The neuromodulation devices market size in Europe is anticipated to be valued at USD 3.78 billion by 2028 from USD 2.18 billion in 2023, growing at a CAGR of 11.62% from 2023 to 2028.
The growing prevalence of neurological disorders and nerve damage across Europe majorly drives the growth of the Europe neuromodulation devices market. According to a survey conducted in the United Kingdom, approximately one in six people are affected by at least one neurological condition. Neurological issues such as epilepsy, Parkinson's disease, brain disorders, autism, and neuromuscular disorders are prevalent in the region. Epilepsy, for instance, is characterized by seizures that can be alleviated through medication and the use of neuromodulation devices. Currently, several types of neuromodulation devices are employed for epilepsy treatment, contributing to market growth. Furthermore, the growing adoption of minimally invasive surgeries among the population further propels the market forward.
The growing utilization of neuromodulation devices by healthcare professionals in Europe further boosts the growth rate of the European market. Neuromodulation devices play a crucial role in modifying the activities of the nervous system, allowing for precise control over nerve functions. The growing effectiveness of neuromodulation devices across various age groups has led healthcare providers and specialists to incorporate these devices into their treatment strategies for neurological conditions.
Technological advancements in the manufacturing of neuromodulation devices and an increasing number of applications contribute to the growth of the Europe neuromodulation devices market. The increasing investment from medical device organizations, ongoing research and development efforts and favorable reimbursement policies propel the Europe neuromodulation devices market.
The high treatment and device costs are one of the key factors hampering the market growth. Factors such as a shortage of skilled professionals, limited awareness and stringent government regulations hinder market expansion in Europe. Complications like bleeding, infection and blood clots inhibit the growth rate of the European market. The availability of alternative therapies for neurological conditions is another significant obstacle to the growth rate of the European market.
This research report on the Europe neuromodulation devices market has been segmented and sub-segmented into the following categories.
By Product Type:
By Type:
By Application:
By End User:
By Country:
Europe accounted for a considerable share of the global market in 2022 and is estimated to grow at a healthy CAGR during the forecast period.
The UK led the market in Europe in 2022 and is expected to continue the domination throughout the forecast period. The widespread adoption of advanced medical devices in hospitals, growing geriatric population and increased healthcare expenditure by the UK population majorly propel the UK market growth. The growing efforts from healthcare organizations to raise awareness and promote neuromodulation devices through advertising and awareness campaigns contribute to the UK market growth. The growing number of initiatives from the UK government aimed at approving new neuromodulation devices for various diseases further enhance healthcare facilities in the UK propel the UK market growth. The rising prevalence of migraines among the UK population, particularly among women further boost the UK market growth. Migraines are influenced by factors such as stress, depression, hormonal activity, genetics, and nerve-related issues. Healthcare providers prefer to employ neuromodulation devices in the treatment process to modulate nervous system activity and alleviate migraine attacks.
Germany is estimated to account for a substantial share of the European market during the forecast period and the growth of the German market is majorly driven by the presence of manufacturing facilities, increased participation in clinical trials, and the establishment of key player collaborations and partnerships.
KEY MARKET PARTICIPANTS:
Medtronic, Abbott Laboratories, Boston Scientific Corporation, LivaNova PLC and Nevro Corp are some of the major players in the neuromodulation devices market.
Frequently Asked Questions
The Europe Neuromodulation Devices Market is projected to witness substantial growth in the coming years due to several factors, including the increasing prevalence of neurological disorders, advancements in technology, growing demand for minimally invasive treatment options, and rising awareness about neuromodulation therapies among healthcare professionals and patients.
Several European countries have a significant presence in the neuromodulation devices market. Some of the key countries include Germany, the United Kingdom, France, Italy, Spain, and the Netherlands. These countries have a robust healthcare infrastructure, favorable reimbursement policies, and a high demand for advanced medical technologies.
Several prominent companies operate in the Europe Neuromodulation Devices Market, including Medtronic, Abbott Laboratories, Boston Scientific Corporation, LivaNova PLC and Nevro Corp
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