The Saudi Arabia Neurology Devices Market is expected to grow with a CAGR of 7.1% 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, and the rising aging population.
The increasing incidence of neurological disorders like brain aneurysms, brain tumors, epilepsy, memory disorders, multiple sclerosis, Parkinson’s disease, peripheral neuropathy, post-herpetic neuralgia, spinal cord tumor, and stroke. The most common neurological disease encountered in the country was epilepsy and seizure disorders accounting for 37.7 % of the neurological disorders, followed by stroke and multiple sclerosis.
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 use 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 Alwaleed M Alyamani, in his article published in 2018, stated that the prevalence of Parkinson's Disease in Saudi Arabia has reached to be 27 per 100,000 population. The other neurological disease like brain tumor and spinal cord injuries are also boosting the segment growth.
The Saudi Arabia 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 Scientific Stryker Corporation, Medtronic PLC, Abbott Laboratories, Johnson and Johnson, Smith & Nephew
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