Market Trends of India Neurology Devices Industry
This section covers the major market trends shaping the India Neurology Devices Market according to our research experts:
The Neurostimulation Devices Segment is Expected to Hold a Significant Market Share Over the Forecast Period
Neurostimulation devices are implantable, programmable medical devices that deliver electrical stimulation to a specific part of the patient's brain, spinal cord, or peripheral nervous system to help treat various conditions, including chronic pain, movement disorders, epilepsy, and Parkinson's disease. Neuromodulation is an intracranial, electrical neuromodulation therapy that has US Food and Drug Administration (USFDA) approval for the treatment of neurological diseases such as bladder control, headache, tremors, chronic pain, stroke, minimally conscious state, and spinal cord injury, which are primarily found in the elderly population. The increased geriatric population in India is a major factor driving market growth. For instance, according to the 'Elderly India 2021' report, the population's age-wise distribution exhibits an increasing trend in the proportion of the people belonging to the age group 60 years and above from 7.4% in the past year to a projection of 13.2% by 2031.
Factors such as product launches, mergers and acquisitions, research and development, and key market players boost the growth of the Indian neurostimulation devices segment. For instance, in February 2022, India Medtronic Private Limited, a wholly-owned subsidiary of Medtronic PLC, conducted the first clinical procedure in India with the Intellis Spinal Cord Stimulation (SCS) platform, the world's smallest Spinal Cord Stimulator (SCS) device for the management of certain types of chronic intractable pain. Jaslok Hospital and Research Centre, Mumbai, successfully implanted the first Intellis device in a patient in India for managing pain.
Thus, according to the abovementioned factors, the neurostimulation devices segment is anticipated to grow over the forecast period.
Neurosurgery Devices Segment is Expected to Hold a High Growth Over the Forecast Period
Factors such as the increasing aging population in the country and product launches are key factors in segmental growth. The growing geriatric population is prone to neurological disorders, which is expected to increase the demand for neurosurgery, thus, increasing market growth during the forecast period. For instance, as per the 'Elderly India 2021' report in 2021, the total aging population above 60 years in India was around 137.9 million, with 66.8 million males and 71.1 million females, which is expected to increase to 193.8 million in 2031 with 92.9 million males and 100.9 million females. Thus, with such a high geriatric population, the adoption of neurology devices for surgical treatment is expected to grow in the country.
Product launches are key factors in market growth as they provide innovative and advanced efficient solutions, increasing the success rate of treatments. Hence, the adoption of such products increases, increasing market growth over the forecast period. For instance, in June 2022, Medtronic PLC launched a fourth-generation flow diverter, Pipeline Vantage with Shield Technology, for the endovascular treatment of brain aneurysms. Pipeline Vantage with Shield Technology is a new flow diverter with enhanced design features for the delivery system and implant. These features allow physicians to deliver, deploy, and treat brain aneurysms and intracranial aneurysms with greater ease and reliability while providing a scaffold that promotes the growth of cells in the inner lining of the target blood vessel. Similarly, launches of brain mapping devices are another key factor as these are important to provide an accurate map of the brain required for brain surgery. For instance, in August 2022, IBS Hospital in India launched a brain mapping device. The device provides personalized brain mapping for the treatment of brain tumors. Brain surgeries become safer due to the accuracy as damage to important brain areas can be avoided.
Thus, increasing population and product launches are expected to increase the adoption of neurosurgery, which is expected to increase segmental growth over the forecast period.
