Europe Neurology Devices Market Analysis Report [2022-30]

Europe Neurology Devices Market Analysis

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The Europe Neurology Devices Market size was valued at $2.39 Bn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 6.54% from 2022 to 2030 and will reach $3.98 Bn in 2030. The market is segmented by product type and by the end user. The Europe neurology devices market has been expanding in Europe as a result of a number of factors, such as the rising incidence of neurological disorders like Alzheimer's disease, Parkinson's disease, and multiple sclerosis as well as technological advancements that have resulted in the creation of new and improved diagnostic and therapeutic devices. Some key players in the market include GE Healthcare, Philips Healthcare, Medtronic, and Penumbra

ID: IN10EUMD012 CATEGORY: Medical Devices GEOGRAPHY: Europe AUTHOR: Jigyasu Bhandari

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Europe Neurology Devices Market Executive Analysis

The Europe Neurology Devices Market is at around $2.39 Bn in 2022 and is projected to reach $3.98 Bn in 2030, exhibiting a CAGR of 6.54% during the forecast period. In Germany, 11.7% of the country's Gross Domestic Product (GDP) was spent on current health care in 2019. This was the highest percentage out of the 27 EU member states. Luxembourg was at the other extreme of the spectrum. 5.4% of the GDP was spent on health care in this country. The two countries with the biggest overall increases were Romania and Estonia, where spending in 2020 was 118.5% and 99.0% higher than in 2012, respectively. These increases amounted to average yearly increases of 10.3% in Romania and 9.0% in Estonia.

In Europe, neurological illnesses came in third place behind cancers and cardiovascular diseases. The top three causes of Disability Adjusted Life Years (DALYs) in Europe were stroke, dementia, and headaches. The non-surgical medical equipment known as interventional neurology devices is used to perform non-invasive, image-guided operations to treat a variety of neurological diseases and disorders. Aneurysms, arteriovenous malformations, cavernous malformations, and stroke are a few of the neurological conditions that are treated with interventional neurology devices. Alzheimer's disease, which accounts for between 50-70 % of dementia cases, affects 10 million people in Europe. Alzheimer's disease is more common as people get older; it is predicted that 30% of those over 85 have the condition. Around 1.5 million people in Europe are thought to have Parkinson's disease, which is more prevalent in older age. Recurrent headaches are a common neurological disease known as migraine. Over 60 million people, or 12% of the population, are said to suffer from migraines throughout Europe.

europe neurology devices market analysis

Market Dynamics

Market Growth Drivers

The Europe neurology devices market has been expanding in Europe as a result of a number of factors, such as the rising incidence of neurological disorders like Alzheimer's disease, Parkinson's disease, and multiple sclerosis as well as technological advancements that have resulted in the creation of new and improved diagnostic and therapeutic devices. The advancements in neurology are helping the Italian healthcare system grow. More than 1 million people have dementia. Stroke affects 120,000 people annually, and the incapacity it causes affects another 930,000. A growing senior population in Italy is another factor in the country's rise in the prevalence of neurological diseases including Parkinson's and multiple sclerosis. After Alzheimer's disease and ischemic heart stroke, stroke ranks third in Spain as a cause of death. Additionally, government spending on healthcare systems has gone up. Market expansion in these nations is facilitated by such elements.

Market Restraints

The lengthy and difficult regulatory approval procedure for novel neurological devices may prevent certain businesses from entering the market. There are a number of foreign and local businesses operating in the somewhat competitive European market for neurology monitoring. The rivalry in the European industry has intensified due to the participation of practically all major international firms in the neurology monitoring sector. Since many of these multinational corporations have their headquarters in Europe, neurological monitoring is easier to obtain across the continent. A strong regulatory approach, incorporating biomarkers, is lacking for showing performance and assessing the effectiveness of innovative devices for early identification and medical intervention in the management of neurology disorders and accidents. Large amounts of sensitive patient data are generated by neurology devices, which can raise privacy concerns and lead to stricter regulations.

Competitive Landscape

Key Players

GE Healthcare
Philips Healthcare
Medtronic
Siemens Healthineers
B. Braun Melsungen AG
Penumbra

Notable Recent Deals

March 2022: Braintale, the cerebral white matter specialist French Medtech, announces today the launch of the brainTale-care platform with its modules brainQuant, dedicated to white matter quantification, and brainScore-coma, offering the prediction of coma recovery. The company is taking a decisive step in its development by providing doctors and medical teams with innovative decision support for digital medical devices in Europe.

