The Asia-Pacific neurostimulation devices market size is estimated to showcase a CAGR of 14.8% between 2021 to 2026.
Neuromodulation is a surgical technique in which a medical instrument is implanted to modulate and alter neuronal function. Neurostimulators work by providing electrical stimuli to the brain, peripheral nervous system, and spinal cord in patients with neurologic disorders. The growth for the APAC neurostimulation devices market is expected to be led by factors such as the rising prevalence of neurological disorders, increased understanding of neurological disorders among people in this region, and the occurrence of chronic diseases. On the other hand, the market growth can be increased due to the introduction of technologically innovative technologies and rising product demand.
The increasing geriatric population in developing countries like India and China is expected to drive regional demand growth. The APAC neurostimulation devices market is projected to rise due to the rising prevalence of neurological disorders and increased research into extending the applications of neuromodulation. Neurostimulators provide electrical stimulation to the brain, peripheral nervous system, and spinal cord of patients to aid in treating neurologic conditions. Several of the key drivers driving the neurostimulation devices industry are unmet patient needs in these disease communities. The government and private organizations' favorable government initiatives and increasing investments & funding further encourage APAC neurostimulation devices market growth.
However, stringent Asian government regulations and an increase in the total number of days required in the FDA approval process could suppress the region's growth. Restraining factors such as the high cost of neuromodulation procedures and supplies and the lack of a professional workforce limit the APAC neurostimulation devices market growth.
Impact of COVID-19 on APAC neurostimulation devices market:
The outbreak of COVID-19 has negatively impacted the market growth of APAC Neurostimulation market growth during the pandemic period. World health organizations announced the COVID-19 as an emergence to the healthcare systems. COVID-19 has spread across the Asian countries and led to the lockdown. Most Asian countries have stopped their projects as companies faced operational issues due to the disrupted supply chain; hence the market had a downfall. In the APAC region, the Indian market has witnessed a significant downfall in growth. However, the market is expected to register a healthy growth rate during the forecast period.
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.
The APAC Neurostimulation Devices Market is projected to grow at a higher CAGR during the forecast period. The increasing geriatric population is to create market growth. Technological advances that enhance patient management are projected to drive growth in the market. As advanced technologies for restoring vision and assisting movement in paralysis becomes available, the use rate of these products on the market is projected to rise. China and India are the major contributors in the region.
In 2020, the China Neurostimulation Devices Market was expected to lead the APAC market during the forecast period. The prevalence of chronic diseases, the rise in demand for MRI scans, and increased understanding of neurological disorders contribute to market growth. Furthermore, economic development in emerging country China and rising healthcare expenditures are estimated to augment the market development.
During the forecast period, the Indian neurostimulation devices market has proven to be one of the most exciting in the APAC region. Consumer development is being fueled by ongoing research into the use of neurostimulators to treat interstitial cystitis and asthma. Furthermore, the country's high prevalence of neurological disorders, rising public and private investment, and favorable reimbursement schemes are expected to drive market growth.
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.
APAC Neurostimulation Devices Market