The Asia-Pacific neurostimulation devices market size is estimated to showcase a CAGR of 14.8% between 2023 to 2028.
The growing patient population suffering from neurological disorders across the Asia-Pacific region primarily drives the growth of the neurostimulation devices market. Conditions such as Alzheimer's disease, epilepsy, stroke, migraine, headache, multiple sclerosis, brain tumor, and Parkinson's disease are among the most prevalent neurological disorders worldwide. According to recent surveys, Asia Pacific alone accounts for approximately 98 million stroke patients and 24 million individuals suffering from migraines. To address these conditions and improve patients' quality of life, the adoption of neurostimulation devices is on the rise. These devices are implantable and programmable medical devices that deliver targeted electrical stimulation to specific regions of the brain, spinal cord, or peripheral nervous system. Given these factors, the neurostimulation devices market is poised to register substantial growth over the forecast period.
The growing incidence of depression and chronic pain resulting from lifestyle changes further fuels the growth rate of the APAC neurostimulation devices market. Factors such as increased workloads, poor dietary habits, and family-related stress are among the primary contributors to depression in the population. For patients with depression, neurostimulation devices are placed on the scalp to stimulate specific nerve cells in the brain and alleviate symptoms. As a result, these devices are becoming increasingly popular for treating depression and chronic pain. Considering these factors, the neurostimulation devices market is poised for substantial growth in the coming years.
The rapid adoption of technological developments in the manufacturing of neurostimulation devices is another major factor contributing to regional market growth. The patient population with insomnia, chronic pain, and diabetic pain is on the rise, which is resulting in the increasing need for neurostimulation devices. The manufacturers of neurostimulation devices have been doing increases production activities to meet the growing demand from the patient population. To enhance the performance of these devices, manufacturers are leveraging the latest technologies. Additionally, increasing investments in research and development, strong support from public and private sector entities, and rising product approvals are driving the market's growth.
On the other hand, factors such as high costs associated with neurostimulation devices, poor awareness among patients regarding the benefits of these devices, lack of skilled professionals, and long-time approval for novel devices hamper the growth of the APAC neurostimulation devices market.
This research report on the APAC neurostimulation devices market segmented and sub-segmented into the following categories and analyzed market size and forecast for each segment until 2025.
By Technology:
By Application:
By Country:
Asia Pacific is the most lucrative regional market the neurostimulation devices worldwide. It is estimated to grow at a promising CAGR during the forecast period owing to several factors such as the growing awareness about the benefits of these devices among the population and rising healthcare expenditure. The governments of APAC countries have taken initiatives to promote the adoption of neurostimulation devices to enhance the quality of life of individuals suffering from neurological disorders. Furthermore, healthcare organizations and government bodies have conducted numerous campaigns to educate the public on the use and advantages of neurostimulation devices in treating various pains and diseases.
China accounted for a substantial share of the APAC market in 2022 and is estimated to grow at a prominent CAGR during the forecast period. The growing incidence of epilepsy in China majorly drives the Chinese neurostimulation devices market. Epilepsy is a debilitating condition characterized by repeated seizures, which may cause temporary changes in the electrical activity of the brain. Healthcare providers are increasingly turning to neurostimulation devices for patients who are unresponsive to drug-based treatments, thus driving demand for the market. These devices have been found to significantly reduce the frequency and intensity of seizures, thereby improving the quality of life for patients. Furthermore, the increasing number of clinical trial centers focused on developing neurostimulation devices is expected to fuel the market's growth further.
India is another noteworthy regional market for neurostimulation devices in the Asia-Pacific region and is estimated to hold a considerable share of the APAC market during the forecast period. The growth of the Indian market is attributed to factors such as the growing number of product approvals in India. In recent years, several neurostimulation devices have received regulatory clearance for use in patients with spinal cord-related issues, significantly driving the market growth. Favorable reimbursement policies further contribute to the Indian market growth.
During the forecast period, the Japanese market is expected to play a notable role in the APAC market. The growing number of manufacturing centers in Japan majorly boosts the neurostimulation devices market in Japan. These centers offer cost-effective devices, making them accessible to a larger population seeking neurological solutions. This trend is likely to continue driving demand for neurostimulation devices in Japan, with the market poised for significant growth in the coming years.
KEY MARKET PLAYERS:
Abbott Laboratories, Aleva Neurotherapeutics SA, Boston scientific corporation, ElectroCore Inc., EndoStim Inc., Medtronic plc, Nevro Corporation, Neuronetics Inc., NeuroSigma, Inc., and Synapse Biomedical Inc. are some of the noteworthy companies operating the APAC neurostimulation devices market.
Frequently Asked Questions
China, Japan, India, South Korea, and Australia are expected to contribute the most to the growth of the neurostimulation devices market in the Asia Pacific region.
The key challenges facing the neurostimulation devices market in the Asia Pacific region include lack of awareness about neurostimulation devices, high cost of devices, and regulatory hurdles.
The neurostimulation devices market in the Asia Pacific region is expected to grow significantly in the coming years, driven by increasing prevalence of neurological disorders, rising awareness and adoption of neurostimulation devices, and increasing healthcare expenditure.
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