Market Trends of North America Neurology Devices Industry
This section covers the major market trends shaping the North America Neurology Devices Market according to our research experts:
Cerebrospinal Fluid Management Devices is Expected to Witness High Growth over the Forecast Period
Cerebrospinal fluid (CSF) devices drain a buildup of CSF in the brain (hydrocephalus). Cerebrospinal fluid (CSF) devices treat hydrocephalus, a standard medical procedure and life-saving treatment for many patients. These shunt systems drain excess fluid from the brain to another part of the body, where the fluid is absorbed as part of the circulatory process. If left unchecked, CSF imbalance can lead to elevated intracranial pressure (ICP), leading to various complications. CSF shunts can be used to alleviate these problems in patients who suffer from hydrocephalus. According to the Cleveland Clinic April 2022 report, one to two out of every 1,000 newborns are born with hydrocephalus in the United States. Additionally, according to Hydrocephalus Association 2022 report, hydrocephalus affects over 1 million Americans, ranging from infants and older children to young and middle-aged adults and seniors. As the number of patients increases, the shunt systems are used, and so does the segment's growth.
Product launches, approval, and increased focus by several players on their expanding product portfolios in neurosurgery will propel the North American neurology devices market. For instance, in July 2021, Medtronic launched the Percept PC Deep Brain Stimulation (DBS) system. The system integrated with BrainSense technology is made to administer therapeutic stimulation inside and outside the clinic while simultaneously capturing brain signals. The Percept PC device is indicated for individuals with Parkinson's disease, tremors, dystonia, and epilepsy and provides enhanced comfort. An increase in product launches and approval is emerging as a critical trend that is likely to drive the growth of the neurology devices market in North America.
The United States is Expected to Register Significant Growth in the North American Neurology Devices Market
The United States is expected to have a significant share in the neurology devices market owing to the factors such as the rising prevalence of neurological disorders and the rising geriatric population in the country.
The increasing burden of neurological disorders such as Alzheimer's disease, epilepsy, Parkinson's disease, neuromuscular disorders, and others is the key factor driving the market's growth. For instance, according to data from Alzheimers.org, 6.2 million Americans aged 65 and older were thought to have Alzheimer's-related dementia in the United States in 2021. Thus, the rising burden of neurological diseases among the United States population is expected to increase the demand for early diagnosis and treatment, further increasing the demand for neurology devices, thereby propelling market growth. Moreover, as per the 2022 report from Cancer.net, approximately 5,900 brain and other CNS tumors are anticipated to be diagnosed in children ages 0 to 19 in the United States. After leukemia, brain and other CNS tumors are the second most common childhood cancers, accounting for about 26% of cancer in children younger than 15 and 21% in teens ages 15 to 19 in the United States.
In addition, the growing geriatric population and the presence of robust healthcare infrastructure for neurological diagnostics and treatment are also contributing to the growth of the neurology devices market over the forecast period. For instance, according to the March 2021 report of the Alzheimer's Association, approximately 6.2 million people of age 65 years and more are living with Alzheimer's-related dementia in the United States, and it is projected that this number will increase to 13.8 million people by 2060. Thus, the increasing aging population is more prone to develop neurological disorders. This is expected to increase the demand for various neurology devices for diagnosing and treating the conditions, which is expected to fuel market growth.
Thus, the increasing prevalence of neurological disorders and the growing senior population in the United States is expected to augment the market growth over the forecast period.
