Market Trends of Global Neurology Devices Industry
This section covers the major market trends shaping the Neurology Devices Market according to our research experts:
Neurostimulation Devices Segment Expects to Register a High CAGR in the Forecast Period
The neurostimulation devices segment is expected to witness significant growth over the forecast period owing to the factors such as the increasing prevalence of neurological disorders coupled with an increase in the aging population and lifestyle-related disorders such as depression and chronic pain and increasing adoption of technologically advanced products.
In addition, according to a study published by IEEE Engineering in Medicine and Biology Society, in February 2021, titled "New Advances in Neurostimulation for Chronic Pain", it has been found that Mainstay Medical designed a ReActiv8 implantable restorative neurostimulation system, which is used to treat intractable chronic lower back pain. Thus, the increasing advances in the products are expected to rise the adoption of these devices, thereby propelling the market growth.
Moreover, the increasing product launches and technological advancements in pain management are expected to increase the demand for neurostimulation devices, thereby fueling market growth. For instance, In July 2021, Medtronic launched the Percept PC Deep Brain Stimulation (DBS) system. The system integrated with BrainSense technology is made to administer therapeutic stimulation both inside and outside of the clinic while simultaneously capturing brain signals. The Percept PC device is indicated for individuals with Parkinson's disease, tremor, dystonia, and epilepsy and provides enhanced comfort.
Thus, rising product advancements and increasing product launches are expected to increase the demand for the studied segment, thereby boosting the market growth.
North America is Expected to Have the Significant Market Share
North America is expected to have a significant major market share in the neurology devices market owing to the factors such as the rising prevalence of neurological disorders, increasing funding from various organizations regarding the development for the treatment of neurodegenerative diseases, and rising research and development activities in the region.
The increasing burden of neurological disorders such as Parkinson's diseases, Alzheimer's diseases, epilepsy, neuromuscular disorders, and others is the key factor driving the growth of the market. For instance, according to data from Alzheimers.org, 6.2 million Americans aged 65 and older were thought to have Alzheimer's-related dementia in the United States in 2021. Also, the Parkinson's Foundation estimated that nearly 1 million Americans were living with Parkinson's disease (PD) in 2020. As per the same source, nearly 60,000 Americans are diagnosed with Parkinson's disease every year. Similarly, as per the Government of Canada Statistics report, as of July 2021, around 18.5% of the Canadian population was aged above 65 years which is an increase from 17.5% in July 2020. Thus, the rising burden of neurological diseases among the population is expected to increase the demand for early diagnosis and treatment, further increasing the demand for neurology devices, thereby propelling the market growth.
In addition, the growing geriatric population and the presence of robust healthcare infrastructure for neurological diagnostics and treatment are also contributing to the growth of the neurology devices market over the forecast period. For instance, according to the World Population Ageing 2021 report, the Mexican population aged 65 years and older is projected to reach 9.31 million by 2030. Thus, the increasing aging population is more prone to develop neurological disorders which are expected to increase the demand for various neurology devices for diagnosing and treatment of the conditions, which is expected to fuel the market growth.
Moreover, the rising company initiatives to develop neurology devices in the region are also contributing to the growth of the market. For instance, in January 2021, the United States Food and Drug Administration granted clearance to ClearMind Biomedical's neuro endoscope, the Axonpen System. This system can be used to illuminate and visualize intracranial tissue and fluids as well as the controlled tissue and/or fluid aspiration during surgery.
Thus, the increasing prevalence of neurological disorders, growing geriatric population, and increasing company activities in the region are expected to augment the market growth over the forecast period.
