Need a report that reflects how COVID-19 has impacted this market and its growth?
India neurology devices market is expected to record a CAGR of 7.1% over the forecast period (2022-2027).
COVID-19 had a significant impact on the neurology devices market in India. As per the article published in 2020 under the title “Impact of COVID-19 Pandemic on Neurosurgical Practice in India: A Survey on Personal Protective Equipment Usage, Testing, and Perceptions on Disease Transmission”, the majority of neurosurgeons perceived danger of infection transmission from their patients while treatment or consultation. Moreover, the article published in 2020 under the title “Impact of the COVID-19 Pandemic on Neurosurgical Practice in India: Results of an Anonymized National Survey” stated that many neurosurgeries got delayed due to the spread of the pandemic. Finding an alternative to delaying elective surgery was necessary to avoid the significant danger of all these patients getting worse as they wait for surgery. Hence due to the aforementioned factors, COVID-19 had a notable impact on India’s neurology devices market.
The key factors propelling the growth of the market in India are the increasing incidence of neurological disorders, huge investments by private players in neurology devices, an increase in R&D in the field of Neurotherapy, and the rising aging population. For instance, according to the report of the Technical Group on Population Projections for India for the study range of 2011-2036, there were nearly 138 million elderly persons in India in 2021 comprising of 67 million males and 71 million females.
The growth of the neurology devices market in India is also attributed to the increasing incidence of neurological disorders that include brain aneurysms, brain tumors, epilepsy, memory disorders, multiple sclerosis, Parkinson’s disease, peripheral neuropathy, post-herpetic neuralgia, spinal cord tumor, and stroke. For instance, as per the report from Health World.com, in India, the prevalence of brain-related tumors is 5-10 per 100,000 people. The prevalence shows there is a high chance of adopting of neurology devices market in India.
Moreover, the increasing healthcare spending, increasing investment by medical device manufacturers, and increasing neurological disease prevalence are expected to drive the overall neurology devices market growth in India. For instance, in June 2022, the Indian Council of Medical Research (ICMR) and the Department of Health Research (DHR) unveiled the ICMR-DHR-Centre of Excellence (CoE) for fostering 'MedTech'. The ICMR-DHR-Centre of Excellence was launched at IIT-Bombay, IIT-Delhi, IIT-Guwahati, IIT-Hyderabad, IIT-Kanpur, IIT-Kharagpur, and IIT-Madras. These centers have been set to develop the products, and technologies in synergy with the requirements of the National Health Mission, Ayushman Bharat, and the Public Health Program of the government. Through this initiative, medical device production is anticipated to increase and thereby causing market growth in India.
Due to the aforementioned factors, the Indian neurology devices market is anticipated to grow over the forecast period. However, the high cost of the neurology devices restrains 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 growth of neurological devices is being driven through an emphasis on developing superior neuromodulation and neurostimulation techniques, leveraging minimally invasive procedures that benefit patients. This has resulted in companies investing more in R&D, in an effort to better treat and rehabilitate the brain. India Neurology Devices Market is segmented by Type of Device (Cerebrospinal Fluid Management Devices, Interventional Neurology Devices, Neurosurgery Devices, Neurostimulation Devices, 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 Dominate the Market Over the Forecast Period
Neurostimulation devices are implantable, programmable medical devices that deliver electrical stimulation to a specific part of the patient’s brain, spinal cord, or peripheral nervous system to help treat various conditions, including chronic pain, movement disorders, epilepsy, and Parkinson’s disease. Neuromodulation is an intracranial, electrical neuromodulation therapy that has United States Food and Drug Administration (USFDA) approval for the treatment of neurological diseases such as bladder control, headache, tremors, chronic pain, stroke, minimally conscious state, spinal cord injury, which are mostly found in the elderly population. The increased geriatric population in India is a major factor in market growth. For instance, as per the “Elderly India 2021” report, the age-wise distribution of the population exhibits that there is an increasing trend in the proportion of the population belonging to the age group 60 years and above from 7.4% in 2001 to the projection of 13.2% by 2031.
Factors such as product launch, mergers and acquisitions, research and development, and key market players boost the neurostimulation devices segment growth in India. For instance, in February 2022, India Medtronic Private Limited, a wholly-owned subsidiary of Medtronic plc, announced the first clinical procedure in India with the Intellis spinal cord stimulation (SCS) platform, the world’s smallest Spinal Cord Stimulator (SCS) device for the management of certain types of chronic intractable pain. Jaslok Hospital and Research Centre, Mumbai, successfully implanted the first Intellis device in a patient in India for the management of pain.
As per the factors mentioned above, the neurostimulation devices segment is anticipated to grow over the forecast period.
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The India neurology devices market is moderately fragmented and competitive in nature due to the presence of several companies operating globally as well as regionally. The competitive landscape includes an analysis of a few international as well as local companies which hold the market shares and are well known. include B. Braun Melsungen AG, Boston Scientific Corporation, Stryker Corporation, Medtronic PLC, Nihon Kohden Corporation.
B. Braun Melsungen AG
Boston Scientific Corporation
Nihon Kohden Corporation
- In July 2022, National Institute of Mental Health and Neuro Sciences (NIMHANS), in association with the State Government, launched the first Brain Health Clinic (BHC) in Karnataka, at Jayanagar General Hospital on World Brain Day.
- In June 2022, IIT-Roorkee's researchers developed a sensor that effectively detects neurological diseases.
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
4.2.2 Increase in R&D in the Field of Neurotherapies
4.2.3 Rise in the Aging Population
4.3 Market Restraints
4.3.1 High Cost of Equipment
4.3.2 Stringent Regulatory Validation and Guidelines for New Devices
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 Boston Scientific Corporation
6.1.3 Johnson and Johnson
6.1.4 Medtronic PLC
6.1.5 MicroPort Scientific Corporation
6.1.6 Nihon Kohden Corporation
6.1.7 Smith & Nephew
6.1.8 Stryker Corporation
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Frequently Asked Questions
What is the study period of this market?
The India Neurology Devices Market market is studied from 2019 - 2027.
What is the growth rate of India Neurology Devices Market?
The India Neurology Devices Market is growing at a CAGR of 7.1% over the next 5 years.
Who are the key players in India Neurology Devices Market?
B. Braun Melsungen AG, Boston Scientific Corporation, Stryker Corporation, Medtronic PLC, Nihon Kohden Corporation are the major companies operating in India Neurology Devices Market.