Press release
Neurology Devices Global Market Report 2024 To 2033 | Medtronic Inc., Stryker Corporation, Boston Scientific Corporation, Integra LifeSciences, Abbott Laboratories
Neurology Devices Market Share
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According to The Business Research Company's, The neurology devices market size has grown rapidly in recent years. It will grow from $17.82 billion in 2023 to $19.78 billion in 2024 at a compound annual growth rate (CAGR) of 11.0%. 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 $29.46 billion in 2028 at a compound annual growth rate (CAGR) of 10.5%. 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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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
Robert Bosch GmbH, Denso Corp, General Motors Co., Aisin Seiki Co ltd, Hyundai Mobis, Shanghai Automotive Industry Corporation (SAIC), FCA, Jini Auto Spare Parts Company LLC, MRF, Tenneco, MAHLE GmbH, Ford Motor Company, TVS, Bombardier Inc, Benteler South Africa, Mercedes-Benz Manufacturing Hungary, GM, Dongfeng Motor Co. Ltd, Tianjin Automotive Industry Corporation (TAIC), Caterpillar Brazil, Alliance Automotive Group (AAG), Guangzhou Automotive Industry Corporation (GAIC), Volkswagen, Martinrea International Inc., Continental AG, GEDIA Michigan, Magna International Inc, Navik Co., Ltd., Nissan, Marelli Automotive Systems UK, China FAW Group Corporation, Solaris Bus Coach, Fiat Automóveis, Lear Corporation, Motor Company, Tata Motors Limited (India), Mahindra and Mahindra Ltd. (India), Valeo SA, Borg Automotive, Bharat Forge, Mitsubishi Motor Corporation, Goodway Plastic Products, Effa Brazil, Toyota Motor Corp, Chamonix, American Axle and Manufacturing Holdings, Honda Motor Co., Ltd., Weichai Holding Group Co. Ltd, Mazda, Csepel Holding, Geely Automobile Holdings Limited, Magyar Suzuki, NIO Inc., NTN Corp., Marelli Holdings Co., Ltd., Comil, Auto Mark, Fiat Chrysler Automobiles NV, Sumitomo, Mando, Carformer Ltd., Linamar Corporation, SAIC Motor Co ltd, XPeng Inc., Audi Hungaria Zrt, Renault, Xincheng Vehicle Parts Manufacturing Factor, Jaguar Land Rover, Grunwald LLC, Euro Car Parts, Dimako Ltd, Denso, Brenderup Group, Agrale, Inter Cars, Raval, Babatin Auto Parts CO., Al-Hammadi Spare and Parts Company, Beijing Automotive Industry Company (BAIC), ACME Salvage, BMW Brazil, Inter Groclin Auto, PartsPoint Group
Neurology Devices Market 2024 Key Insights:
• The neurology devices market size is expected to see rapid growth in the next few years. It will grow to $29.46 billion in 2028 at a compound annual growth rate (CAGR) of 10.5%.
• Elevating Neurology Device Market Growth Through Favorable Government Initiatives
• Digital Platforms Transforming Neurology Devices Market
• North America was the largest region in the global neurology devices market in 2023
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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