Neurology Market Size, Share, and Industry Analysis, By Product (Diagnostic and Therapeutic), By Device Type (Neurostimulation Devices, Cerebrospinal Fluid Management Devices, Neurosurgery Devices, and Others), By Application (Parkinson's Disease, Brain Tumor, Trauma, Brain Aneurysm, and Others), By End-user (Hospitals & ASCs, Specialty Clinics, and Others), and Regional Forecast, 2025-2032

The global neurology market is growing due to the increasing prevalence of neurological disorders, technological advancements in neurological devices, and increasing demand for minimally invasive procedures, which are the driving factors. Neurology devices ensures the diagnosis, prevention, and treatment of 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.

Devices such as deep brain stimulation (DBS) implants have shown efficacy in treating conditions such as Parkinson's disease and tremors, leading to the rising focus of key companies on developing and introducing devices with the latest technology.

• According to a 2024 article published by the American Association of Neurological Surgeons (AANS), there are an estimated 1.7 to 3.8 million traumatic brain injuries in the U.S. every year.

Neurology Market Driver

Increasing Cases of Neurological Disorders to Drive the Demand for Neurology Devices

The rising prevalence of neurological disorders such as Alzheimer’s disease, Parkinson’s disease, epilepsy, and others, among the population globally is one of the major factors contributing to the growing demand for the diagnosis and management of these conditions. The growing focus of companies and organizations to create awareness regarding these conditions and available management options are expected to fuel the market growth.

• According to a 2024 article published by the Institute of Health Metrics and Evaluation (IHME), nearly 3.4 billion individual (43% of global population) experienced a neurology disorder in 2021.

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According to the 2021 Global Burden of Disease Report, the age-standardized prevalence rate of neurological disorders globally was estimated to be 41,204.1.

Neurology Market Restraint

Limited Healthcare Facilities and Resources in Emerging Countries May Hinder Market Growth

There is limited awareness regarding the symptoms of various neurological conditions among the general population in low and middle income countries. Along with this, the limited availability of qualified and skilled professionals and the availability and cost of the neurology devices are some of the major barriers expected to hamper the product adoption and industry growth.

• According to a December 2021 study published in Interdisciplinary Neurosurgery, data suggests that the reporting of the burden of the cerebral aneurysms in Africa may be underestimated due to underreporting. Such trends further suggest that the adoption of these neurology devices are limited in developing countries such as the African nations.

Neurology Market Opportunity

Strategic Collaborations to Provide Avenues for Market Growth

The rising collaborations among companies and healthcare organizations and stronger emphasis on tapping the potential and underserved population of low and middle-income countries with higher prevalence of neurological disorders can open a lucrative opportunity for market growth.

• In April 2024, GE HealthCare acquired MIM Software, one of the leading AI-enabled software providers, with an aim to bolster its product portfolio in oncology, neurology, urology, and cardiology areas.

Segmentation

Key Insights

The report covers the following key insights:

• Number of Key Surgeries, By Key Countries/Region, 2022/2023


• Prevalence/Incidence of Key Neurological Diseases, By Key Countries/Region, 2022/2023


• Overview: Technological Advancements in Neurological Devices


• Overview: Regulatory & Reimbursement Scenario, By Key Countries/Region


• New Product Launches, By Key Players


• Key Industry Developments (Mergers, Acquisitions, and Partnerships)


• Impact of COVID-19 on the Global Neurology Market

Analysis by Type

Based on type, the market is divided into diagnostic and therapeutic.

The diagnostic segment accounts for a larger market share. The rising prevalence of several neurological disorders among the population is increasing the demand for noninvasive and accurate diagnostic devices. Further, the technological advancements are supporting the demand which is fostering the segment growth.

• According to 2023 statistics by the Centers for Disease Control and Prevention (CDC), there are around 6.7 million Americans living with Alzheimer’s disease in 2023.

Analysis by Device

Based on device, the market is segmented into neurostimulation devices, cerebrospinal fluid management devices, neurosurgery devices, and others.

The neurostimulation devices segment accounted for a substantial market share. The rising efficiency of these devices to treat various disorders including Alzheimer’s’ disease, and others along with growing number of product launches by prominent players are some of the major factors contributing to the segment growth.

• In December 2022, Abbott launched Eterna spinal cord stimulation system for the treatment of chronic pain.

Analysis by Application

By application, the market is segmented into Parkinson's disease, brain tumor, trauma, brain aneurysm, and others.

The Parkinson’s disease segment held a prominent market share in 2023. The rising prevalence of the condition among the population along with increasing diagnosis owing to growing awareness regarding the early symptoms of the condition are some of the major factors propelling the segment growth. 

• According to 2023 statistics published by the Parkinson’s Foundation, nearly 90,000 people in the U.S. are diagnosed with the condition every year, representing around 50% increase from the previous rate of 60,000 diagnoses yearly.

Analysis by End-user

By end-user, the market is fragmented into hospitals & ASCs, specialty clinics, and others.

The hospitals & ASCs segment accounted for a majority of the market share in 2023. The rising number of patients visiting hospitals for the diagnosis and treatment for various neurological disorders including Parkinson’s disease, brain tumor, and others is one of the major factors supporting the segment growth.

• According to statistics published by the Danish Dementia Research Centre, nearly 6,200 patients were diagnosed with dementia in the hospital sector in 2021.

Analysis by Region

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Based on region, the market has been studied across North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.

North America holds the largest share of the global neurology market. The regional growth is primarily due to the increasing prevalence of neurological disorders among the population, along with the rising focus of companies to expand their product offerings.

• In July 2023, Anuncia Medical, Inc. launched the ReFlow Mini Flusher device in the U.S., providing neurosurgeons with a new option to improve access to potentially life-saving therapy for the 30 million patients worldwide with hydrocephalus.

Europe is the second-largest region, driven by the growing geriatric population, which is prone to neurological disorders, and increasing awareness of advanced treatment options for these disorders, further fostering the demand for neurology devices in the region.

• According to 2023 data published by NHS, approximately 438,213 patients were diagnosed with dementia in February 2023, which was an increase of 6,368 patients from January 2023.

The rising prevalence of neurological disorders among the population in Asian countries such as China, India, among others along with growing healthcare expenditure and infrastructure in these countries are expected to favor the regional market growth.

• In December 2023, BIOTRONIK formally announced the establishment of its new Asia Pacific Manufacturing and Research Hub. Spanning an area of 20,000 square meters, this facility would function as the company's central base of operations within the Asia Pacific region.

Key Players Covered

The global neurology market is fragmented, with a large number of players operating in it, with wide product portfolios. The report includes the profiles of the following key players from the global market:

• Boston Scientific Corporation (U.S.)


• Abbott (U.S.)


• Medtronic (Ireland)


• Johnson & Johnson Services Inc., (U.S.)


• B. Braun SE (Germany)


• LivaNova PLC (U.K.)


• Stryker (U.S.)


• tVNS Technologies GmbH (Germany)


• SceneRay Co., Ltd. (China)

Key Industry Developments

• In July 2024, New4med launched basivertebral nerve ablation therapy in Europe. This minimally invasive 30-minute procedure uses radiofrequency energy and a probe to target and destroy the basivertebral nerve, alleviating chronic lower back pain.


• In December 2022, Abbott announced the U.S. Food and Drug Administration (FDA) approval of its Eterna Spinal Cord Stimulation (SCS) System, the smallest implantable, rechargeable spinal cord stimulator currently available for the treatment of chronic pain.