The Canadian neurology devices market is expected to register a CAGR of 7.5% over the forecast period.
The COVID-19 pandemic negatively impacted Canada's neurology devices market. In November 2021, an article published in Parkinsonism and Related Disorder reported a 17% reduction in deep brain stimulation surgeries in Canada during the initial 4 to 16 weeks of COVID-19. This was due to the cancellation of hospital appointments due to an increase in COVID-19 cases. However, in the upcoming years, it is anticipated that the declining COVID-19 infection rates will lead to the resumption of neurological services in hospitals and clinics. As a result, the market is expected to witness stable growth over the forecast period.
The factors driving the growth of the studied market are the growing burden of neurological disorders, the increasing geriatric population, and the increase in R&D in the field of neurotherapy. The elderly population is vulnerable to several neurological conditions, such as stroke, dementia, Parkinson's disease, tremor, and epilepsy, constantly increasing the demand for neurology devices. For instance, in August 2022, Statistics Canada reported that in 2021, 18.5% of the population in Canada aged above 65 years. Similarly, in September 2022, Alzheimer's Society reported that 5,69,600 Canadians were living with dementia in 2020, and this number is expected to increase to 9,55,900 by 2030. Thus, the high geriatric population and the increasing neurological disorder associated with them is driving the demand for neurological devices.
The rising investments in the development of sophisticated healthcare infrastructure and rising investments by the corporate in R&D activities have led to the development and increased adoption of neurovascular devices. The availability of advanced treatments for various neurological disorders owing to the presence of technologically advanced neurovascular devices has significantly contributed to market growth. For instance, in September 2022, Axonics reported one of the first patients got an implant for its Axonics F15 sacral neuromodulation (SNM) system in Canada. Thus, the development of various neurology devices is providing better treatment to people in the country living with neurological disorders and are driving the growth of the studied market in the country.
Thus, due to the growing burden of neurological disorders, the increasing geriatric population, and the increase in R&D in the field of neurotherapy, the studied market is expected to witness significant growth over the forecast period. However, stringent regulations and guidelines for new devices may slow down the development of the studied market.
In March 2021, the Canada Chronic Pain Factsheet reported that approximately 7.6 million, or one in five people (across the lifespan), were living with chronic pain. Also, one in five children and youth experience ongoing pain and can experience chronic pain once in their life span. The cases of chronic pain are comparatively more in the geriatric population. As Canada's population ages, the prevalence of chronic pain increases, which increases the demand for nerve stimulation devices, thereby driving the growth of this segment.
Also, in 2021, the Canadian Institute for Health Information reported 40.7 thousand neurocognitive disorder cases in the year 2021 in Canada with patients aged 65 and above, accounting for 3.4% of all inpatient hospitalization cases. The source also reported 39.3 thousand cases of schizophrenia, schizotypal and delusional disorders in Canada. Such a high number of neurological disorders like epilepsy and schizophrenia are leading to increasing demand for neurostimulation devices, thereby driving the growth of this segment.
Furthermore, various strategies, such as product portfolio expansion, investment in research and development, and mergers & acquisitions to establish a strong distribution network further propel this segment's growth. For instance, in July 2022, Abbott promulgated the Health Canada licensing of the NeuroSphere virtual clinic. NeuroSphere is compatible with Abbott's suite of neuromodulation technologies. It is a remote programming technology to provide flexibility to patients from their homes. NeuroSphere virtual clinic has the potential to increase access to optimal treatment for patients unable to reach their healthcare provider.
Thus, due to the rise in the prevalence of neurological disorders, favorable reimbursement rates, and the introduction of innovative technologies, the segment is expected to witness significant growth over the forecast period.
The increasing geriatric population is increasing the number of neurosurgery devices. With increasing age, the chances of developing various neurological disorders such as stroke, dementia, and Parkinson's disease increase. Most of these disorders can be controlled by medication, but some may demand neurosurgery. For instance, an article published by the journal Neurosurgery in June 2022 reported an increase in neurosurgical procedures in Canada, particularly among the geriatric population.
Also, the United Nations 2022 report stated that 7,320 individuals of the population in Canada are aged 65 and above, and this number is expected to increase to 10,162 by 2040. The increasing geriatric population may lead to an increase in neurological disorders, which may increase the demand for neurological devices, thereby driving the growth of this segment.
Furthermore, the increasing demand for MIS is due to the minimal damage to the body as opposed to traditional open surgery, and the body scars involved in MIS are barely noticeable. An article published by the journal Global Spine in July 2021 reported that the increasing success rate of MIS in neurosurgical procedures is driving the growth of this segment.
Thus, due to the rise in neurological disorders coupled with the increase in the number of minimally invasive surgical procedures and the increase in the geriatric population, the segment is expected to witness significant growth over the forecast period.
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The COVID-19 pandemic negatively impacted Canada's neurology devices market. In November 2021, an article published in Parkinsonism and Related Disorder reported a 17% reduction in deep brain stimulation surgeries in Canada during the initial 4 to 16 weeks of COVID-19. This was due to the cancellation of hospital appointments due to an increase in COVID-19 cases. However, in the upcoming years, it is anticipated that the declining COVID-19 infection rates will lead to the resumption of neurological services in hospitals and clinics. As a result, the market is expected to witness stable growth over the forecast period.
