Neurology Devices Market Size, Share, Growth, Trends, and Global Industry Analysis: By Product (Neurostimulation Devices, Neurosurgery Devices, Interventional Neurology Devices, Cerebrospinal Fluid Management Devices) By End User (Hospitals, Ambulatory surgery centers, Neurology clinics) and By Region.

Neurology Devices Market Size was valued at US$ 12,563.3 million in 2022 and is anticipated to grow at a CAGR of 5.3 % over 2023-2029. The neurology devices market is the healthcare sector that deals with a wide range of medical devices designed for the diagnosis, treatment, and management of various neurological conditions such as epilepsy, Parkinson's disease, Alzheimer's disease , stroke, multiple sclerosis, and other disorders. Neurological disorders affect the brain, spinal cord, and peripheral nerves, and can have a significant impact on an individual's quality of life. The field of neurology devices enable healthcare professionals to assess brain activity, measure neural signals, and detect abnormalities in the nervous system. They play a crucial role in the accurate diagnosis, prognosis, and ongoing management of neurological disorders. In addition to diagnosis, neurology devices are also used for therapeutic purposes. They can provide specialised therapies to particular parts of the brain or nervous system, assisting in the relief of symptoms and the improvement of patient well-being. The growing frequency of neurological illnesses, coupled with an increase in aging population, is pushing the neurology devices industry.

According to the Alzheimer's Association's annual report, more than 6 million Americans have Alzheimer's disease. This figure is expected to nearly triple by 2050, with one in every three seniors dying from Alzheimer's or another dementia. Additionally, advancements in technology, such as imaging techniques, miniaturization of devices, and artificial intelligence, have significantly enhanced the capabilities of neurology devices. Increasing healthcare expenditure along with the expansion into emerging markets create significant opportunities for the development of the neurology devices market. However, high cost of neurology devices is hampering the growth of the neurology devices market. Manufacturers are strategically expanding their product portfolio by launching advanced neurological devices that further contribute to the neurology devices market growth. For instance, in October 2022, Axoft launched and announced FDA Breakthrough Device designation for its brain-machine interface (BMI) to treat neurological illnesses.

Neurology Devices Market Key Developments: 

• In May 2023, TeraRecon introduced its new AI-powered Neuro Suite platform for disease triage, differential diagnostic insights, and care activation in a variety of neurological disease conditions.
• In February 2023, MindMaze launched Izar neurological rehabilitation device in USA and Europe.