Neurology Devices Market Size, Share & Trends Analysis Report By Product (Neurostimulation, Interventional Neurology, CSF Management, Neurosurgery Devices), By Region, And Segment Forecasts, 2024 - 2030

Neurology Devices Market Size & Trends

The global neurology devices market size was valued at USD 11.87 billion in 2023 and is projected to grow at a CAGR of 8.8% from 2024 to 2030. The market is expanding as a result of an increase in neurological disorders, significant investments from private companies in neurology devices, and enhanced research and development in neurotherapy. The increasing prevalence of neurological disorders such as Alzheimer's, stroke, Parkinson's, and epilepsy, is boosting the need for advanced diagnostic and therapeutic instruments. Moreover, the increasing elderly population is a significant factor driving the market. For instance, according to projections by the United Nations Population Funds, the global proportion of individuals over 65 years old nearly doubled, rising from 5.5 percent to 10.3 percent, and it is expected to double again, reaching 20.7 percent between 2024 and 2074. Older people are at a greater risk of developing neurological disorders, increasing the need for devices to handle and address these issues.

Furthermore, neurological devices are effective in treating patient’s conditions, and more patients are choosing to utilize them instead of taking drugs. Moreover, the rate of advancements of these devices has risen as a result of expedited approval procedures and favorable incentives.

Neurological devices have the potential to enhance hearing and vision, as well as enhance functionality for individuals with limb loss or limb abnormalities present at birth. In the investigation of the nervous system, instruments used include devices for neuro-intervention, neuro-diagnostics, and neurostimulation. Various neurological disorders like Parkinson's disease, Alzheimer's disease, major depressive disorder, spinal cord injury, epilepsy, and traumatic brain injury can be identified, prevented, and managed using neurological devices. Around 7 million Americans live with Alzheimer's disease. It is estimated that by 2050, the total is expected to increase to almost 13 million.

Neurology devices are specialized medical devices created to diagnose, treat, and monitor conditions that impact the nervous system, such as the brain. Neurosurgical devices are tools utilized by neurosurgeons for conducting surgeries on the spine, brain, and nervous system. These devices are purposefully created to aid in the exact and intricate surgical procedures needed for neurosurgery. Microsurgical tools, stereotactic radiosurgery devices, intraoperative MRI machines, navigation systems, and ultrasonic aspirators are some commonly used neurosurgery equipment. The decision on which device to use could be influenced by factors including the nature of the surgical procedure, the tumor's placement (for brain tumors specifically), and the preferences of the surgeon.

Product Insights

Neurostimulation devices dominated the market with a share of 53.5% in 2023.
The rising occurrence of chronic neurological conditions such as epilepsy, Parkinson's disease, and chronic pain has led to a notable need for successful and lasting treatment choices. Neurostimulation provides a less invasive and frequently very successful option compared to conventional treatments. In addition, technological advancements resulted in the creation of more advanced devices that offer better precision and effectiveness, broadening their possible uses. Moreover, the increasing number of older people at risk of neurological disorders, along with increasing healthcare costs and favorable reimbursement policies in numerous countries, has also helped drive market expansion.

Interventional neurology is expected to grow at the fastest CAGR of 10.4% during the forecast period. The expanding elderly population, who are prone to cerebrovascular illnesses, along with rising healthcare costs, continues to drive market expansion. In addition, interventional neurology device manufacturers are benefiting from favorable reimbursement policies and the growth of healthcare infrastructure in emerging markets.

Regional Insights

North America's neurological devices market dominated the market with a share of 39.7% in 2023. An increasing number of elderly individuals at risk of developing Alzheimer's and Parkinson's diseases is a key factor. Furthermore, the growing occurrence of traumatic brain injuries and stroke requires more advanced diagnostic and therapeutic equipment. The death rate for strokes in the U.S. increased from 38.8 per 100,000 in 2020 to 41.1 per 100,000 in 2021. Each year, more than 795,000 people in the U.S. suffer from a stroke. The strong healthcare system in the area, along with significant funding for research and development, supports creativity and quick integration of new technologies. Furthermore, attractive reimbursement policies for treatments related to the nervous system encourage the utilization of devices

U.S. Neurology Devices Market Trends

The neurology devices market in the U.S. dominated North America with a share of 78.3% in 2023. An increasing aging population is a key factor in the prevalence of neurodegenerative diseases such as Alzheimer's and Parkinson's. Furthermore, the growing occurrence of stroke, epilepsy, and other neurological disorders leads to a significant need for innovative treatment choices. The strong healthcare system in the U.S., along with substantial funding for research and development, promotes creativity and quick implementation of cutting-edge technologies.

