Market Size of India Neurology Devices Industry
Study Period | 2021 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2021 - 2022 |
CAGR | 7.10 % |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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.
India Neurology Devices Industry Segmentation
As per the scope of the report, neurological devices are medical devices that help diagnose, prevent, and treat various neurological disorders and conditions, such as Alzheimer's disease, Parkinson's disease, major depression, and traumatic brain injury. The growth of neurological devices is driven by an emphasis on developing superior neuromodulation and neurostimulation techniques, leveraging minimally invasive procedures that benefit patients. This has resulted in companies investing more in R&D in an effort to better treat and rehabilitate the brain.
The Indian Neurology Devices Market is Segmented by Type of Device (Cerebrospinal Fluid Management Devices, Interventional Neurology Devices, Neurosurgery Devices, Neurostimulation Devices, Other Types of Devices). The report offers the market sizes and forecasts in terms of value in USD million for the above segments.
By Type of Device | |
Cerebrospinal Fluid Management Devices | |
Interventional Neurology Devices | |
Neurosurgery Devices | |
Neurostimulation Devices | |
Other Types of Devices |
India Neurology Devices Market Size Summary
The Indian neurology devices market is poised for significant growth, driven by a combination of factors including the increasing prevalence of neurological disorders, substantial investments from private sectors, and advancements in neurotherapy research. The market is experiencing a resurgence post-COVID-19, with initiatives such as the establishment of specialized hospitals and centers of excellence aimed at enhancing medical technology capabilities. These developments are expected to bolster the market's expansion over the forecast period. The growing geriatric population, which is more susceptible to neurological conditions, further fuels the demand for neurology devices, including neurostimulation and neuromodulation devices, which are gaining traction for their efficacy in treating chronic pain and movement disorders.
The competitive landscape of the Indian neurology devices market is moderately fragmented, with both international and local players like B. Braun Melsungen AG, Boston Scientific Corporation, Stryker Corporation, Medtronic PLC, and Nihon Kohden Corporation holding significant market shares. Product launches and technological innovations, such as advanced brain mapping devices and flow diverters for aneurysm treatment, are key drivers of market growth. These innovations not only enhance treatment outcomes but also increase the adoption of neurosurgery. Additionally, initiatives by institutions like the National Institute of Mental Health and Neuro Sciences and research developments at IIT-Roorkee underscore the dynamic nature of the market, promising continued growth and evolution in the coming years.
India Neurology Devices Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increase in Incidence of Neurological Disorders and Rise in the Aging Population
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1.2.2 Increase in R&D in the Field of Neurotherapies
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1.3 Market Restraints
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1.3.1 High Cost of Equipment
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1.3.2 Stringent Regulatory Validation and Guidelines for New Devices
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1.4 Porter's Five Force Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD Million)
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2.1 By Type of Device
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2.1.1 Cerebrospinal Fluid Management Devices
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2.1.2 Interventional Neurology Devices
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2.1.3 Neurosurgery Devices
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2.1.4 Neurostimulation Devices
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2.1.5 Other Types of Devices
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India Neurology Devices Market Size FAQs
What is the current India Neurology Devices Market size?
The India Neurology Devices Market is projected to register a CAGR of 7.10% during the forecast period (2024-2029)
Who are the key players in India Neurology Devices Market?
B. Braun Melsungen AG, Boston Scientific Corporation, Stryker Corporation, Medtronic PLC and Nihon Kohden Corporation are the major companies operating in the India Neurology Devices Market.