Neurology Devices Market Size

Neurology Devices Market size was over USD 14.37 billion in 2023 and is poised to cross USD 38.61 billion by 2036, growing at more than 7.9% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of neurology devices is estimated at USD 15.28 billion. The growth of the market can be attributed to the increasing prevalence of neurological diseases, such as, multiple sclerosis, Alzheimer’s disease, Parkinson’s disease, epilepsy, and other disorders. According to the data by the World Health Organization (WHO), 47.5 million people suffer with dementia globally, with 7.7 million new cases every year. The increasing prevalence of neurological disorders is estimated to promote the demand for neurology devices. Moreover, increasing global health expenditure is further anticipated to fuel the market growth. According to the data by the World Bank, USD 1,110.268 was spent on per capita healthcare, in 2018.

Moreover, the increasing geriatric population is projected to fuel the market growth, as older people are more vulnerable towards neurological diseases. According to the other World Bank report, 723,184,486 people were above the age of 65 years, in 2020, globally.