Market Size of Canada Neurology Devices Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | 7.50 % |
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?
Canada Neurology Devices Market Analysis
The Canadian neurology devices market is expected to register a CAGR of 7.5% over the forecast period.
The COVID-19 pandemic negatively impacted Canada's neurology devices market. In November 2021, an article published in Parkinsonism and Related Disorder reported a 17% reduction in deep brain stimulation surgeries in Canada during the initial 4 to 16 weeks of COVID-19. This was due to the cancellation of hospital appointments due to an increase in COVID-19 cases. However, in the upcoming years, it is anticipated that the declining COVID-19 infection rates will lead to the resumption of neurological services in hospitals and clinics. As a result, the market is expected to witness stable growth over the forecast period.
The factors driving the growth of the studied market are the growing burden of neurological disorders, the increasing geriatric population, and the increase in R&D in the field of neurotherapy. The elderly population is vulnerable to several neurological conditions, such as stroke, dementia, Parkinson's disease, tremor, and epilepsy, constantly increasing the demand for neurology devices. For instance, in August 2022, Statistics Canada reported that in 2021, 18.5% of the population in Canada aged above 65 years. Similarly, in September 2022, Alzheimer's Society reported that 5,69,600 Canadians were living with dementia in 2020, and this number is expected to increase to 9,55,900 by 2030. Thus, the high geriatric population and the increasing neurological disorder associated with them is driving the demand for neurological devices.
The rising investments in the development of sophisticated healthcare infrastructure and rising investments by the corporate in R&D activities have led to the development and increased adoption of neurovascular devices. The availability of advanced treatments for various neurological disorders owing to the presence of technologically advanced neurovascular devices has significantly contributed to market growth. For instance, in September 2022, Axonics reported one of the first patients got an implant for its Axonics F15 sacral neuromodulation (SNM) system in Canada. Thus, the development of various neurology devices is providing better treatment to people in the country living with neurological disorders and are driving the growth of the studied market in the country.
Thus, due to the growing burden of neurological disorders, the increasing geriatric population, and the increase in R&D in the field of neurotherapy, the studied market is expected to witness significant growth over the forecast period. However, stringent regulations and guidelines for new devices may slow down the development of the studied market.
