Global Neurostimulation Devices Market - Segmented by Device Type, Application, End User, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global neurostimulation devices market is expected to register a CAGR of 12.5% during the forecast period of 2018 - 2023. The rise in the technological advancements and innovation with growing geriatric population base is increasing the demand for the need of neurostimulation devices market. The well-established healthcare infrastructure with the high adoption rate of new technologies and innovation in neurological devices, helps North America to dominate the market.
Increasing Prevalence of Neurological Disorders
The rising prevalence of neurological disorders is one of the primary factors driving the neurostimulation devices market. In 2013, as per the National Center for Health Statistics of the Centers for Disease Control and Prevention (CDC), 84,767 people had died due to Alzheimer’s disease. Each year nearly, 50 million people worldwide have epilepsy, making it one of the most common neurological diseases globally. In emerging markets such as India, nearly 30 million people suffer from neurological disorders with a prevalence of around 2,400 patients per 10,000 population. Thus, a high number of patients suffering from neurological diseases needs hospitalizations, worldwide, which raises the demand for early diagnosis of these diseases driving this market.
Other factors driving this market are the rising demand for minimally invasive technologies and the expanding number of elderly patients with neurological disorders seeking technological advancements in neurological devices.
High Cost of Neurological Diseases Treatment
Annually, a large part of healthcare expenditure goes to the neurological disease treatment. It is highly expensive for the public in developed countries and more so in the emerging market. Over one-third population of the United States suffer from neurological diseases, which is close to a 100 million, and posts enormous financial strain over the healthcare system, as nearly USD 800 billion annual costs goes into its treatment. In emerging markets such South Asian countries, the financial burden for the treatment of neurological conditions is further misbalanced compared to the patients require the treatment. Thus, it is one of primary factor impeding this market.
Another major factor impeding this market is the lack of skilled healthcare professionals in neurology.
Asia-Pacific Holds Vast Growth Opportunities
The Asia-Pacific region is expected to show fastest growth rate over the period, 2018 to 2023 which should provide huge investment opportunities for the neurostimulation devices companies in countries, such as India, China, and Japan. In recent years, high economic growth has been observed in these countries, with a vast diversified patient pool. These countries have observed an improving healthcare facilities largely due to involvement and expansion of private sectors companies in healthcare collaborating with multinational healthcare organizations to provide better treatment, giving rise to multiple growth prospects.
The North America region is expected to dominate the market in the forecast period due to the well-developed healthcare infrastructure, healthcare facilities, and high adoption of new technologies.
Key Developments in the Market