The key factors propelling the growth of the market are the increasing incidence of neurological disorders, huge investments by private players in neurology devices, an increase in R&D in the field of neurotherapy, and rising aging population.
- The growth of the neurology devices market is attributed to the increasing incidence of neurological disorders that include brain aneurysms, brain tumors, epilepsy, memory disorders, multiple sclerosis, Parkinson’s disease, peripheral neuropathy, post-herpetic neuralgia, spinal cord tumor, and stroke.
- The increasing healthcare spending, increasing foreign direct investment by global medical device manufacturers, and increasing neurological disease prevalence are expected to drive the overall market growth.
Key Market Trends
The Sacral Nerve Stimulation Devices Segment 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.
The deep brain stimulation devices are also being used to perform deep brain stimulation procedures, by implanting a medical device that is capable of sending electrical impulses to specific target areas in the brain. These devices are generally used to treat neuropsychiatric disorders and are effectively used in treating various other neurological disorders, like Parkinson's disease, essential tremor, dystonia, chronic pain, major depression, and obsessive-compulsive disorder.
Asia-Pacific Registered the Fastest Growth and is Expected to Follow the Same Trend over the Forecast Period
The Asia-Pacific region is expected to grow, due to the presence of high unmet medical needs, coupled with rapidly rising healthcare R&D investments and growing medical expenditures in emerging economies, such as India and China. There are also a number of government initiatives that are expected to increase over the forecast period.
Moreover, the United States is expected to have the major share in the market, due to factors such as the number of people with neurological conditions is expected to grow sharply over the forecast period, due to improved survival rates, the betterment of general healthcare and infection control, increased longevity, and improved diagnostic techniques. According to a report published by the Alzheimer’s Association, it was estimated that around 5.7 million people in the United States were affected by Alzheimer’s disease (AD) in 2018, which was a drastic increase when compared to the 2016 statistics, where 476,000 people were identified with Alzheimer’s disease.
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 the market.
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