Europe Neurostimulation Market - Growth, Trends, and Forecast (2020 - 2025)
The major factors for the growth of the European neurostimulation market include the growth in the geriatric population and rising prevalence of neurological disorders, increasing demand for minimally invasive surgeries, and technological advancements.
Among the age-related neurodegenerative disorders, Parkinson’s disease (PD) is the second-most common, after Alzheimer’s disease. According to NHS UK, Parkinson's disease affects around 1 in 500 people. Hence, there are an estimated 127,000 people in the United Kingdom, who are currently living with the condition. Most people with Parkinson's start to develop symptoms when they're over 50, although around 1 in 20 people with the condition, first experience symptoms when they're under 40. Furthermore, neurostimulation devices also play a significant role in pain management. In November 2018, Abbott announced the launch of the new DRG Invisible Trial System, which is approved by the US Food and Drug Administration (FDA) and has received the CE Mark in Europe. Thus, owing to the rising prevalence of neurological diseases and increasing technological advancements, the market is expected to witness high growth over the forecast period.
Key Market Trends
Parkinson’s Disease Segment is expected to be the Fastest Growing Segment
With the growing aging population and increasing prevalence of Parkinson's disease, the market is expected to witness a high growth rate. Parkinson's syndrome is one of the most common neurological diseases found in Germany. It is found to be affecting the older population, and among people aged above 65 years, the prevalence is 1,800 per 100,000. Therefore, in Germany, the number of patients is likely to increase in the future. Furthermore, Europe has a growing aging population. For instance, according to the Fondation de France, one in five French person is over 60 years old, and in 2050 one in three will be. Therefore age-associated diseases are assuming ever-greater proportions. Parkinson’s disease currently affects around 150,000 people in France. Deep Brain Stimulation (DBS) is the most commonly performed surgical treatment for Parkinson's, but it's not for everyone. DBS therapy is currently approved in many locations across the world, including the United States and Europe, as a treatment for the disabling symptoms of essential tremors, and recently, the long-standing Parkinson's disease. Thus, owing to the all above-mentioned factors, the market is expected to witness high growth over the forecast period.
The market studied is a moderately consolidated market, owing to the presence of small and large market players. Some of the market players are Medtronic PLC, Boston Scientific Corporation, Abbott Laboratories, LivaNova PLC, Nevro Corporation, NeuroSigma Inc., The Magstim Company Limited, Neuronetics, and Renishaw PLC.
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