The Spain 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, 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, spinal cord tumor, and stroke.
According to the Institute for Health Metrics and Evaluation, 2017, the number of cases for epilepsy, Parkinson's disease, and brain tumors was 11,707, 13,771, 6,631 respectively. the large patient pool in the country is expected to increase the demand for the devices.
However, the high cost of the devices and stringent regulations and guidelines for new devices is restraining market growth.
Key Market Trends
Neurosurgery Devices is Expected to Grow Fastest during the Forecast Period
Neurosurgery devices are widely used for the treatment of various neurological disorders that cannot be cured just with therapeutic drugs. Common neurological disorders include brain tumor, stroke, Parkinson’s disease, Alzheimer’s disease, Epilepsy, and multiple sclerosis. The increasing prevalence of these diseases is escalating the demand for neurosurgery devices.
According to Globocan, 2018 report, the number of brain tumor cases was recorded to be 4,281 which is estimated to increase to 4, 894 in 2030, and 5,256 by 2040. Brain tumors alone constitute to this number all the neurological disorders in the country is a large pool which increases the demand for the devices.
The Spain 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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