Neurology is the medical specialty that deals with disorders of the nervous system. It involves the diagnosis and treatment of diseases of the central, peripheral, and autonomic nervous systems, including their coverings, blood vessels, and effector tissues or muscles. Neurology devices refer to the equipments used in the diagnosis and treatment of disorders that affect any portion of the nervous system. Neurological conditions include Parkinson’s disease, Alzheimer’s disease, multiple sclerosis, epilepsy, chronic pain, dementia, migraine, etc. The market for neurology devices is a fast growing market due to an increasing patient base affected with neurological disorders and an equal increase in the available diagnostic and treatment methods.
The market for neurostimulation devices is the largest and the fastest growing segment of the global market for neurology devices, as it alone contributes to more than half of the total market value. This is due to the extensive use of these devices in various conditions like post cancer therapy pain, lower back pain, Parkinson’s disease, epilepsy, migraines, and chronic pain. The market for these neurostimulation devices can be segmented based on the different nerves or regions of the nervous system that are stimulated, into spinal cord stimulators, vagus nerve stimulators, deep brain stimulators, sacral nerve stimulators, cortical stimulators, and microstimulators.
Neurostimulation devices utilized in specialized treatments of some diseases and also post surgeries have seen considerable developments and advancements, following which there have been many FDA approvals for new indications. Some of these developments are under study for new indications, like deep brain stimulation is being studied for use in both depression and obsessive-compulsive disorder. This market is driven by various factors such as rapid technological innovations, increased affordability, and high levels of awareness towards neurological disorders. An increasing patient demand and availability of reimbursement for treatment procedures of neurological conditions are fuelling innovation by the manufacturers and therefore, growth of the industry. Other important growth drivers of this market include improved safety and efficacy of existing devices, and increased investments by both - existing players and new companies entering the market.
Emerging economies of China, India, Russia, and Brazil depict great opportunities in this sector, owing to their large patient pool which is also underserved. This is expected to continue to increase the demand for neurostimulation devices, as the population continues to grow exponentially and also ages rapidly. Key players competing in this market include Medtronic Inc., Boston Scientific Corporation, B. Braun Melsungen AG, St. Jude Medical Inc., DePuy Inc., Covidien plc, Elekta AB, Terumo Corporation, Nihon Kohden Corporation, Cyberonics, and Integra LifeSciences Holdings Corporation.