The neurology devices market size in Europe is estimated to grow from USD 4.71 billion in 2023 to USD 6.8 billion by 2028, growing at a CAGR of 7.65% from 2023 to 2028.
The growing prevalence of neurological diseases majorly drives the growth of the Europe neurology devices market. Brain disorders pose significant healthcare challenges in the European region, with approximately 165 million Europeans living with such conditions. It is estimated that one in three individuals may experience a neurological disorder in their lifetime. The range of neurological disorders includes Alzheimer's disease, dementia, cerebrovascular disease, multiple sclerosis and brain tumors. In England alone, nearly 4% of the population above 65 has Alzheimer's disease. There is a growing demand for neurology devices among affected individuals in the European region and the trend is anticipated to continue in the coming years. These medical devices are designed to aid in the diagnosis, treatment, and examination of conditions related to the nervous system, brain, and spinal cord. Neurology devices play a crucial role in restoring hearing and vision, as well as improving the function of individuals with limb loss or limb differences.
The growing geriatric population and the rising number of minimally invasive surgeries further fuel the growth rate of the European neurology devices market. Neurology holds the third position in the surgical sector within Europe. The increasing aging population is expected to result in a significant surge in neurological disorders and the demand for neurology devices over the next two decades. Age-related factors contribute to various neurological disorders, impacting patients' quality of life and well-being. Moreover, there is a preference among many individuals for minimally invasive surgeries due to shorter procedure times, fewer incisions, and reduced hospital stays. These factors collectively contribute to the European neurology devices market growth.
The growing number of advancements in neurology devices particularly through the integration of advanced technologies such as sensors accelerate the growth of the European neurology devices market. These technological enhancements improve device functionality and enhance the quality of life for patients. Researchers are actively engaged in developing neurology devices tailored to the needs of the aging population, conducting surveys among specific older demographic groups to drive device innovation. Increased research and development efforts, along with support from government, public, and private organizations, further contribute to market expansion. Additionally, the growing number of product approvals facilitates market growth in the Europe neurology devices market.
The high cost associated with these devices majorly hampers the growth of the European neurology devices market. Factors such as lack of awareness, limited availability of skilled professionals and lengthy product approval processes impede the regional market growth. The risks associated with neurology devices pose further impede the growth of the European neurology devices market.
This research report on the Europe neurology devices market has been segmented and sub-segmented into the following categories.
By Product:
By End User:
By Country:
The Europe region captured a notable share of the worldwide market in 2022 and is predicted to hold a promising occupancy in the global market during the forecast period owing to the growing adoption of these devices, rising healthcare expenditure by the European population, the presence of the European Reference Network for rare neurological diseases facilitates clinical trials and supports research and development activities. The availability of a greater number of neurologists in the European region further boosts the growth rate of the European market.
The German market is anticipated to account for a notable share of the European market during the forecast period owing to the increasing number of product approvals and the presence of a growing number of manufacturing companies. The rise in neurology hospitals and clinics, particularly catering to the pediatric population contribute to the German market growth.
The UK is another noteworthy regional market for neurology devices in Europe and is estimated to grow at a prominent CAGR during the forecast period.
KEY MARKET PLAYERS:
Medtronic plc, Stryker Corporation, Abbott Laboratories, Boston Scientific Corporation and Elekta AB are some of the major companies in the European neurology devices market.
Frequently Asked Questions
The key drivers of growth in the Europe Neurology Devices Market include the increasing prevalence of neurological disorders, technological advancements in neurology devices, and the rising geriatric population.
Some major trends shaping the Europe Neurology Devices Market include the growing adoption of minimally invasive procedures, the integration of advanced technologies like artificial intelligence and robotics, and the development of portable and wearable neurology devices.
Countries such as Germany, France, the United Kingdom, Italy, and Spain have the largest market share in the Europe Neurology Devices Market due to their advanced healthcare infrastructure and high patient population.
Some major challenges faced by the Europe Neurology Devices Market include the high cost of neurology devices, reimbursement issues, and the stringent regulatory approval process.
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