Global neurology devices market is expected to reach USD 10.8 billion by 2022, according to a new report by Grand View Research, Inc. This expected growth in demand can be ascribed to growing need for development of different neurostimulation techniques with efficient and accurate algorithms for treatment of several CNS associated disorders.
Rise in incidence of cerebral stroke and other severe disorders such as Alzheimer’s disease, epilepsy, and Parkinsonism is expected to fuel demand of neurology devices thereby driving industry growth. According to National Institute of Neurological Disorders and Stroke (NINDS), approximately 50 million Americans are affected due to these disorders leading to high economic & disease costs burden for medical expenses coupled with loss of productivity. The industry is expected to witness a considerable increase in demand for CNS related therapeutic procedures over the forecast period.
Further key findings from the study suggest:
- Neurostimulation devices accounted for over 50% of the revenue generated in the market for 2014. This large share can be attributed to the growing number of chronic CNS disorders, a globally ageing population and development of minimally invasive neurological and faster acting stimulation devices that attract higher market usage and penetration in the neurology devices market.
- Neurosurgery segment including ultrasonic aspirators, stereotactic systems, neuroendoscopes, and aneurysm clips are expected to witness considerable growth over the forecast period due to their essential nature of use in tumor removal and brain cell damage repair surgeries.
- North America dominated the market in 2014, with revenue estimated at over USD 2,400 million. Presence of sophisticated healthcare infrastructure, favorable government initiatives pertaining to pharmaceutical R&D, cancer research, neurological R&D investment, and the presence of a considerably large CNS disorder patient base are some drivers of this market.
- Asia Pacific is expected to witness lucrative CAGR of over 8.0% from 2015 to 2022 due to the presence of high-unmet medical needs coupled with rapidly rising healthcare R&D investment, and growing medical expenditures in emerging economies such as India and China. Supportive government initiatives pertaining to increasing investments by manufacturers and governments in neuro-informatics and high untapped market opportunities are the important factors accounting for the expected growth of market in this region over the forecast period.
- Key participants of the neurology devices market include Johnson and Johnson, B.Braun Melsungen AG, Boston Scientific Corporation, St. Jude Medical Inc Covidien PLC, Medtronic Inc., Johnson & Johnson, Magstim Co Ltd., W.L. Gore & Associates Inc., Integra Life Sciences Holdings Corp., Stryker Corp.
- Market participants are involved in R&D for development of advanced stimulation and neuromodulation techniques with minimally invasive procedures that are more preferable to the patients. Furthermore, collaborations with university as well as non-university based institutes that are engaged in neuroscience research are expected to boost sector growth in the coming years.
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