Europe Neurology Devices Market Trends

The Europe neurology devices market was identified as a lucrative region in 2023 due to rising incidence of neurological disorders such as Alzheimer's disease, Parkinson's disease, and multiple sclerosis, as well as technological advances that have resulted in the creation of new and improved diagnostic and therapeutic devices.

The neurology devices market in the UK is anticipated to experience rapid growth in the coming years. The escalating prevalence of neurological disorders and heightened investment in research and development initiatives aimed at generating novel neurol neurology devices are anticipated to propel market expansion in the forthcoming years.

The Germany neurology devices market held a substantial share in 2023. This region has one of the fastest-aging populations in Europe, which is leading to a rise in neurological conditions such as Parkinson’s disease, stroke, and Alzheimer's disease. Furthermore, technological advancements in robots, less invasive procedures, AI-powered diagnostics, and personalized medicine provide new opportunities for innovative neurology devices.

Asia Pacific Neurology Devices Market Trends

Asia Pacific's neurology devices market is anticipated to witness significant growth in the coming years. The increasing prevalence of neurological disorders and a large geriatric population base are key factors driving market growth in this region. Moreover, rising healthcare expenditure, growing medical tourism, and the focus on expanding access to advanced medical technologies contribute to the market's accelerated growth in the Asia Pacific region.

India's neurology devices market is expected to grow rapidly in the coming years due to the increasing incidence of neurological disorders, massive investments by private players in neurology devices, an increase in R&D in the field of neurotherapy, and the rising aging population.

Neurology devices market in China held a substantial market share in 2023. The demand is influenced by the aging population and a growing demand for devices that aid in managing age-related neurological conditions such as Parkinson's disease and Alzheimer's disease. China has a high prevalence of neurological disorders such as brain injury, stroke, and spinal cord injury, and these devices can help treat and manage these conditions.

Key Neurology Devices Company Insights

Some of the key companies in the neurology devices market include Medtronic, Penumbra, Inc., Microport Scientific Corporation, Stryker, and Others. Organizations are concentrating on expanding their customer base to achieve a competitive advantage in the market. Hence, major stakeholders are implementing various strategic actions, including mergers, acquisitions, and collaborations with other leading firms.

• Medtronic innovates solutions that treats more than 70 health conditions ranging from diabetes to Parkinson’s disease.

Recent Developments

• In April 2024, NeuroVigil announced the launch of iBrain personal brain monitor in the U.S. It is an investigational portable device that records the brain’s electrical activity noninvasively in people suffering with neurological conditions.

• In April 2024, neuroClues closed around USD 5.5 million pre-Series A funding round  for an eye tracking device that would enable doctors to diagnose health conditions such as  Parkinson’s disease.

• In January 2024, Medtronic plc announced the US FDA approval of Percept RC Deep Brain Stimulation (DBS) system. It is a rechargeable neurostimulator and can help in controlling debilitating tremors in people suffering with Parkinson's disease.

• In January 2024, Abbott announced that it received the U.S. Food and Drug Administration (FDA) approval for the launch of Liberta RC DBS system. It is the world’s smallest DBS device with remote programming. It is expected to treat people who are suffering with movement disorders.

• In May 2023, TeraRecon announced the development of NeuroSuit. It is an AI-driven clinical suite intended to provide differential diagnostic insight into several neurological diseases.

• In February 2023, LivaNova, a medical technology company, announced the launch of SenTiva Dua, an implantable pulse generator that treats drug-resistant epilepsy.

Neurology Devices Market Report Scope

Global Neurology Devices Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global neurology devices market report based on product and region.

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Neurostimulation

    • Spinal Cord Stimulation

    • Spinal Cord Stimulation

    • Deep Brain Stimulation

    • Sacral Nerve Stimulation

    • Vagus Nerve Stimulation

    • Gastric Electric Stimulation

  • Interventional Neurology

    • Aneurysm Coiling and Embolization

      • Embolic Coils

      • Flow Diversion Devices

      • Liquid Embolic Reagents

    • Neurovascular Catheters

      • Microcatheters

      • Microguidewires

    • Cerebral Balloon Angioplasty & Stents

      • Carotid Artery Stents

      • Filter Devices

      • Balloon Occlusion Devices

    • Neurothromobectomy

      • Clot Retrievers

      • Suction Aspiration Devices

      • Snare Devices

  • CSF Management Devices

    • Cerebral Shunts

    • Cerebral External Drainage

  • Neurosurgery Devices

    • Ultrasonic Aspirators

    • Stereotactic Systems

    • Neuroendoscopes

    • Aneurysm Clips

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

    • Denmark

    • Sweden

    • Norway

  • Asia Pacific

    • China

    • India

    • Japan

    • India

    • South Korea

    • Australia

    • Thailand

  • Latin America

    • Brazil

    • Argentina

  • Middle East and Africa (MEA)

    • Kuwait

    • UAE

    • South Africa

    • South Arabia