Increased sophistication and technological advances has paved a new path for treatment of acute and chronic neurological diseases. According to the WHO, neurological disorders constitute approximately 12% of the total deaths worldwide, of which cerebrovascular diseases are responsible for 85% of the deaths due to neurological disorders. In addition, rise in ageing population and increasing awareness of neurological disorders has triggered the growth of this industry. According to the Brain Aneurysm Foundation it is estimated that around 6 million people in the U.S. alone have unruptured brain aneurysm and the annual rate of rupture is approximately 8 to 10 per 10,000 or about 30,000 people in the U.S. suffer a aneurysm rupture. Thus rise in number of surgeries compounded with rise in incidence of neurological diseases have boosted the overall growth of neurological devices industry.
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Neurological devices include CSF management devices, interventional neurology, neurosurgical devices and neurostimulation devices. The neurostimulation devices market is expected to foresee the highest growth rate during the forecast period and also accounted for the largest market in year 2012. This market holds immense growth owing to the aging population in the developed economies in the world, technological advancements in the field of medical devices, increasing prevalence of lifestyle induced diseases such as obesity and depression, increasing demand for minimally invasive medical procedures and rising healthcare related consumer expenditure in the developed economies. The interventional neurology market is also expected to have a healthy growth rate after neurostimulation devices market. The neurothrombectomy devices segment of interventional neurology is expected to have a strong growth in coming years of forecast period. This growth has been attributed to rise in incidence cases of stroke and cerebral aneurysms.
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The growing burden of these diseases coupled with uncertain economic conditions in the U.S. and Europe has compelled the OEMs to introduce cost effective devices for treatment of neurological disorders. Tax reforms along with increased regulatory compliance norms are also restraining the growth and profitability of the major companies.
Geographically, the North American region constituted the largest market for neurological devices market in 2012; however, Asia-Pacific is predicted to foresee the highest growth rate of over 18% from 2013 to 2019. This growth has been attributed to increase in respiratory disease population and rising disposable incomes coupled with change in lifestyle. In addition, economic development and healthcare reforms would increase the government funding in its intensive R&D and would trigger the growth of this market in Asia-Pacific region.
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The major players of this market are Medtronic, Covidien, Johnson & Johnson, Stryker, Integra, St.Jude, Boston Scientific and others.
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