How much is the neurology devices market worth, and how is it expected to expand?
The neurology devices market size has grown rapidly in recent years. It will grow from $18.42 billion in 2024 to $20.79 billion in 2025 at a compound annual growth rate (CAGR) of 12.9%. The growth in the historic period can be attributed to rapid growth in elderly population, rapid technology advances, economic growth in emerging markets, increase in R&D in the field and huge investments by private players in neurology devices.
The neurology devices market size is expected to see rapid growth in the next few years. It will grow to $33.38 billion in 2029 at a compound annual growth rate (CAGR) of 12.6%. The growth in the forecast period can be attributed to increasing elderly population, changes in lifestyle, rising awareness of neurological disorders, rise in burden of neurological diseases, faster economic growth. Major trends in the forecast period include investing in developing neuromodulation devices, wearable neurology devices, new product launches, adopting mergers and acquisition strategies and increasing research and development activities.
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Which industry factors have accelerated the neurology devices market’s expansion?
Favorable government initiatives are expected to propel demand for neurology devices. Government initiatives for medical devices encompass policies, regulations, and programs aimed at overseeing and fostering the safety, quality, and advancement of these healthcare products. Favorable government initiatives can significantly impact the neurology device market by influencing regulations, funding research and development, providing financial incentives, expanding telemedicine, promoting public health awareness, and improving overall healthcare infrastructure and access. For instance, in October 2023, the Food and Drug Administration, a US-based federal agency under the Department of Health and Human Services, extended the Total Product Life Cycle Advisory Programme (TAP) to encompass neurological and physical medicine devices, with the goal of expediting the advancement of technologies in these areas. By the first quarter of 2025, the FDA intends to include an additional four offices in the program and enroll up to 65 more devices. Therefore, favorable government initiatives will stimulate the growth of the neurology device market in the future.
What are the primary segments of the neurology devices market?
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
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Which firms are leading the neurology devices market?
Major companies operating in the neurology devices market include Medtronic PLC, Stryker Corporation, Boston Scientific Corporation, Integra LifeSciences, Abbott Laboratories, Terumo Corporation, LivaNova, PLC, Integer, Penumbra, Inc., B. Braun Group, Johnson & Johnson, W.L Gore, St. Jude Medical LLC, Parasym, TUR Therapietechnik GmbH, Smiths Medical, Cizeta Surgical, Neuro France Implants, Ectron, Accentus Medical Ltd, Adaptix, Argonaut Therapeutics, Brainwave Discovery, Cerus Endovascular, Chronus Therapeutics, Natus Medical Incorporated, Cerenovus, Nevro, Aleva Neurotherapeutics SA, Dynatronics Corporation, Cyberonics Inc.
Which market trends are set to define the future of the neurology devices market?
Major companies operating in the neurology devices market are developing digital platforms such as BrainTale-care to enhance product offerings and improve patient treatment. BrainTale-Care is a dedicated digital platform designed for the monitoring and prediction of neurological disorders. For instance, in March 2022, Braintale, a France-based medical device company, introduced the brainTale-care platform, featuring modules such as brainQuant for white matter quantification and brainScore-coma for coma recovery prediction. This marks a significant advancement in the company’s growth, as it aims to offer European doctors and medical teams an innovative digital medical device for decision support. Braintale’s goal is to furnish resuscitation specialists and neurologists with clinically validated non-invasive solutions that enhance the diagnosis, monitoring, and prediction of neurological disease progression.
Which geographic trends are shaping the neurology devices market, and which region has the highest market share?
The countries covered in the neurology devices market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa
What Does The Neurology Devices Market Report 2025 Offer?
The neurology devices market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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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