Market Size of Australia Neurology Devices Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.10 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Australia Neurology Devices Market Analysis
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.
