North America is the Largest Neurostimulation Device Market as the Region
Neurostimulation is the technology to delivery low voltage electricity to a specific nerve or target in the spinal cord or brain to affect neuronal transmission. It is a therapeutic tool used to treat neuropathic pain or to modulate motor function and for a range of different diseases such as epilepsy, migraine, and Parkinson’s disease. The global neurostimulation device market is growing at significant rate due to increasing prevalence of neurological diseases and growing geriatric population. The market has witnessed high demand for internal neurostimulation over the last few years, due to the increasing prevalence of neurological disorders.
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The growing prevalence of neurological disorders, increasing prevalence of lifestyle associated diseases, robust product pipeline and mounting geriatric population are the primary growth drivers for neurostimulation device market. Neuromodulation devices have shown to be very effective in treating Parkinson’s and other chronic illnesses induced by old age. According to the WHO, globally depression is a common mental disorder and approximately 300 million people of all age group suffer from depression. Expanded target applications and new indications, increasing healthcare expenditure, increasing demand for minimally invasive surgeries, and increasing adoption of technological advanced products are also fueling the growth of the neurostimulation device market.
The lack of trained professionals and unfavorable reimbursement scenario are the major challenges for the growth of neurostimulation device market. In addition, availability of alternative options of treatment for neurological disorders and side effects and risks associated with neurostimulation therapy are also some of the factors hindering the growth of the market.
Geographically, North America is the largest neurostimulation device market as the region has increasing prevalence of chronic diseases and growing geriatric population. For instance, according to Centers for Disease Control and Prevention (CDC), in 2015 approximately 23.1 million people in the U.S. had diabetes. In addition according to National Institutes of Health, in the U.S. approximately one million people have Parkinson’s disease. As per the Alzheimer's Association in 2017, 5.5 million Americans had Alzheimer and about 5.3 million of this patient population’s age was 65 years or more. In addition, according to Alzheimer's Association approximately 14 million people are expected to suffer from Alzheimer in 2050.
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Asia-Pacific is observed to witness the fastest growth in the market. Largest population, increasing prevalence of diabetes, growing geriatric population and rising adoption of neurostimulation devices is creating a positive impact on the neurostimulation device market growth in the region.
Key players in the neurostimulation device industry are investing in the development of innovative and advance neurostimulation device products, which is strengthening their position in the market. In September 2017, Medtronic, Inc. received FDA approval and launched the Intellis platform for the management of certain types of chronic intractable pain. Medtronic, Inc., Boston Scientific Corporation, Cyberonics, Inc., Nevro Corporation, Neurosigma, Inc., Neuropace, Inc., Biocontrol Medical, Synapse Biomedical, Inc., Neuronetics, Inc. are some of the key players offering neurostimulation devices.
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