The global neurostimulation market report states that this market size is anticipated to touch the compounded annual growth rate of more than 12% in the coming years. The neuromodulation can be referred to as the process that helps in making usage of implantable medical devices which can be used in moderating and altering the neural activities for therapeutic purposes. The equipment which is used in this process is known as neurostimulation. These kinds of devices are particularly used for diseases which include movement-related disorders, chronic pain and depression.
The key factors of driving the growth of this market include the introduction of technologically advanced products and increasing demand for these kinds of diseases related products, increasing chronic diseases and several other related things.
The application insights have been mentioned as follows: Depending on the application this market can be segmented into pain management, urinary and faecal contingencies, gastroparesis and depression. The pain management segment occupies the largest position in this market because of the high prevalence of chronic pain disorders. This segment is expected to register the fastest compounded annual growth rate in the coming years. Some of the diseases under this segment include the disc surgery pain, leg pain and chronic pain. Epilepsy is also considered to be a neurological disorder that has affected more than 50 million people across the globe.
The product-related insights have been mentioned as follows: Depending on the product type these kinds of devices are divided into the spinal cord, deep brain, and sacral nerve-related stimulators. The spinal cord segment occupies the largest position in this market because of the high penetration of commercially available products in this segment. According to the prediction, that technological advancement is also expected to further grow in this market.
The deep brain stimulation is considered for usage into the treatment of several kinds of neurological diseases. Also, such kinds of devices are undertaking various kinds of the experimental phase. These devices are used in the treatment of chronic diseases and are expected to witness the fastest compounded annual growth rate in the coming years. Increasing awareness of such devices is also expected to be the major driver of this segment.
Regional insights have been mentioned as follows: North America accounts for the largest revenue share in this sector and has maintained its dominance for many years. Similar trends are also expected in the coming years. Europe follows North America in terms of revenue share. It is also expected that rapid economic development in Eastern Europe in countries will help in accelerating this growth in the coming years. Another reason behind the post of growth is the increasing geriatric population. The Asia-Pacific is also expected to witness the maximum commanded annual growth rate in the coming years. Further development in emerging economies which include India as well as China is also expected to give a boost to this sector.
Hence, neuromodulation global market report helps to cover all the quantitative as well as qualitative aspects of the market and lays down a proper focus on the key insights associated with it.