The Japan Neurology Devices Market is expected to grow with a CAGR of 5.5% 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 World Ageing 2019 report, the number of people who are above 65 years of age in Japan was 35.524 million (28%) in 2019 which is projected to reach 37.278 million (30.9%) in 2030. As number of geriatric population is expected to increase in coming years who are more prone to disorders such as cognitive impairment and dementia which ultimately rises the growth of market in near future.
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 minimally invasive therapy, rising prevalence of urinary bladder diseases, and technological advancements such as the introduction of novel coatings and engineering strategies are the main factors driving the growth of the market.
According to a nationwide survey study report by Suzuki M et al., presented at ICS 2019 Gothenburg, estimated that the prevalence of double incontinence among the elderly population is very high in Japan. Moreover, the aging rate of elderly population among entire population, has been increasing in Japan exceeded 28.1% in 2019 and which is expected to rise in future which shows positive impact on market and this group of population need these devices for the management of the diseases.
Thus, rising prevalence of elderly population along with increasing urinary disorders is expected to drive the market in near future.
The Japan 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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