The factors driving the growth of the studied market are the growing burden of neurological disorders, the increasing geriatric population, and the increase in R&D in the field of neurotherapy. The elderly population is vulnerable to several neurological conditions, such as stroke, dementia, Parkinson's disease, tremor, and epilepsy, constantly increasing the demand for neurology devices. For instance, in August 2022, Statistics Canada reported that in 2021, 18.5% of the population in Canada aged above 65 years. Similarly, in September 2022, Alzheimer's Society reported that 5,69,600 Canadians were living with dementia in 2020, and this number is expected to increase to 9,55,900 by 2030. Thus, the high geriatric population and the increasing neurological disorder associated with them is driving the demand for neurological devices.
The rising investments in the development of sophisticated healthcare infrastructure and rising investments by the corporate in R&D activities have led to the development and increased adoption of neurovascular devices. The availability of advanced treatments for various neurological disorders owing to the presence of technologically advanced neurovascular devices has significantly contributed to market growth. For instance, in September 2022, Axonics reported one of the first patients got an implant for its Axonics F15 sacral neuromodulation (SNM) system in Canada. Thus, the development of various neurology devices is providing better treatment to people in the country living with neurological disorders and are driving the growth of the studied market in the country.
Thus, due to the growing burden of neurological disorders, the increasing geriatric population, and the increase in R&D in the field of neurotherapy, the studied market is expected to witness significant growth over the forecast period. However, stringent regulations and guidelines for new devices may slow down the development of the studied market.
Canada Neurology Devices Market Trends
Neurostimulation Devices Expected to Witness a Significant Growth
Neurostimulation devices are generally used to diagnose and treat disorders of the ANS, CNS, and PNS. The segment is expected to witness significant growth over the forecast period due to the rise in the prevalence of neurological disorders, favourable reimbursement rates, and the introduction of innovative technologies.In March 2021, the Canada Chronic Pain Factsheet reported that approximately 7.6 million, or one in five people (across the lifespan), were living with chronic pain. Also, one in five children and youth experience ongoing pain and can experience chronic pain once in their life span. The cases of chronic pain are comparatively more in the geriatric population. As Canada's population ages, the prevalence of chronic pain increases, which increases the demand for nerve stimulation devices, thereby driving the growth of this segment.
Also, in 2021, the Canadian Institute for Health Information reported 40.7 thousand neurocognitive disorder cases in the year 2021 in Canada with patients aged 65 and above, accounting for 3.4% of all inpatient hospitalization cases. The source also reported 39.3 thousand cases of schizophrenia, schizotypal and delusional disorders in Canada. Such a high number of neurological disorders like epilepsy and schizophrenia are leading to increasing demand for neurostimulation devices, thereby driving the growth of this segment.
Furthermore, various strategies, such as product portfolio expansion, investment in research and development, and mergers & acquisitions to establish a strong distribution network further propel this segment's growth. For instance, in July 2022, Abbott promulgated the Health Canada licensing of the NeuroSphere virtual clinic. NeuroSphere is compatible with Abbott's suite of neuromodulation technologies. It is a remote programming technology to provide flexibility to patients from their homes. NeuroSphere virtual clinic has the potential to increase access to optimal treatment for patients unable to reach their healthcare provider.
Thus, due to the rise in the prevalence of neurological disorders, favorable reimbursement rates, and the introduction of innovative technologies, the segment is expected to witness significant growth over the forecast period.
Neurosurgery Devices Expected to Witness a Significant Growth
The neurosurgery devices segment is expected to witness significant growth over the forecast period owing to the rise in neurological disorders, the increase in the number of minimally invasive surgical (MIS) procedures, and the increase in the geriatric population.The increasing geriatric population is increasing the number of neurosurgery devices. With increasing age, the chances of developing various neurological disorders such as stroke, dementia, and Parkinson's disease increase. Most of these disorders can be controlled by medication, but some may demand neurosurgery. For instance, an article published by the journal Neurosurgery in June 2022 reported an increase in neurosurgical procedures in Canada, particularly among the geriatric population.
Also, the United Nations 2022 report stated that 7,320 individuals of the population in Canada are aged 65 and above, and this number is expected to increase to 10,162 by 2040. The increasing geriatric population may lead to an increase in neurological disorders, which may increase the demand for neurological devices, thereby driving the growth of this segment.
Furthermore, the increasing demand for MIS is due to the minimal damage to the body as opposed to traditional open surgery, and the body scars involved in MIS are barely noticeable. An article published by the journal Global Spine in July 2021 reported that the increasing success rate of MIS in neurosurgical procedures is driving the growth of this segment.
Thus, due to the rise in neurological disorders coupled with the increase in the number of minimally invasive surgical procedures and the increase in the geriatric population, the segment is expected to witness significant growth over the forecast period.
Canada Neurology Devices Market Competitor Analysis
The Canadian neurology devices market is moderately competitive, with a few players operating globally and regionally. Some of these players are B. Braun Melsungen AG, Boston Scientific Corporation, Stryker Corporation, Medtronic PLC, Abbott Laboratories, Johnson & Johnson, Smith & Nephew, MicroPort Scientific Corporation, Nihon Kohden Corporation, and Penumbra Inc.Additional benefits of purchasing the report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
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Table of Contents
1 INTRODUCTION
4 MARKET DYNAMICS
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- B. Braun Melsungen AG
- Boston Scientific Corporation
- Stryker Corporation
- Medtronic PLC
- Abbott Laboratories
- Johnson & Johnson
- Smith & Nephew
- MicroPort Scientific Corporation
- Nihon Kohden Corporation
- Penumbra Inc.
Methodology
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