Neurointerventional devices, neurostimulation devices, cranial dopplers, electromyographs, implantable neurostimulators, neurosurgery surgical robots, and skull clamps are some of the most widely used neurology devices.
The global Neurology Devices Market is estimated to account for US$ 44,045.9 Mn in terms of value by the end of 2027.
Global Neurology Devices Market: Drivers
R&D of new neurology devices is expected to propel growth of the global neurology devices market over the forecast period. For instance, in March 2020, researchers at the Institute for Genomic Medicine at Columbia University Irving Medical Center reported development of enhancement-mode ion-based transistor designed to record the electrical activity of neurons and to perform real-time calculations that help in identifying and monitoring neurological disorders.
Global Neurology Devices Market: Opportunities
Development of novel imaging software for neurological disorders is expected to offer lucrative growth opportunities for players in the global neurology devices market. For instance, in February 2020, Qynapse, a France-based medical technology company, received 510(k) clearance from the U.S. Food and Drug Administration for its QyScore neurodegenerative disease imaging software.
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Global Neurology Devices Market: Restraints
Product recalls are expected to hamper the market growth. For instance, in November 2019, The U.S. Food and Drug Administration (FDA) issued a class 1 recall for Zimmer Biomet’s ROSA Brain device, citing a software issue.
The global neurology devices market was valued at US$ 13,572.1 Mn in 2019 and is forecast to reach a value of US$ 44,045.9 Mn by 2027 at a CAGR of 15.9% between 2020 and 2027. Increasing R&D of new neurology devices is expected to propel growth of the global neurology devices market over the forecast period.
Neuro-stimulation Devices segment held dominant position in the global neurology devices market in 2019, accounting for 71.4% share in terms of value, followed by Interventional Neurology Devices and CSF Management devices, respectively. Increasing prevalence of neurological disorders is expected to propel growth of the segment during the forecast period.
Major players in the market are donating neurology devices to aid healthcare systems during Covid-19 pandemic. For instance, in May 2020, BIONIK Laboratories Corp. donated an InMotion robotic system, used to help stroke survivors and those with other neurological conditions regain arm movement, to Einstein Healthcare Network's MossRehab, an independent medical center in Philadelphia, U.S.
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Major players in the market are focused on approval and launch of new devices to expand their product portfolio. For instance, in February 2020, Avanos Medical, Inc. received the U.S. Food and Drug Administration (FDA) approval for its 80-Watt COOLIEF Radiofrequency (RF) system for neurological lesion procedures.
Global Neurology Devices Market: Competitive Landscape
Major players operating in the global neurology devices market include, B. Braun Melsungen AG, Boston Scientific Corporation, BIONIK Laboratories Corp., Integra LifeSciences Holdings Corporation, Johnson and Johnson, Magstim Co Ltd., Braintale SAS, Medtronic, plc., Abbott, Zimmer Biomet, Stryker Corporation, Helius Medical Technologies, Inc., Avanos Medical, Inc., W.L. Gore & Associates, Inc., HeadsafeIP Pty Ltd., Cerus Endovascular Ltd., and Cyberonics, Inc.
Global Neurology Devices Market: Key Developments
May 2020: HeadsafeIP Pty Ltd., a privately held brain health technology company, received 510(k) clearance from the U.S. Food and Drug Administration (FDA) for its NUROCHEK system for brain assessment
April 2020: Cerus Endovascular Ltd. received CE Mark approval for its 021 Contour Neurovascular System, compatible with smaller commercially available 021 microcatheters for the treatment of saccular intracranial aneurysms
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