Global Neurology Devices Market is anticipated to reach USD 10.8 billion by 2022. Neurological devices imply “Interventional neurology” is the non-surgical field that uses minimally invasive, image-guided techniques for the treatment of most complex and dangerous diseases of the brain, neck, and spine.
The factors that propel the growth of the neurology devices market include increasing demand, rapid urbanization & industrialization, and product development & technological innovation, large patient pool, growing number of private hospitals & diagnostic centers, and awareness among people. In addition, some of the other factors such as demand for effective neurovascular devices, favorable medical repayment, new product innovation and commercialization, growth in the number of research activities in the field of neurovascular therapies, and improvements in healthcare infrastructure across emerging markets are expected to drive the market further.
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On the other hand, there are factors that may hamper the growth of the market including the high cost of R&D and complicated government approval processes. Neurology devices industry is anticipated to grow at a significant CAGR in the upcoming period as the scope, product types, and its applications are increasing across the globe.
Neurology devices market may be explored by product type, technology, end users, distribution channel, and geography. The market may be explored by product type as Neurostimulation (Spinal Cord Stimulation, Sacral Nerve Stimulation, Spinal Cord Stimulation, Deep Brain Stimulation, Gastric Electric Stimulation, and Vagus Nerve Stimulation), Aneurysm Coiling & Embolization Devices (Liquid Embolic Agents, Flow Diversion Devices and Embolic Coils), Neurothrombectomy Devices (Snares, Suction and Aspiration Devices and Clot Retrievers), Cerebral Balloon Angioplasty & Stenting Systems (Embolic Protection Systems and Carotid Artery Stents), and Support Devices (Micro guide wires and Micro catheters).
The “Neurostimulation devices” segment led the neurology devices industry in 2015 and is anticipated to maintain its dominance by 2022. The key factors that may attributed to the growth of market include faster acting stimulation devices, aged population, and the development of minimally invasive neurological and the growing number of chronic CNS disorders.
Based on technology, the neurology devices market could span Carotid Artery Angioplasty and Stenting, Neurothrombectomy, Embolization and Coiling and Supporting Technologies. The market of neurology devices could be explored based on end users as Ambulatory Surgical Centers, Hospitals and Clinics. The market could be explored based on distribution channel as online stores, specialty stores, and others.
North America accounted for the major market share of the neurology devices in 2017 and will continue to lead in the forecast period. The factors that could be attributed to the growth include privatization of the healthcare sector, favorable reimbursement policies, and technological innovations. On the other hand, the Asia Pacific is expected to show high growth rates in the neurology devices industry. Factors such as large population base, growing awareness, and rising number hospital & clinics.
Some of the key players that fuel the growth of the neurology devices industry comprise B. Braun Melsungen AG, Medtronic, Integra Life Sciences Holdings Corp., Stryker Corporation, Ivanova, St. Jude Medical Inc., Micro port Scientific Corporation and Penumbra Inc. U.S. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
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Global Neurology Devices Product Outlook (Market Revenue in USD Million, 2012 – 2022)
• 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
• Micro Catheters
• Micro Guidewires
• Cerebral Balloon Angioplasty &Stents
• Carotid Artery Stents
• Filter Devices
• Balloon Occlusion Devices
• Clot Retrievers
• Suction Aspiration Devices
• Snare Devices
• CSF Management Devices
• Cerebral Shunts
• Cerebral External Drainage
• Neurosurgery Devices
• Ultrasonic Aspirators
• Stereotactic Systems
• Aneurysm Clips
Global Neurology Devices Regional Outlook (Revenue, USD Million, 2012 – 2022)
• North America
• Asia Pacific
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