The Argentina Neurology Devices Market is expected to grow with a CAGR of 4.8% during the forecasted period. The key factors propelling the growth of this market are increase in incidence of neurological disorders,huge investments by private players in neurology devices and increase in R&D in the field of neurotherapies.
According to the Alzheimer Disease International, in 2016 approximately 500,000 people lived with dementia in Argentina and this number was projected to increase to 1.2 million by 2050. Overall, the market for neurology devices in Argentina is expected to witness steady growth during the forecast period.
Thus, owing to above factors the market is expected to show significant growth over the forecast period.
Key Market Trends
Sacral Nerve Stimulation Devices is the Segment under Neurostimulation Devices that is Expected to Grow Fastest during the Forecast Period
The sacral nerve stimulation devices are mostly used for patients for whom drug therapy or other types of medications are not successful. It is performed with the help of a small device, which is capable of sending electrical impulses to the targeted sacral nerves located in the lower back region. These devices are found to be successful in treating bladder problems. Hence, with increasing incidences of overactive bladder, the sacral nerve stimulation devices segment is expected to grow during the forecast period.
Sacral nerve stimulation devices are an effective and safe treatment for patients suffering from fecal and urinary dysfunction. Increasing demand for the minimal invasive therapy, rising prevalence of urinary bladder diseases, and technological advancements such as introduction of novel coatings and engineering strategies are the main factors driving the growth of the market.
According to the World Population Ageing 2019 report, in Argentina population aged 65 years or over in 2019 was 5.035 million (11.2%) and this number is projected to reach to 6.249 million (12.7%) in 2030. As the number of elderly population is expected to grow in coming years and elderly population are more prone to diseases such as Alzheimers disease, urinary disorders which ultimately drives the market in future.
Thus, owing to above factors the segment is expected to show significant growth over the forecast period.
The Argentina Neurology Devices Market is fragmented competitive. There are market participants involved in R&D for the development of advanced stimulation and neuromodulation techniques with minimally invasive procedures that are more preferable to the patients. Furthermore, many private companies are showing great interest in developing novel neurological devices to earn huge profits. In the coming years few other players are expected to enter into the market.
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