Canada Neurology Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Canada Neurology Devices Market is segmented by Type of Device (Cerebrospinal Fluid Management Devices, Interventional Neurology Devices, Neurosurgery Devices, Neurostimulation Devices, Other Types of Devices).

Market Snapshot

CAGR
Study Period:

2018 - 2026

Base Year:

2019

CAGR:

7.5 %

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Market Overview

The Canada Neurology Devices Market is expected to grow with a CAGR of 7.5% in the forecast period. The key factors propelling the growth of the market are the increasing incidence of neurological disorders, an increase in R&D in the field of neuro therapies, and the rising aging population. According to 2019 Canadian population data, about 17% that is 6.5 million Canadians, are older than 65. Aging causes accumulation of mutations, functional and structural deterioration of the brain, decreasing efficiency of DNA repair mechanisms altogether cause brain damage or other diseases like stroke, epilepsy, Parkinson’s disease, Alzheimer’s disease, and other dementias. Therefore, the increasing geriatric population in the country is boosting the market growth. However, the high cost of the devices and stringent regulations and guidelines for new devices is restraining 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.

By Type of Device
Cerebrospinal Fluid Management Devices
Interventional Neurology Devices
Neurosurgery Devices
Neurostimulation Devices
Other Types of Devices

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Key Market Trends

Neurostimulation Devices is Expected to Grow Fastest during the Forecast Period

The fastest growth of the segment is due to the increasing usage of the sacral nerve stimulation devices and deep brain stimulation devices. The deep brain stimulation devices are generally used to treat neuropsychiatric disorders and are effectively used in treating various other neurological disorders, like Parkinson's disease, essential tremor, dystonia, chronic pain, major depression, and obsessive-compulsive disorder.

According to the Government of Canada,2018, approximately one in five Canadians live with chronic pain and this can have significant impacts on an individual's physical and mental health, often preventing them from undertaking everyday activities. The increasing patient pool is expected to increase the demand for the devices boosting the segment growth.

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Competitive Landscape

The Canada Neurology Devices Market is moderately competitive with several major players. Some of the strategies implemented include agreements, collaborative models, business expansion, and product developments. Some of the major players are B. Braun Melsungen AG, Boston Scientific Corporation, Stryker Corporation, Medtronic PLC, Abbott Laboratories, Johnson and Johnson, Smith & Nephew

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Growing Burden of Neurological Disorders and Increasing Geriatric Population

      2. 4.2.2 Increase in R&D in the Field of Neurotherapies

    3. 4.3 Market Restraints

      1. 4.3.1 High Cost of Equipment

      2. 4.3.2 Stringent Regulations and Guidelines for New Devices

    4. 4.4 Porter's Five Force Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Type of Device

      1. 5.1.1 Cerebrospinal Fluid Management Devices

      2. 5.1.2 Interventional Neurology Devices

      3. 5.1.3 Neurosurgery Devices

      4. 5.1.4 Neurostimulation Devices

      5. 5.1.5 Other Types of Devices

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 B. Braun Melsungen AG

      2. 6.1.2 Boston Scientific Corporation

      3. 6.1.3 Stryker Corporation

      4. 6.1.4 Medtronic PLC

      5. 6.1.5 Abbott Laboratories

      6. 6.1.6 Johnson and Johnson

      7. 6.1.7 Smith & Nephew

      8. 6.1.8 MicroPort Scientific Corporation

      9. 6.1.9 Nihon Kohden Corporation

      10. 6.1.10 Penumbra Inc.

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability
**Competitive Landscape covers- Business Overview, Financials, Products and Strategies and Recent Developments

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Frequently Asked Questions

The Canada Neurology Devices Market market is studied from 2018 - 2026.

The Canada Neurology Devices Market is growing at a CAGR of 7.5% over the next 5 years.

  • B. Braun Melsungen AG
  • Boston Scientific Corporation
  • Stryker Corporation
  • Medtronic PLC
  • Abbott Laboratories

Are the major companies operating in Canada Neurology Devices Market.

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