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Future of the Neurology Devices Market: Strategic Analysis and Forecast to 2034
Neurology Devices Market
Neurology Devices Market Size Growth Forecast: What to Expect by 2025?
In recent times, the neurology devices market has experienced a swift growth rate. The market, which was valued at $18.42 billion in 2024, is forecasted to elevate to $20.79 billion in 2025, with a compound annual growth rate (CAGR) of 12.9%. The growth during the historic period could be ascribed to factors-like the swift increase in the elderly population, rapid technological advancements, economic development in emerging markets, escalated research and development in the relevant field, and significant investments from private entities in neurology devices.
How Will the Neurology Devices Market Size Evolve and Grow by 2029?
In the coming years, the market size for neurology devices is projected to experience significant growth, expected to reach $33.38 billion by 2029, growing at a CAGR of 12.6%. Factors contributing to this growth during the forecast period involve the growing elderly population, lifestyle modifications, heightened awareness of neurological disorders, an increasing prevalence of neurological diseases, and accelerated economic growth. Notable emerging trends for the forecast period are emphasizing investment in the development of neuromodulation devices, neurology devices that are wearable, product innovation, implementing strategies for mergers and acquisitions, and an increase in research and development endeavors.
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What Drivers Are Propelling the Growth of Neurology Devices Market Forward?
Government programs that promote the safety, quality, and advancement of medical equipment, in particular neurological devices, can significantly drive market growth. The impact of such initiatives on the neurology device market is considerable as they help shape regulations, fund research and development, offer financial incentives, broaden telemedicine, encourage public health awareness, and enhance healthcare infrastructure and accessibility. Taking an example, in October 2023, the Total Product Life Cycle (TPLC) Advisory Programme was broadened by FDA (a US federal agency belonging to the Department of Health and Human Services) to include neurological and physical medicine devices. The aim was to hasten the technological developments in these segments. The FDA has plans to incorporate four more offices into the program and register up to 65 more devices by the first quarter of 2025. Consequently, positive government initiatives play a key role in stimulating the future growth of the neurology device market.
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Which Emerging Trends Are Transforming the Neurology Devices Market in 2025?
Leading firms in the neurology devices market, like the France-based medical device company, Braintale, are pioneering digital platforms like BrainTale-care to augment their product range and improve patient care. Launched in March 2022, BrainTale-Care is a specialized digital platform for monitoring and predicting neurological diseases. It includes modules like brainQuant for quantifying white matter and brainScore-coma for predicting coma recovery. This development signifies a considerable leap in the company's evolution as it sets out to provide European medical practitioners with trailblazing digital medical devices for decision aid. Braintale is committed to equipping neurologists and resuscitation experts with clinically-tested non-invasive solutions to enhance the diagnosis, surveillance, and foretelling of neurological illness progression.
What Are the Key Segments in the Neurology Devices Market?
The neurology devices market covered in this report is segmented -
1) By Type: Cerebrospinal Fluid Management (CSF) Devices And Equipment, Interventional Neurology Devices And Equipment, Neurosurgery Devices And Equipment, Neurostimulation Devices
2) By Type of Expenditure: Public, Private
3) By Product: Instruments/Equipment, Disposables
4) By End User: Hospitals And Clinics, Diagnostic Laboratories, Other End Users
Subsegments:
1) By Cerebrospinal Fluid Management (CSF) Devices And Equipment: CSF Shunts, CSF Drainage Systems, Ventriculostomy Devices
2) By Interventional Neurology Devices And Equipment: Intracranial Stents, Embolic Coils, Neurovascular Catheters
3) By Neurosurgery Devices And Equipment: Surgical Microscopes, Surgical Navigation Systems, Neurosurgical Instruments
4) By Neurostimulation Devices: Deep Brain Stimulation Devices, Spinal Cord Stimulation Devices, Transcranial Magnetic Stimulation Devices
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Who Are the Key Players Shaping the Neurology Devices Market's Competitive Landscape?
Major companies operating in the neurology devices market include Medtronic PLC, Stryker Corporation, Boston Scientific Corporation, Integra LifeSciences, Abbott Laboratories, Terumo Corporation, LivaNova, PLC, Integer, Penumbra, Inc., B. Braun Group, Johnson & Johnson, W.L Gore, St. Jude Medical LLC, Parasym, TUR Therapietechnik GmbH, Smiths Medical, Cizeta Surgical, Neuro France Implants, Ectron, Accentus Medical Ltd, Adaptix, Argonaut Therapeutics, Brainwave Discovery, Cerus Endovascular, Chronus Therapeutics, Natus Medical Incorporated, Cerenovus, Nevro, Aleva Neurotherapeutics SA, Dynatronics Corporation, Cyberonics Inc.
What Geographic Markets Are Powering Growth in the Neurology Devices Market?
North America was the largest region in the global neurology devices market in 2024. Asia-Pacific was the second largest region in the global neurology devices market. Africa was the smallest region in the global neurology devices market. The regions covered in the neurology devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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