India Neurology Devices Market Size

India Neurology Devices Market Analysis

The Indian neurology devices market is expected to record a CAGR of 7.1% over the forecast period.

COVID-19 had a significant impact on the neurology devices market in India. In January 2022, a research study published in the Lancet stated that in India, several neuroimaging abnormalities have been noted in patients with COVID-19-associated mucormycosis, such as basal meningeal enhancement, entrapment of cranial nerves, watershed infarcts, areas of cerebritis, and cerebral abscesses, which showed lack of preparedness in neurological fields. Hence due to the abovementioned factors, COVID-19 had a notable impact on India's neurology devices market.

Furthermore, initiatives such as hospital launches for neurological disorders post-COVID are one of the key factors in market growth. For instance, in April 2022, Goutam Hospitals launched a neuro and multi-specialty hospital in Hyderabad. The hospital's large, eight-floor structure is furnished to meet the multispecialty demands of patients. It features 60 beds, 2 operating rooms, 4 intensive care units with 30 beds each, 10 recovery beds, 15 emergency beds, and 6 outpatient consultation rooms for patients to meet with specialists. The hospital offers multi-specialty care in neurology and neurosurgery and features cutting-edge diagnostic tools such as a neuro lab, biochemistry lab, CT scan, X-ray, and ultrasound. Thus, such initiatives are expected to increase market growth over the forecast period.

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. 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.

A study published in August 2021 in the National Library of Medicine, reported that in the past three decades, most studies in India have shown a high disease burden for specific diseases including stroke, epilepsy, headache, Parkinson's disease, and dementia, which are mostly reported for the urban Indian population. Similarly, various studies provide insight into the advantages of neuro therapies such as neurostimulation. For instance, the article published in the Current Psychiatric Reports in December 2021 concluded that in fear-related diseases such as PTSD and anxiety, neurostimulation is a promising therapy that avoids the discomfort of conscious exposure associated with traditional therapies. Thus, such studies are expected to boost market growth during the forecast period.

Moreover, 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 boost the market growth in India. Due to the abovementioned factors, the Indian neurology devices market is anticipated to grow over the forecast period.

However, the high cost of neurology devices restrains the market growth.