Canada Neurology Devices Market Insights Forecasts to 2033

• The Market is growing at a CAGR of 7.45% from 2023 to 2033
• The Canada Neurology Devices Market Size is Expected to Hold a Significant Share by 2033

The Canada Neurology Devices Market is anticipated to hold a significant share by 2033, growing at a CAGR of 7.45% from 2023 to 2033. The increasing burden of neurological diseases and the increase in R&D development in the devices are driving the growth of the neurology devices market in Canada.     

Market Overview

Neurology devices are medical equipment intended for the diagnosis, treatment, monitoring, or prevention of neurological disorders. Spinal cord stimulators, deep brain stimulators (DBS), electroencephalographs (EEGs), and imaging devices are some of the tools used in the diagnosis and treatment of neurological problems.  As per the report of Public Health Agency of Canada, neurological diseases, disorders, and injuries are estimated to affect 3.6 million Canadians and a further 170,000 Canadians living in long-term care facilities. There is an increasing number of people diagnosed with a neurological condition as a result of an aging population, particularly Alzheimer’s disease and other dementias, as well as Parkinson’s disease which surges the demand for neurology devices. The increasing technological advancements and surging need for minimally invasive procedures are promoting market growth. Further, the rising R&D activities in neuro-interventional devices by the key market players are anticipated to drive the market growth for neurology devices in Canada.

Report Coverage

This research report categorizes the market for the Canada neurology devices market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Canada 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 Canada neurology devices market.

Driving Factors

It is estimated that neurological disorders affect 3.6 million Canadians. Further, neurological diseases such as Alzheimer’s and Parkinson’s disease are expected to double in 20 years among Canadians. The increasing burden of neurological devices is projected to drive the market demand. The increasing focus on developing innovative neurology devices by manufacturers is enhancing the market growth. These developments include enhanced microelectrode designs, rechargeable implantable pulse generators, multi-target stimulation, robot-assisted implantation, and customized directed programming which provide better symptom relief and increased efficacy from these devices when compared to conventional approaches.

Restraining Factors

The high cost and reimbursement scenario are hindering the accessibility of these devices, particularly in rural or remote areas, restraining the market growth. Further, the lengthy regulatory approval processes for launching innovative devices are challenging the Canada neurology devices market.

Market Segmentation

The Canada Neurology Devices Market share is classified into product and end user.

• The neurostimulation devices segment dominates the market with the largest market share during the forecast period.

The Canada neurology devices market is segmented by product into neurostimulation devices, neurosurgery devices, interventional neurology devices, cerebrospinal fluid devices, and others. Among these, the neurostimulation devices segment dominates the market with the largest market share during the forecast period. Neurostimulation devices are the minimally invasive approach for treating various neurological disorders and provide relief from pain by modulating neuron signals and circuits. The growing incidence of neurological disorders along with the increasing R&D activities are driving the market.

• The hospitals segment dominates the Canada neurology devices market with a significant market share during the forecast period.       

Based on the end user, the Canada neurology devices market is divided into hospitals, neurology clinics, and ambulatory care centers. Among these, the hospitals segment dominates the Canada neurology devices market with a significant market share during the forecast period. Hospitals serve as major hubs for complete neurology care, including various surgical, therapeutic, and diagnostic procedures. Hospital neurology departments incorporate multidisciplinary teams to promote collaborative approaches to patient care. The presence of healthcare professionals and advanced medical technologies in hospital is contributing to propel the market.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Canada 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

• B. Braun Melsungen AG
• Stryker Corporation
• Medtronic PLC
• Boston Scientific Corporation
• Abbott Laboratories
• Johnson & Johnson
• MicroPort Scientific Corporation
• Nihon Kohden Corporation
• Penumbra Inc.
• Others

Key Target Audience

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

Recent Developments

• In June 2024, Boston Scientific achieved a significant milestone with the European CE [Conformité Européenne] marking its Vercise Neural Navigator 5 software, an integral part of the company’s Deep Brain Stimulation (DBS) system for treating Parkinson’s disease.

• In September 2022, HealthTech Connex’s subsidiary NeuroCatch secured a medical device license from Health Canada for the latest version of its NeuroCatch Platform brain function assessment system.

Market Segment

This study forecasts revenue at Canada, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Canada Neurology Devices Market based on the below-mentioned segments:

Canada Neurology Devices Market, By Product

• Neurostimulation Devices
• Neurosurgery Devices
• Interventional Neurology Devices
• Cerebrospinal Fluid Devices
• Others

Canada Neurology Devices Market, By End User

• Hospitals
• Neurology Clinics
• Ambulatory Care Centers