LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global neurostimulation devices market to grow at a CAGR of nearly 11% during the forecast period, according to their latest market research report.
Expanding indications of neurostimulation devices is one of the major trends being witnessed in the global neurostimulation devices market 2018-2022. Several neurostimulation devices have recently received approvals for indications and are ongoing clinical trials to explore their additional therapeutic properties. Earlier, neuropathic pain conditions have been difficult to treat as the pain stems from tissue and nerve damage, the disruption of the peripheral nervous system or CNS, or the transmission of pain signals. Available chronic pain therapies such as medication, opioids, and surgery have been unsuccessful in the alleviation of pain in patients with such conditions.
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According to Technavio analysts, one of the key factors contributing to the growth of the global neurostimulation devices market is the rising prevalence of neurological disorders:
Global neurostimulation devices market: Rising prevalence of neurological disorders
Globally, the prevalence of several neurological disorders is increasing. In 2015, neurological disorders caused 250,692 million disability-adjusted life years (DALY), comprising 10.2% of the global DALY, and 9.399 million deaths, comprising 16.8% of all deaths. In 2017, nearly one in every five people across the world suffered from chronic pain. One of the most prevalent and undertreated forms of chronic pain is neuropathic pain. In 2017, in the US and Europe, nearly 1.4% of the population had some degree of neuropathic pain. In the same year, approximately 1,300 out of every 1 million people across the world had PD.
According to a senior analyst at Technavio for research on health care equipment, “The probability of diseases such as AD, PD, UI, fecal incontinence, epilepsy, dementia, and movement disorders increases significantly with age. Hence, the prevalence of neurological disorders increases owing to the growth of the aging population. Other risk factors related with neurological disorders such as high blood pressure, obesity, and the consumption of alcohol and tobacco are also increasing. Therefore, the rising prevalence of neurological disorders will drive the growth of the global neurostimulation devices market.”
Global neurostimulation devices market: Segmentation analysis
The global neurostimulation devices market research report provides market segmentation by product (implantable neurostimulation devices and external neurostimulation devices) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The implantable neurostimulation devices segment held the largest market share in 2017, accounting for over 84% of the market. This product segment is expected to dominate the global market throughout the forecast period.
The Americas led the market in 2017 with a market share of nearly 63%. This region is expected to dominate the market through 2022, however there will be a decrease in its market share by over 8%.
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