Global Neurology Devices Market, By Device Type (CSF Management devices (CSF Shunt Devices and CSF Drainage Devices), Interventional Neurology Devices (Neuro Thromobectomy, Cerebral Balloon Angioplasty & Stents, Aneurysm Coiling, and Support Devices), Neuro-surgery Devices (Neuro-endoscopes, Sterotactic- Systems, Ultrasonic- Aspirators, and Aneurysm Clips), and Neuro-stimulation Devices (Spinal Cord Stimulation, Deep Brain Stimulation, Sacral Nerve Stimulation, Vagus Nerve Stimulation, and Gastric Nerve Stimulation)), By End user (Hospitals, Ambulatory Surgery Centers, and Others) and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 24.1 Million in 2023 and is expected to exhibit a CAGR of 15.9% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
An increase in the adoption of inorganic growth strategies such as partnership by the key players in the market is expected to drive the growth of the global neurology devices market over the forecast period. For instance, in November 2021, Medtronic, a medical device company announced partnership with Rune Labs, a software and data analytics company, to explore new frontiers in deep brain stimulation. Rune Labs will collect data from 1,000 patients fitted with Medtronic’s Percept Deep Brain Stimulation (DBS) device and search for previously unknown patterns in Parkinson’s disease patients.
Global Neurology Devices Market– Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic and lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors, including the private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry, mainly due to strict lockdowns in several regions. Private healthcare is one such sector that has been impacted significantly by the COVID-19 pandemic.
Pandemic has a positive impact on neurology device companies. According to the data published in March 2021, on American Medical Association, a professional association and lobbying group of physicians and medical students, based in U.S., stated that COVID-19 has resulted in more than 120 million cases and 2.6 million deaths to date. Respiratory and gastrointestinal symptoms are accompanied by short and long term neuropsychiatric symptoms (NPs) and long-term brain sequelae. Follow-ups conducted in Germany and the U.K. found post–COVID-19 NPs in 20% to 70% of patients, even in young adults, and lasting months after respiratory symptoms resolved, suggesting brain involvement persists.
Global Neurology Devices Market: Key Developments
In April 2020, Braintale SAS, a medical device company, received Conformité Européenne (CE) mark approval for Brainquant, a quantitative brain measurement device used for managing patients in a coma following brain injury.
In May 2020, Helius Medical Technologies, Inc., a neurotech company, received Breakthrough Designation for its portable neuromodulation stimulator (PoNS) device as a potential treatment for gait deficit due to symptoms of multiple sclerosis.
In May 2021, Medtronic, a medical device company, announced the first enrollment in ADAPT-PD (Adaptive DBS Algorithm for Personalized Therapy in Parkinson's Disease), its trial evaluating the safety and efficacy of adaptive deep brain stimulation (aDBS) in patients with Parkinson's Disease (PD). Adaptive deep brain stimulation is an investigational feature of the Percept PC device that could be enabled if approved. The investigational feature used in this study allows for automated adjustment of brain stimulation to provide therapy to manage symptoms of Parkinson's disease based on a patient's clinical state.
In July 2022, Pulsetto, a healthcare startup, announced the launch of a neuromodulation device that stimulates the vagus nerve. Stimulating this nerve with electric impulses activates the parasympathetic nervous system, allowing the body to rest and relax.
Browse 25 Market Data Tables and 27 Figures spread through 170 Pages and in-depth TOC on “Global Neurology Devices Market”- Forecast to 2030, By Device Type (CSF Management devices (CSF Shunt Devices, CSF Drainage Devices), Interventional Neurology Devices (Neuro thromobectomy, Cerebral Balloon Angioplasty & Stents, Aneurysm Coiling, Support Devices), Neuro-surgery Devices (Neuro-endoscopes, Sterotactic- Systems, Ultrasonic- Aspirators, Aneurysm Clips), Neuro-stimulation Devices (Spinal Cord Stimulation, Deep Brain Stimulation, Sacral Nerve Stimulation, Vagus Nerve Stimulation, Gastric Nerve Stimulation)), By End user (Hospitals, Ambulatory surgery centers and Others) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/neurology-devices-market-3889
Key Takeaways of the Global Neurology Devices Market:
- The global neurology devices market is expected to exhibit a CAGR of 15.9% during the forecast period owing to an increase in the product launch by the key players in the market is expected to drive the growth of the global neurology devices market over the forecast period. For instance, in December 2022, electroCore, Inc., a commercial-stage bioelectronic company, announced the launch of a new wellness product offering called TruvagaTM for customers residing in the U.S. Truvaga is a handheld non-invasive vagus nerve stimulator that utilizes our proven technology to quickly and gently activate the vagus nerve.
- Among end user, the hospitals segment is estimated to hold a dominant position in the global neurology devices market over the forecast period, due to an increase in the hospital launches by the key market players. For instance, on June 22, 2023, Amrita Hospital, based in Faridabad, India, launched India’s first Human Motor Control Centre dedicated to patients with neurological disorders. The specialized center, the first in the country, is specifically designed for the treatment of patients battling various neurological conditions including Parkinsonism, hyperkinetic movements, epilepsy, and functional neurological disorders.
- On the basis of region, North America segment is estimated to hold a dominant position in the global neurology devices market over the forecast period, due to an increase in the adoption of inorganic growth strategies such as collaboration by the key players in the market. For instance, on January 4, 2023, Biogen Inc., specializing in the discovery, development, and delivery of therapies for the treatment of neurological diseases to patients worldwide and Alcyone Therapeutics, a biotechnology company pioneering next-generation precision gene-based therapies for complex neurological conditions, entered into a license and collaboration agreement to develop Alcyone’s ThecaFlex DRx System, an implantable medical device intended for subcutaneous delivery of antisense oligonucleotide (ASO) therapies into the intrathecal space. Through this agreement, Biogen aims to leverage the ThecaFlex DRx System with a goal of improving the patient treatment experience and accessibility for a broader population of people suffering from neurological disorders, such as spinal muscular atrophy (SMA) and amyotrophic lateral sclerosis (ALS).
- Major players operating in the global neurology devices market include B. Braun Melsungen AG, Boston Scientific Corporation, BIONIK Laboratories Corp., Integra LifeSciences Holdings Corporation, Johnson and Johnson, Magstim Co Ltd., Braintale SAS, Medtronic, Abbott, Zimmer Biomet, Stryker Corporation, Helius Medical Technologies, Inc., Avanos Medical, Inc., W.L. Gore & Associates, Inc., HeadsafeIP Pty Ltd., Cerus Endovascular Ltd., and Cyberonics, Inc
