Market Overview
The global neurology devices market size reached USD 14.4 Billion in 2024 and is projected to grow to USD 26.6 Billion by 2033. The market is expected to grow at a CAGR of 6.72% during the forecast period from 2025 to 2033. This growth is driven by increasing prevalence of neurological disorders like epilepsy, Alzheimer’s disease, dementias, and cerebrovascular diseases, technological advancements leading to improved devices, and the rising geriatric population.
Study Assumption Years
- Base Year: 2024
- Historical Year/Period: 2019-2024
- Forecast Year/Period: 2025-2033
Neurology Devices Market Key Takeaways
- The global neurology devices market size was USD 14.4 Billion in 2024.
- The market is forecast to grow at a CAGR of 6.72% during 2025-2033.
- The forecast period for the market is from 2025 to 2033.
- Major drivers include favorable government initiatives and expansion of healthcare facilities.
- Rising incidences of neurological disorders and increasing geriatric population are driving market demand.
- North America dominates the market due to advanced healthcare facilities.
- Regulatory hurdles challenge the market while regenerative medicine and restorative therapies offer new opportunities.
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Market Growth Factors
The neurology devices market is primarily driven by increasing prevalence of various neurological disorders such as epilepsy, Alzheimer’s disease, dementias, and cerebrovascular diseases. According to WHO, 206 million people had diabetic neuropathy in 2021. These disorders have a detrimental impact on patients, affecting coordination, muscle strength, and sensation. The rising need for effective and reliable treatment solutions is fueling demand for neurology devices that enable precise diagnosis through detailed visualization and monitoring of brain activity and structure.
Technological advancements are introducing improved neurology devices with enhanced features, including telemedicine capabilities that allow remote patient monitoring. For instance, Abbott launched an upgraded NeuroSphere TM myPath TM digital health app in 2022, enabling physicians to monitor patients closely during treatments involving dorsal root ganglion or spinal cord stimulation devices. Market leaders are continuously innovating to provide advanced care that caters to individual patient needs.
The growing geriatric population also contributes significantly to market growth. Elderly populations are more susceptible to neurological conditions like dementia, stroke, Parkinson's, and Alzheimer’s diseases, leading to increased demand for neurology equipment and services. The WHO projects that persons aged 80 years or older will number 426 million by 2050. This demographic shift underscores the need for specialized neurological medical attention, supporting sustained market expansion.
Market Segmentation
By Product:
- Neurostimulation Devices: Representing the largest segment, these devices stimulate nerves and regulate neural pathways using medication, electrical signals, or energy. They offer customized management plans and can reduce medication dependence while treating depression, migraines, anxiety, and insomnia.
- Neurosurgery Devices
- Interventional Neurology Devices
- Cerebrospinal Fluid Management Devices
- Others
By End User:
- Hospitals: The dominant end-user segment, hospitals account for the largest market share. Equipped with advanced infrastructure and specialist personnel, hospitals manage complex neurological disorders and surgeries, supporting high patient influx.
- Ambulatory Surgery Centers
- Neurology Clinics
Regional Insights
North America dominates the neurology devices market, driven by advanced medical technologies, sophisticated healthcare institutions, and active research and development efforts. Favorable government policies and a high prevalence of neurological disorders also support regional market growth. The Alzheimer's Association estimates that approximately 13 million Americans will suffer from Alzheimer's disease by 2050, underscoring the region's significant demand for neurology devices.
Recent Developments & News
- On 14 January 2021, Medtronic plc announced the first enrollment in the ADAPT-PD trial, evaluating adaptive deep brain stimulation safety and efficacy in Parkinson’s patients using the Percept ™ PC device.
- On 12 January 2021, ClearMind Biomedical received FDA 510k clearance for its Axonpen System, a neuroendoscope that illuminates and visualizes intracranial tissue and fluids during surgeries, with tissue/fluid aspiration control.
Key Players
- Abbott
- B. Braun SE
- Boston Scientific Corporation
- Integra LifeSciences Corporation
- LivaNova PLC
- Medtronic plc
- Natus Medical Incorporated
- Nihon Kohden Corporation
- Penumbra, Inc
- Stryker Corporation
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