Australia Neurology Devices Market Size, Share, and COVID-19 Impact Analysis, By Type (Diagnostic Devices, Therapeutic Devices, Monitoring Devices, Surgical Devices, and Rehabilitation Devices), By Application (Stroke, Epilepsy, Parkinson’s Disease, Multiple Sclerosis, and Brain Tumors), and Australia Neurology Devices Market Insights, Industry Trend, Forecasts to 2033.

Australia Neurology Devices Market Insights Forecasts to 2033

• The Australia Neurology Devices Market Size was valued at USD 509 Million in 2023.
• The Market Size is Growing at a CAGR of 6.07% from 2023 to 2033
• The Australia Neurology Devices Market Size is Expected to Reach USD 918 Million by 2033

The Australia Neurology Devices Market Size is Anticipated to exceed USD 918 Million by 2033, growing at a CAGR of 6.07% from 2023 to 2033.

Market Overview

The industry that focuses on the creation, production, and marketing of medical devices used in the diagnosis, treatment, and management of neurological illnesses is known as the neurology devices market. These neurology devices are used to treat diseases like multiple sclerosis, Parkinson's disease, epilepsy, Alzheimer's, and other neurological conditions that impact the brain, spine, and nervous system. EEG (electroencephalography), EMG (electromyography), and MRI (magnetic resonance imaging) machines are various kinds of devices used to diagnose neurological problems. The demand for neurology devices in Australia is anticipated to be driven by the rising incidence of neurological conditions such as epilepsy, Parkinson's disease, and Alzheimer's disease. The need for cutting-edge diagnostic and therapeutic neurology equipment is being driven by the increasing incidence of neurological conditions like epilepsy, Parkinson's disease, and Alzheimer's disease. The growth of the market is driven by ongoing developments in neuroimaging technology, neuromodulation methods, and precision diagnostic abilities.      

Report Coverage

This research report categorizes the market for the Australia neurology devices market based on various segments and regions forecasts revenue growth and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Australia neurology devices market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the Australia neurology devices market.

Driving Factors

Technological developments in neurostimulation devices, including transcranial magnetic stimulation, vagus nerve stimulation, and adaptive deep brain stimulation, are greatly enhancing the effectiveness of neurological disease therapy which is driving the market expansion. The primary factors driving the growth of the worldwide neurology devices market are the aging population, the need for minimally invasive procedures, advancements in the healthcare system, and the creation of new and improved gadgets. The aging population's increased susceptibility to chronic diseases, the growing need for minimally invasive operations, and the rise in stroke patients are the primary variables driving the market's expansion. 

Restraining Factors

Technology development and market strategies are restricted by the requirement to strike a balance between healthcare cost-effectiveness and technical innovation. One of the biggest commercial challenges is ensuring that advanced medical technology is accessible and affordable in a variety of healthcare settings.   

Market Segmentation

The Australia neurology devices market share is classified into type and application.   

• The diagnostic devices segment accounted for the largest share of the Australia neurology devices market in 2023 and is anticipated to grow at a significant CAGR during the forecast period             

On the basis of type, the Australia neurology devices market is divided into diagnostic devices, therapeutic devices, monitoring devices, surgical devices, and rehabilitation devices. Among these, the diagnostic devices segment accounted for the largest share of the Australia neurology devices market in 2023 and is anticipated to grow at a significant CAGR during the forecast period. This is attributed to its vital function in the thorough evaluation and early diagnosis of neurological diseases. Diagnostic devices that are motivated by the basic significance of accurate neurological diagnostic tools that can offer thorough understandings of intricate neurological conditions.   

• The stroke segment accounted for the largest share of the Australia neurology devices market in 2023 and is anticipated to grow at a significant CAGR during the forecast period       

On the basis of application mode, the Australia neurology devices market is divided into stroke, epilepsy, Parkinson’s disease, multiple sclerosis, and brain tumors. Among these, the stroke segment accounted for the largest share of the Australia neurology devices market in 2023 and is anticipated to grow at a significant CAGR during the forecast period. Stroke management-focused neurology equipment need to offer complete solutions that include long-term patient monitoring, innovative rehabilitation technologies, accurate diagnostic capabilities, and emergency intervention.    

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Australia neurology devices market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Penumbra, Inc.
• Stryker Corporation
• Anatomics Pty Ltd
• B. Braun Melsungen AG
• Nihon Kohden Corporation
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In April 2022, A remote wireless neuro-stimulator platform was established by the Queensland Brain Institute (QBI), Neurosciences Queensland, and Abbott Neuromodulation to enable patients to receive therapy from any location in the world.

Market Segment

• This study forecasts revenue at Australia, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Australia neurology devices market based on the below-mentioned segments

Australia Neurology Devices Market, By Type

• Diagnostic Devices
• Therapeutic Devices
• Monitoring Devices
• Surgical Devices
• Rehabilitation Devices

Australia Neurology Devices Market, By Application

• Stroke
• Epilepsy
• Parkinson’s Disease
• Multiple Sclerosis
• Brain Tumors