United Kingdom Neurology Devices Market Size

UK Neurology Devices Market Analysis

The UK neurology devices market is expected to grow with a CAGR of 7.5% during the forecast period. The impact of COVID-19 was adverse on the neurology devices market owing to the cancellations in elective procedures, including neurosurgery which impacted the market.

• For instance, an article published by WHO stated that in the single-center cohort analysis, an overall reduction in neurosurgical operative activity by 65% was observed in 2020 compared to the previous year in the United Kingdom. However, the market started to gain traction as elective procedures resumed. The increasing number of neurological diseases and rising investment in research and development activities to develop innovative neurological devices are projected to boost market growth in the coming years.
• The key factors propelling the growth of the market are the increasing incidence of neurological disorders like brain aneurysms, brain tumors, epilepsy, memory disorders, multiple sclerosis, Parkinson's disease, peripheral neuropathy, spinal cord tumor, and stroke, and the increase in research and development activities in the field of neurotherapy.
• According to Alzheimer's Society report, the projected number of older people with dementia in 2020 was 907,900 in the United Kingdom, 769,200 in England, and 67,900 in Scotland. The report also mentioned the projected number of older people with dementia is likely to reach 1,590,100 in the United Kingdom by 2040. Dementia is caused by Alzheimer's disease, which is a neurological disorder. The high burden of such diseases in the country is likely to propel the demand for neurological devices for the management of such diseases and thereby augment market growth.
• In addition, the increasing healthcare spending, increasing investment by medical device manufacturers, and government funding for research and development activities for neurological disease are expected to drive the overall Neurology Devices market growth in the United Kingdom. For instance, as per the Department of Health and Social Care, the United Kingdom government has planned to invest GBP 375 million in November 2021 over the next five years to improve understanding and treatment for a variety of neurodegenerative diseases. This high spending by the government on neurodegenerative diseases is anticipated to boost the demand for neurology devices used for the diagnosis and management of diseases, which is projected to propel market growth.
• Therefore, owing to the aforementioned factors, the studied market is anticipated to witness growth over the analysis period. However, the high cost of devices and stringent regulatory validation and guidelines for new devices is likely to impede the market growth.