2022: Guerbet, a French manufacturer of medical devices, purchased Accurate Medical Therapeutics, a Swiss manufacturer of medical technology, to expand its selection of interventional neurology devices for the treatment of brain aneurysms and stroke.

2021: US-based Royal Philips takeover the German manufacturer of medical devices Imricor Medical Systems. For a variety of treatments, including cardiac arrhythmia ablation and neurovascular treatments.

Healthcare Policies and Regulatory Landscape

The European Union (EU) and various EU member states regulate the healthcare policy and regulatory environment for the European neurology device market. To control the authorization and sale of medical devices, respectively, the EU established the European Medical Devices Agency (MDCG). Each nation in the European Union has its own national regulatory bodies in charge of approving and overseeing medical devices in addition to the European Union regulatory requirements. The market for neurology devices may be impacted by the strict regulations in some nations, such as Germany and France.

1. Executive Summary
1.1 Device Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Regulatory Landscape for Medical Device
1.6 Health Insurance Coverage in Country
1.7 Type of Medical Device
1.8 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Neurology Device Market Segmentation

The Neurology Device Market is segmented as mentioned below:

By Product Type (Revenue, USD Billion):

Neurostimulation
Spinal Cord Stimulation Devices
Deep Brain Stimulation Devices
Sacral Nerve Stimulation
Vagus Nerve Stimulation
Gastric Electric Stimulation
Interventional Neurology
- Aneurysm Coiling & Embolization
- Embolic Coils
- Flow Diversion Devices
- Liquid Embolic Agents
- Cerebral Balloon Angioplasty & Stenting
- Carotid Artery Stents
- Filter Devices
- Balloon Occlusion Devices
- Neurothrombectomy
- Clot Retriever
- Suction Aspiration Devices
- Snares
CSF Management
- CSF Shunts
- CSF Drainage
Neurosurgery Devices
- Ultrasonic Aspirators
- Stereotactic Systems
- Neuroendoscopes
- Aneurysm Clips

By End User (Revenue, USD Billion):

Hospitals and Clinics
Specialty Centres
Others

Methodology for Database Creation

Our database offers a comprehensive list of healthcare centers, meticulously curated to provide detailed information on a wide range of specialties and services. It includes top-tier hospitals, clinics, and diagnostic facilities across 30 countries and 24 specialties, ensuring users can find the healthcare services they need.

Additionally, we provide a comprehensive list of Key Opinion Leaders (KOLs) based on your requirements. Our curated list captures various crucial aspects of the KOLs, offering more than just general information. Whether you're looking to boost brand awareness, drive engagement, or launch a new product, our extensive list of KOLs ensures you have the right experts by your side. Covering 30 countries and 36 specialties, our database guarantees access to the best KOLs in the healthcare industry, supporting strategic decisions and enhancing your initiatives.

How Do We Get It?

Our database is created and maintained through a combination of secondary and primary research methodologies.

1. Secondary Research

With many years of experience in the healthcare field, we have our own rich proprietary data from various past projects. This historical data serves as the foundation for our database. Our continuous process of gathering data involves:

Analyzing historical proprietary data collected from multiple projects.
Regularly updating our existing data sets with new findings and trends.
Ensuring data consistency and accuracy through rigorous validation processes.

With extensive experience in the field, we have developed a proprietary GenAI-based technology that is uniquely tailored to our organization. This advanced technology enables us to scan a wide array of relevant information sources across the internet. Our data-gathering process includes:

Searching through academic conferences, published research, citations, and social media platforms
Collecting and compiling diverse data to build a comprehensive and detailed database
Continuously updating our database with new information to ensure its relevance and accuracy

2. Primary Research

To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:

Collaborating with local healthcare providers, hospitals, and clinics to gather real-time data.
Conducting surveys, interviews, and field studies to collect fresh data directly from the source.
Continuously refreshing our database to ensure that the information remains current and reliable.
Validating secondary data through cross-referencing with primary data to ensure accuracy and relevance.

Combining Secondary and Primary Research

By integrating both secondary and primary research methodologies, we ensure that our database is comprehensive, accurate, and up-to-date. The combined process involves:

Merging historical data from secondary research with real-time data from primary research.
Conducting thorough data validation and cleansing to remove inconsistencies and errors.
Organizing data into a structured format that is easily accessible and usable for various applications.
Continuously monitoring and updating the database to reflect the latest developments and trends in the healthcare field.

Through this meticulous process, we create a final database tailored to each region and domain within the healthcare industry. This approach ensures that our clients receive reliable and relevant data, empowering them to make informed decisions and drive innovation in their respective fields.