North America Neurology Devices Market Size

North America Neurology Devices Market Analysis

The North American neurology devices market is expected to register a CAGR of 8.4% during the forecast period.

• The COVID-19 pandemic significantly impacted the global healthcare systems, with substantial consequences for COVID-19-infected patients and others, resulting in the cancellation of treatment and surgical procedures to manage and reserve resources; for instance, in September 2021, WHO stated that people who already had neurological conditions were disproportionately affected by COVID-19. In hospitalized COVID-19 patients, chronic neurological conditions were revealed to be independently linked with higher mortality. Routine care interruptions, delayed treatment due to concerns about infectious risks, disruptions in the supply chains for medicines, and the resulting stock-outs had an impact on those with pre-existing neurological problems. The resumed services, treatment, surgical procedures, and increased hospital visits will likely increase the demand for neurology devices.
• The rising aging population and increase in the incidence of neurological disorders, huge investments by private players in neurology devices, and growth in R&D in the field of neuro therapies are expected to drive the market studied in North America. For instance, according to a report published by Alzheimer's Association in March 2022, a vast majority of people who develop Alzheimer's dementia are aged 65 years or older. An estimated 6.5 million Americans aged 65 and older are living with Alzheimer's dementia. This number is assumed to grow to 13.8 million by 2060, barring the development of medical breakthroughs to prevent, slow, or cure Alzheimer's disease. In the United States, nearly 5.3% of people aged 65 to 74 years, 13.8% of people aged 75 to 84 years, and 34.6% of people aged 85 years or older have Alzheimer's dementia.
• In addition, the growing geriatric population and the presence of robust healthcare infrastructure for neurological diagnostics and treatment are also contributing to the growth of the neurology devices market over the forecast period. For instance, the World Population Ageing 2021 report states that more than 46 million adults aged 65 and older live in the United States. By 2050, that number is expected to grow to almost 90 million. Similarly, the Mexican population aged 65 is projected to reach 9.31 million by 2030. Thus, the increasing aging population is more prone to develop neurological disorders, which are expected to increase the demand for various neurology devices for diagnosing and treatment of the conditions, which is expected to fuel the market growth in North America.
• Moreover, the rising company initiatives to develop neurology devices in the region contribute to the market's growth. For instance, in January 2021, the United States FDA granted clearance to ClearMind Biomedical's neuro endoscope, the Axonpen System. This system can illuminate and visualize intracranial tissue and fluids and the controlled tissue and fluid aspiration during surgery. In April 2022, Abbott launched an upgraded version of its digital health app, NeuroSphere myPath. The app's functionality has been enhanced to better assist physicians in monitoring their patients as they utilize Abbott neurostimulation devices to treat their chronic pain. Thus, the North American market is expected to gain traction due to the significant increase in company initiatives to develop neurology devices.
• Therefore, the abovementioned factors are attributed collectively to the studied market growth over the forecast period. However, the high equipment cost, stringent FDA validation, and new device guidelines are expected to hinder market growth over the forecast period.