The Germany Neurology Devices Market is expected to grow with a CAGR of 7.8% in the forecast period. The key factors propelling the growth of the market are the increasing incidence of neurological disorders, huge investments by private players in neurology devices, an increase in R&D in the field of neuro therapies.
The increasing incidence of neurological disorders like brain aneurysms, brain tumors, epilepsy, memory disorders, multiple sclerosis, Parkinson’s disease, peripheral neuropathy, spinal cord tumor. For instance, according to the German Brain Tumor Association, 2020, 25% of all cancer diagnoses in the young involve tumors in the brain and central nervous system. It's often kids at the age of six-and-a-half, and boys more often than girls.
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 sacral nerve stimulation devices are mostly used for patients for whom drug therapy or other types of medications are not successful. The deep brain stimulation devices 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.
The Germany 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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