• Neurological devices can help diagnose, prevent, and treat a variety of neurological disorders and conditions such as Alzheimer’s disease, Parkinson’s disease, major depression, epilepsy, spinal cord injury, and traumatic brain injury. The demand for neurological devices that are used in treating such disorders has seen an upward growth trend with introduction of new technological devices.
• For instance, in July 2019, EVER Pharma, a specialist in neurological diseases, introduced a complete therapy package for Parkinson’s disease with D-mine® Pump, D-mine® Pen and Dacepton® (Dopaceptin®, Apomorphine hydrochloride).
• The neurology devices market growth is driven by the rising prevalence of chronic CNS disorders, globally ageing population and increased adoption of minimally invasive neurological.
• The growth of the global neurology devices market is attributed to the increasing incidence of neurological disorders that include brain aneurysms, brain tumors, epilepsy, memory disorders, multiple sclerosis, Parkinson’s disease, peripheral neuropathy, post-herpetic neuralgia, spinal cord tumor, and stroke. According to Alzheimer’s Disease International, globally, nearly 44 million people have Alzheimer’s or a related dementia and is the most common in Western Europe.
• Parkinson’s disease is the second most common age-related neurodegenerative disorder after Alzheimer’s disease. An estimated seven to 10 million people worldwide have Parkinson’s disease. Its prevalence ranges from 41 people per 100,000 in the fourth decade of life to more than 1,900 people per 100,000 among those who are 80 and older. According to the Brain Aneurysm Foundation it is estimated that around 6 million people in the U.S. alone have unruptured brain aneurysm and the annual rate of rupture is approximately 8 to 10 per 10,000 or about 30,000 people in the U.S. suffer a aneurysm rupture. According to Epilepsy Society there are around 60 million people with epilepsy in the world. According to the American Cancer Society, an estimate for brain and spinal cord tumors in the United States in 2019 is roughly 23,820 malignant tumors of the brain or spinal cord (13,410 in males and 10,410 in females) will be diagnosed.
• However, the high cost of neurology devices might hamper the global neurology device market. According to PriceGuide service, the average cost of the stimulators is $16,957, up 8% from 2016. The newer models, which are manufactured by Boston Scientific Corp. and Medtronic, cost on average $19,000. The cost of neurology endoscopes ranges from $1,75,000 to $2,25,000, based on the configuration.
• On the basis of product type, the global neurology devices market is segmented into Neurostimulation, Interventional Neurology, CSF Management Devices, Neurosurgery Devices, Others. Among these, neurostimulation devices accounted for the largest market share of more than 40% in 2018. Neurostimulation Devices is further sub-segmented into Spinal Cord Stimulation, Deep Brain Stimulation, Sacral Nerve Stimulation, Vagus Nerve Stimulation, and Gastric Electric-Stimulation devices. The neurostimulation devices help in reducing pain by blocking the pain signals before they reach the brain. Some of the key factors driving the market growth include growing geriatric population base, introduction of novel technological advancements, escalating demand for neurostimulation devices as an add on therapy, increasing incidence of chronic diseases such as migraine and epilepsy and the presence of high unmet medical needs in these disease segments. New product launches along with increased focus on R&D are other ways the leading players improve their market presence. For instance, In February 2019, LivaNova Plc, announced that the U.S. Centers for Medicare & Medicaid Services (CMS) finalized its National Coverage Determination (NCD) for the LivaNova vagus nerve stimulation therapy (VNS Therapy) System for treatment-resistant depression (TRD).
• North America is dominating the global Neurology Devices market in 2018 and estimated to hold largest market size over the forecast period (2019-2026) owing to the presence of favorable government initiatives pertaining to neurological R&D investment and cancer research. The U.S holds about 70% of market share of North America neurology devices market in 2018. The increasing regulatory approval for neurology devices in the U.S. is boosting the North America neurology devices market. For instance, in August 2018, Abbott received the U.S. Food and Drug Administration (FDA) approval for Infinity DBS system. Infinity Deep Brain Stimulation (DBS) System designed to treat patients with Parkinson’s disease and essential tremor.
• In addition, the sophisticated healthcare infrastructure in countries such as Canada and the U.S., and the presence of a considerably large CNS disorder patient base are some drivers anticipated to fuel demand in the region. According to the Alzheimer’s Association, 1 in 10 Americans over the age of 65 has Alzheimer’s. More than 5 million Americans are living with Alzheimer’s and by 2050, it’s estimated there will be as many as 16 million Americans living with Alzheimer’s.
• The Neurology devices market is a highly consolidated market, with major shared obtained by most of the emerging and local players. Some of the major players include Helius Medical Technologies, Inc., Nihon Kohden Corporation, Neurotrope, Inc., Integra LifeSciences, and Eyecarrot Innovations Corp. Helius Medical Technologies is in surge with PoNS device which is used for the treatment of neurological symptoms caused by brain diseases.
• The key players are adopting various key strategies such as product launches, mergers and acquisitions which are contributing to the growth of the neurology devices market globally. For instance,
• In May 2019, Cala Health raised $50M ahead of commercial launch of its bioelectric stimulation device.
• In March 2019, Brainlab acquired Medineering, a developer of application-specific robotic technologies to expand digital surgery with scalable solutions. This will increase the depth of the Brainlab’s portfolio in cranial surgery and strengthens its offering in spinal surgery, contributing a powerful digital step in clinical workflows.
• In February 2019, Medtronic PLC announced both the U.S. launch of Deep Brain Stimulation (DBS) for medically-refractory epilepsy and the first commercially implanted patient at Emory University in Atlanta. DBS therapy for epilepsy delivers controlled electrical pulses to a target in the brain called the anterior nucleus of the thalamus (ANT), which is part of a network involved in seizures.
DataM Intelligence was incorporated in the early weeks of 2017 as a Market Research and Consulting firm with just two people on board. Within a span of less than a year we have secured more than 100 unique customers from established organizations all over the world.
We are pleased to offer you this exciting, new, and entirely free professional resource. Visit our Free Biotechnology & Pharmaceuticals resource center today to browse our selection of 600+ complimentary Biotechnology & Pharmaceuticals magazines, white papers, webinars, podcasts, and more. Get popular titles including: