Neurology Devices Global Market
Neurology devices are designed to aid diagnose, prevent, monitor and treat a variety of neurological disorders and conditions such as Parkinson’s disease, Alzheimer’s disease, epilepsy, major depression, spinal cord and traumatic brain injuries.
The neurology devices market is divided into four broad divisions. They are:
The global neurology devices market was over $8.5 billion in 2016 and expected to reach over $13 billion in 2020. This growth can be attributed to factors like Changes in Lifestyles, Increased Adoption of Neurological Devices Over Drug Therapies, Rise in Global Burden of Neurology Disorders, and Economic Growth.
Surgeons and patients opting for neurological devices as a treatment option over drug therapies are increasing, thus boosting the demand for the neurology device market. Due to its cost effectiveness and cost to utility ratio, adoption of neurology devices, in particular neurostimulators and deep brain stimulators is increasing in the treatments of epilepsy, chronic pain, Parkinson’s disease, migraines and post cancer pain. The increasing use of neurological devices can drive the market during the forecast period.
The major restraints on the medical equipment market during 2016-2020 are expected to include Increased Interest Rates, Government Regulations, and Risk of Post-Operative Complications for Neurology Device Market.
Increasing risk for post-operative complications due to device failures, device malfunctions and device infections are limiting the growth of the neurology device market. Neurological devices such as shunts, aneurysm devices and embolization devices can often lead to post-operative complications. For instance, an estimated 50% of shunts used in the treatment of hydrocephalus in the pediatric populations fail within two years of placement and repeated neurosurgical operations are often required. These incidents negatively affect the brand image of the device companies and thus decrease the growth of the neurology device market.
The market segments in the neurology devices market as of 2016 were neurostimulation devices, interventional neurology, neurosurgery devices, and cerebrospinal fluid (CSF) management market. Neurostimulation Devices was the largest segment in the neurology devices market followed by Interventional Neurology Devices and Cerebrospinal Fluid (CSF) Management Devices.
The Americas was the largest region in the neurology devices market in 2016, accounting for over 50% of the market share. The USA was the largest country in the neurology devices market in 2016. This can be attributed to high income level, a well-established food services franchise channel and technological advances in the market. Asia was the second largest region accounting for around 35% of the market share followed by Europe with around 8% of the market share.
The neurology devices market is a relatively consolidated market. The top five competitors in the market made up 60% of the total market share in 2016. The leading companies in this market are Medtronic, plc
- BraunMelsungen AG, Stryker Corporation, Integra LifeSciences Holdings Corp., and Abott Laboratories.
Table Of Contents
Neurology Devices Market Characteristics
Cerebrospinal Fluid Management (CSF) Devices
Interventional Neurology or Neurovascular Devices
Neurostimulation Devices Market
Neurology Devices Market Historic Growth
Drivers of the Market
Emerging Markets Growth
Restraints on the Market
Weak Wage Growth in Developed Economies
Neurology Devices Market Forecast
Drivers of the Market
Changes in Lifestyles
Increased Adoption of Neurological Devices Over Drug Therapies
Rise in Global Burden of Neurology Disorders
Restraints on the Market
Interest Rate Increases
Risk of Post-Operative Complications for Neurology Device Market
Neurology Devices Market Segmentation
Neurology Devices Market Size, Split By Segments, 2016, $ Billion
Interventional Neurology Devices
Cerebrospinal Fluid (CSF) Management Devices
Neurology Devices Market Regional and Country Comparison
Global Neurology Devices Services Market, Split By Region, 2016
Global Neurology Devices Market, Historic and Forecast Growth Rate, Split By Region, 2012-2020
Global Neurology Devices Market, Split By Country, 2016
Global Neurology Devices Market, Historic and Forecast Growth Rate, Split By Country, 2012-2020
Neurology Devices Market Competitive Landscape
Johnson & Johnson (J&J)
- Braun Melsungen AG
Neurology Devices Market Key Mergers and Acquisitions
Medtronic Acquired Covidien
Terumo Acquires Sequent Medical
Nuvasive Acquired Biotronic
Stryker Merged with Synergetics USA’s Neurology Portfolio
Neurology Device Market Trends and Strategies
Minimally Invasive Treatments
Increasing M&A activity
NAICS Definitions of Industry Covered in this Report
Competitor Market Share Data
Verification Through Expert Interviews
Note on Currency Conversions