Neurology Devices Are Replacing Drugs As First Treatment Preference
Surgeons and patients are opting for devices as a treatment option over drug therapies; this trend is boosting demand for the neurology device market, which is growing at 7.8% year on year against 5% for the equivalent pharma, reports from The Business Research Company show. Due to their cost-to-utility ratio, the use of neurology devices, in particular neurostimulators and deep brain stimulators, is increasing in the treatment of epilepsy, chronic pain, Parkinson’s disease, migraines and post cancer pain.
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Both markets are growing as a result of the increase in age-related diseases such as Alzheimer’s disease, Parkinson’s disease, dementias, neuropathic pain, migraine and multiple sclerosis. For example, the number of Americans with Alzheimer’s disease is growing rapidly. An estimated 5.2 million Americans aged 65 and older had Alzheimer’s disease in 2016.. Another factor increasing sales is income growth in emerging markets which makes treatment more affordable. As a result, the Middle East is the world’s fastest-growing region for the central nervous system device market, while India and China are the fastest-growing countries, at 12.3% and 11.6% year on year respectively.
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Neurostimulation devices are the largest segment of the global CNS device market, worth 46% of the total, followed by interventional neurology devices that treat neurovascular diseases such as aneurysms, arteriovenous malformations, cavernous malformations and strokes and equipment used in neurosurgery. The smallest segment is devices used to manage cerebrospinal fluid conditions.
The neurology devices market is a relatively concentrated market. The top five competitors, Medtronic, Abbott Labs, B. Braun Melsungen AG, Stryker Corporation and Liva Nova made up 52.5% of the total market in 2017. Despite this, consolidation continues. Merger and acquisition activity was high in the last three years. Deals were completed by Medtronic, Becton Dickinson, Terumo, Nuvasive, Pixarbio, Philips and Stryker.
Where To Learn More
Read the Neurology Devices Global Market Report 2018 from The Business Research Company for information on the following:
•Markets Covered: Neurostimulation Devices; Interventional Neurology; Neurosurgery Devices; Cerebrospinal Fluid (CSF) Management
•Companies Covered: Medtronic, Abbott Lab, B. BraunMelsungen AG, Stryker Corporation, LivaNova
•Regions: North America, Asia Pacific, Western Europe, South America, Eastern Europe, Middle East, Africa.
•Countries: USA, China, UK, Japan, France, Germany, Australia, India, Spain, Russia, Italy, Brazil
•Time Series: Five years historic (2013-17) and forecast (2017-21).
•Data Segmentations: Global neurology devices market historic and forecast size and growth rates for the world, 7 regions and 12 countries, neurostimulation devices; interventional neurology; neurosurgery devices; cerebrospinal fluid (csf) management segments, historic and forecast size and growth rates for the world, global competitor sales and market shares.
•Sourcing and Referencing: Data and analysis throughout the report are sourced using end notes. Sources include primary as well as extensive secondary research.
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