The prevalence of several neurological conditions as well as cerebrovascular disorders such as stroke, migraine, and headache is increasing across the world, which is driving up demand for neurology devices. Growing preference for minimally-invasive procedures and ongoing innovations in neurology equipment are also increasing market value.
With the support of non-invasive, image-guided neurology technologies, neurovascular issues such as tumors, cavernous malformations, and stroke are addressed. The market for neurology devices is expanding as a result of many key variables, including an increase in head traumas, high rates of stress in young people, an increase in the geriatric population, and a large patient base.
Rising patient awareness regarding the availability of treatment and reimbursement for neurovascular illnesses, particularly in emerging countries, are factors that will accelerate market expansion.
The use of artificial intelligence (AI) in neurology is anticipated to support market expansion. Computer-aided diagnosis (CAD) systems that employ AI and advanced signal processing methods can assist physicians in analyzing and understanding physiological signals and images more accurately.
Key Takeaways from Market Study
- Worldwide demand for neurology devices is expected to rise at a CAGR of 6.2% through 2027
- The global neurology devices market is currently valued at US$ 9.6 billion.
- The market in Canada is anticipated to expand at a CAGR of 5.5% over the forecast period (2022-2027).
- Sales of interventional neurology devices are predicted to increase at a CAGR of 6.4% from 2022 to 2027.
- The market in Germany is set to increase at a CAGR of 4% through 2027
“Market expansion is attributed to growing investments by key manufacturers of medical devices, increasing efforts by public & private institutions to improve and execute payment procedures for treating neurovascular disorders, and extensive research & development in neurotherapy,” says a Fact.MR analyst
Top companies are engaged in the introduction of magnetic stimulation technology as a result of innovations in neurostimulation and neuromodulation techniques. Key market players are collaborating with research organizations to increase their presence and contribute to the creation of modern as well as safe processes.
- In April 2022, an updated version of Abbott’s NeuroSphere myPath digital health app was released. Abbott neurostimulation devices are used by patients to treat their chronic pain, and the functionality of the app improved to help doctors better monitor their patients during this process.