Neurostimulation Device Market Analysis, Share, Growth and Future Scope
SummaryThe global neurostimulation device market size is expected to register a 12.9% CAGR during forecast period by P&S Intelligence.
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The global neurostimulation device market will exhibit huge expansion in the coming years, as per the forecast of P&S Intelligence, a market research firm based in India. The key factors driving the progress of the market are the surging geriatric population, the rising prevalence of neurological ailments and various chronic diseases, the growing incidence of chronic pain among people, and the increasing public awareness about mental health and the various treatments available for mental disorders.
This is because geriatric people are highly vulnerable to chronic pain and various neurological diseases such as epilepsy, Parkinson’s disease, and Alzheimer’s disease. Besides this, the rising popularity of minimally invasive treatment procedures is also boosting the demand for neurostimulation devices across the globe. Nowadays, many people are preferring medical treatments that cause very less pain and are highly effective over the conventional procedures. As neurostimulation devices provide immediate relief from pain, they are increasingly being used for pain management.
Apart from the aforementioned factors, the soaring investments being made in research and development (R&D) activities by neurostimulation device manufacturing companies are also propelling the growth of the neurostimulation device market. When application is taken into consideration, the market is divided into neurologic urinary and fecal incontinence, pain management, epilepsy, Parkinson’s disease, gastroparesis, depression, and hearing loss. Out of these, the pain management category is predicted to dominate the market in the upcoming years.
Thus, it is quite clear that due to the growing incidence of neurological disorders and chronic pain and the surging geriatric population in several countries, the market would demonstrate huge expansion all over the world in the coming years.