The Canada Neurology Devices Market is expected to grow with a CAGR of 7.5% in the forecast period. The key factors propelling the growth of the market are the increasing incidence of neurological disorders, an increase in R&D in the field of neuro therapies, and the rising aging population. According to 2019 Canadian population data, about 17% that is 6.5 million Canadians, are older than 65. Aging causes accumulation of mutations, functional and structural deterioration of the brain, decreasing efficiency of DNA repair mechanisms altogether cause brain damage or other diseases like stroke, epilepsy, Parkinson’s disease, Alzheimer’s disease, and other dementias. Therefore, the increasing geriatric population in the country is boosting the market growth. However, the high cost of the devices and stringent regulations and guidelines for new devices is restraining market growth.
Key Market Trends
Neurostimulation Devices is Expected to Grow Fastest during the Forecast Period
The fastest growth of the segment is due to the increasing usage of the sacral nerve stimulation devices and deep brain stimulation devices. The deep brain stimulation devices are generally used to treat neuropsychiatric disorders and are effectively used in treating various other neurological disorders, like Parkinson's disease, essential tremor, dystonia, chronic pain, major depression, and obsessive-compulsive disorder.
According to the Government of Canada,2018, approximately one in five Canadians live with chronic pain and this can have significant impacts on an individual's physical and mental health, often preventing them from undertaking everyday activities. The increasing patient pool is expected to increase the demand for the devices boosting the segment growth.
The Canada Neurology Devices Market is moderately competitive with several major players. Some of the strategies implemented include agreements, collaborative models, business expansion, and product developments. Some of the major players are B. Braun Melsungen AG, Boston Scientific Corporation, Stryker Corporation, Medtronic PLC, Abbott Laboratories, Johnson and Johnson, Smith & Nephew
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