Research Nester’s recent market research analysis on “Neurostimulator Device Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global neurostimulator device market in terms of market segmentation by product, application, end-user, and by region.
Growing Incidence of Chronic Diseases to Drive Growth of Global Neurostimulator Device Market
The global neurostimulator device market is estimated to grow majorly on account of the rising cases of chronic diseases. Moreover, chronic diseases, such as heart disease, cancer, diabetes, stroke, migraine, epilepsy, and rheumatoid arthritis, are the leading causes of disability and mortality. The majority of chronic illnesses are caused by a small number of risky behaviors, including increasing cigarette use, being near smoke, stress, poor nutrition, consuming meals high in salt and saturated fats and low in fruits and vegetables, inactivity in the body, and others. More than 20% of Americans had several chronic conditions in the year 2018.
The global neurostimulator device market is estimated to grow majorly on account of the growing cases of neurological disorders. Many factors, including ageing and rising environmental pollution, contribute to the rise in disorders that affect the body’s central nervous system, which includes the brain, spinal cord, and nerves. Many negative health effects might result from exposure to excessive amounts of air pollution. It raises the danger of lung cancer, heart problems, and respiratory infections. Air pollution has recently been linked to neurological conditions such as stroke, Alzheimer’s, Parkinson’s, and neurodevelopmental problems that affect the central nervous system (CNS). Further, children’s and adults’ central nervous systems are strongly impacted by elevated levels of PAHs, PM2.5, and NO2, present in polluted air, which is a significant risk factor for human health. For instance, increased levels of air pollution may impair a child’s cognitive development, raise the chance of cognitive decline in adults, and maybe even cause depression.
Some of the major growth factors and challenges that are associated with the growth of the global neurostimulator device market are:
Growth Drivers:
- Rising Geriatric Population
- Increasing Demand for Less Invasive Surgery
Challenges:
The side effects, such as an allergic reaction, brought on by the implantation of a neurostimulator device in the body are some of the major factors anticipated to hamper the growth of the global neurostimulator device market. Owing to the necessity of inserting a device into the patient’s body for spinal cord stimulation, there is a chance of such a risk. In certain cases, medicinal treatment is insufficient, and the generator and its connections must be fully removed surgically. A patient may have an allergic reaction to a spinal cord stimulator’s component. It is possible for stimulation to have negative effects on the body, such as tingling or numbness feelings, tense muscles in the face or arms, communication difficulties, balance concerns, lightheadedness, and more.
Excessive price of neurostimulator equipment are some of the major factors anticipated to hamper the growth of the global neurostimulator device market. The expensive price of these gadgets might cause them to be used disproportionately in areas with varied degrees of financial resources.
By product, the global neurostimulator device market is segmented into spinal cord stimulators, vagus nerve stimulators, deep brain stimulators, sacral nerve stimulators, and others. The spinal cord stimulators segment is anticipated to garner a highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. The segment’s expansion can be ascribed to the rising incidence of chronic pain. There are several causes of persistent pain, including cancer, severe pain, failed back surgery syndrome, and nerve damage. For instance, it appears that cancer patients frequently experience chronic pain, which has a considerable detrimental effect on quality of life and is connected to a number of psychological responses. Moreover, spinal cord stimulators can be used as a kind of therapy for cancer patients whose pain management with medication is insufficient. More than 60% of persons in the UK over the age of 75 suffer from chronic pain, and the incidence of the condition rises with age.
By region, the North America neurostimulator device market is to generate the highest revenue by the end of 2035. This growth is anticipated by the rising prevalence of neurological diseases in the area. There will soon be a huge amount of neurological (brain) disorders owing to the increasing geriatric population in the area. As a result of declining birthrates and increasing life expectancies, the population of the United States is ageing. As people age, neurological issues become increasingly widespread. The second most common neurological illness affecting older persons in the region is Parkinson’s disease. Parkinson’s disease has a number of cellular activities that are altered by ageing and predisposed to neurodegeneration (PD). By 2020, Parkinson’s disease (PD), which is the second most prevalent neurological condition in North America, is expected to affect more than 900,000 people.
The European neurostimulator device market, amongst the market in all the other regions, is projected to grow with the highest CAGR during the forecast period. The market’s expansion may be largely ascribed to the rising demand for less invasive procedures. The most common chronic diseases that require less invasive operations, such as cancer, renal failure, and heart disease, are becoming more common in the European region.
This report also provides the existing competitive scenario of some of the key players of the global neurostimulator device market which includes company profiling of Medtronic PLC, Abbott Laboratories, Nevro Corp., Liva Nova PLC, Axonics Modulation Technologies Inc., Neuropace Inc., EndoStimInc., NDI Medical, Cochlear Limited, Neuronetics Inc.
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