinal Cord Stimulation Devices, Transcranial Magnetic Stimulation Devices
What Regions Are Contributing Significantly to the Growth of the Neurology Devices Market?
North America was the largest region in the global neurology devices market in 2024. 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
What Key Elements Shape the Definition of the Neurology Devices Market?
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.
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