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The Australia neurology devices market is expected to witness a CAGR of 6.1% during the forecast period.
COVID-19 had a significant impact on the Australia neurology devices market. For instance, as per the article published in October 2021 under the title “Tele-Neurorehabilitation During the COVID-19 Pandemic: Implications for Practice in Low- and Middle-Income Countries”, countries like Australia and the United Kingdom, advocate for the development of highly competent inter-professional rehabilitation services, as well as frameworks or recommendations to improve the provision of physiotherapy treatments remotely via technology during COVID-19. Furthermore, as per the case report published in September 2020 under the title “First Australian Case of Good Recovery of a COVID-19 Patient With Severe Neurological Symptoms Post Prolonged Hospitalization”, recovery of a COVID-19 patient was complicated by significant neurological symptoms (acute ischemic stroke-like symptoms) during a 26-day prolonged intensive care unit stay, followed by gradual neurorehabilitation and normal recovery from both respiratory and neurological involvement. Hence, owing to the factors mentioned above, COVID-19 had a significant impact on the Australia neurology devices market.
Furthermore, an increase in the incidence of neurological disorders coupled with rising in the geriatric population, and an increase in research and development in the field of neurotherapy fuel the market growth in Australia. For instance, the number of people with dementia rises quickly with age. As per the 'Dementia in Australia' 2022 update, in 2022, there are 487,500 Australians living with dementia. Without a medical breakthrough, the number of people with dementia is expected to increase to almost 1.1 million by 2058. Hence, the increased neurological disease such as dementia is likely to boost the market growth over the forecast period.
Furthermore, government initiatives and product launch regarding neurology is also contributing to the market growth. For instance, as per the University of Queensland news 2021 report, Queensland Brain Institute (QBI), together with Neurosciences Queensland and Abbott Neuromodulation developed a remote care platform that allows patients to access treatment from anywhere in the world. This digital health platform for remote neuromodulation systems has regulatory approval and was launched in Australia in October 2021.
Hence, considering the factors mentioned above, Australia neurology devices market is likely to witness growth over the forecast period. However, the high cost of equipment and stringent regulations restrain the market growth.
Scope of the report
As per the scope of the report, neurological devices are medical devices that help to diagnose, prevent, and treat a variety of neurological disorders and conditions, such as Alzheimer's disease, Parkinson’s disease, major depression, and traumatic brain injury. The Australia Neurology Devices Market is segmented by Type of Device (Cerebrospinal Fluid Management Devices, Interventional Neurology Devices, Neurosurgery Devices, Neurostimulation Devices, and Other Types of Devices). The report offers the value (in USD million) for the above segments.
|By Type of Device|
|Cerebrospinal Fluid Management Devices|
|Interventional Neurology Devices|
|Other Types of Devices|
Key Market Trends
Neurostimulation Devices is Expected to Grow Fastest during the Forecast Period
Neurostimulation devices are a device that generates electrical impulses (placed under the skin in the abdomen or upper buttock). Neurostimulators have been used to treat and relieve symptoms of neurological disorders, including pain, Parkinson's disease, epilepsy, tremor, dystonia, tinnitus, stroke, incontinence, and gastroparesis.
The neurostimulation devices segment is likely to grow over the forecast period owing to the fact that increasing usage of sacral nerve stimulation devices and deep brain stimulation devices, and the high prevalence of neurological diseases such as dementia, Alzheimer’s disease, and autism. Furthermore as per Australian Institute of Health and Welfare 2022 update, the number of Australians with dementia is predicted to more than double by 2058, from 386,200 in 2021 to 849,300 in 2058 (533,800 women and 315,500 men). Hence, people tend to adopt neuromodulation devices for improving their living and curing the severity of the disease. This is likely to boost the market growth of neurostimulation devices in Australia over the forecast period. Furthermore, the presence of competitors, product launches, and collaborations is also boosting the market growth. For instance, in March 2021, Mainstay Medical commercially launched its implantable neurostimulation system, ReActiv8, for treating chronic low back pain (CLBP) in Australia.
Hence, as per the factors mentioned above, the neurostimulation devices segment is likely to witness growth over the forecast period.
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The Australia neurology devices market is moderately competitive with several major players. Some of the strategies implemented include agreements, collaborative models, business expansion, and product development. Some of the major players are B. Braun Melsungen AG, Stryker Corporation, Nihon Kohden Corporation, Anatomics Pty Ltd. Penumbra, Inc among others.
B. Braun Melsungen AG
Anatomics Pty Ltd
Nihon Kohden Corporation
- In April 2022, Queensland Brain Institute (QBI) together with Neurosciences Queensland and Abbott Neuromodulation developed a remote wireless neuro-stimulator platform that allows patients to access treatment from anywhere in the world.
- In April 2021, Mainstay Medical Holdings plc launched its ReActiv8, an implantable neurostimulation system for chronic low back pain in the Australian market.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increase in Incidence of Neurological Disorders coupled with Rise in Geriatric Population
4.2.2 Increase in R&D in the Field of Neurotherapies
4.3 Market Restraints
4.3.1 High Cost of Equipment and Stringent Regulations
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD Million)
5.1 By Type of Device
5.1.1 Cerebrospinal Fluid Management Devices
5.1.2 Interventional Neurology Devices
5.1.3 Neurosurgery Devices
5.1.4 Neurostimulation Devices
5.1.5 Other Types of Devices
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 B. Braun Melsungen AG
6.1.2 Compumedics Limited
6.1.3 Stryker Corporation
6.1.4 Anatomics Pty Ltd
6.1.5 Natus Medical Incorporated
6.1.6 Smith & Nephew PLC
6.1.7 Nihon Kohden Corporation
6.1.8 Penumbra Inc.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Frequently Asked Questions
What is the study period of this market?
The Australia Neurology Devices Market market is studied from 2019 - 2027.
What is the growth rate of Australia Neurology Devices Market?
The Australia Neurology Devices Market is growing at a CAGR of 6.1% over the next 5 years.
Who are the key players in Australia Neurology Devices Market?
Stryker Corporation, B. Braun Melsungen AG, Anatomics Pty Ltd, Nihon Kohden Corporation, Penumbra, Inc. are the major companies operating in Australia Neurology Devices Market.