The size of the European Neurotherapeutics Market is projected to be rising at a prominent rate between 2022 to 2027. Europe has the second-highest share in the market due to increasing awareness among people over various neurological conditions.
Growing number of people affected by chronic pain, neurological disorders such as epilepsy, brain aneurysm and brain tumor etc. along with public awareness and availability of several neurotherapeutics drugs or devices will drive the Europe neurotherapeutics market growth. According to the World Health Organization (WHO), around 3.69 million people suffer from epilepsy and more than 155,000 new cases are diagnosed each year, which is expected to lead to the adoption of neurotherapeutics devices. Additionally, clinical evidence for neurostimulation devices is likely to increase over drug therapies, both of which constitute to the Europe neurotherapeutics market over the expected time. Atleast 1 in 69 British men and 1 in 65.6 British women will be diagnosed with a brain or central nervous system or intracranial tumor in their lifetime. 3.54% of brain and central nervous system tumors reported in the UK region are preventable. In 2018, approximately 3,100 women and 3,940 men in Germany were diagnosed with malignant CNS tumor.
The prevalence of Parkinson's disease has been on a steady rise over the past several years in Europe. This is mainly due to the increase in the geriatric population who are more neurological diseases. According to the 2018 United Nations Population Aging Report, the population aged 60 and over represents 25% of the UK population and is estimated to reach 32% by 2050 according to the report's estimates. Each year, more than 55,000 Europeans are diagnosed with Parkinson's disease. As a result, the diagnosis and treatment options for neurotherapeutics devices are expected to increase in the future. This will increase the demand for new and better innovative products, thereby helping the market to grow in the future. Additionally, technologically advanced systems can be recharged wirelessly without the need for additional surgeries, especially for deep brain stimulation systems.
However, the major factors hampering the growth of the Europe neurotherapeutics market include side effects such as allergic reactions, stinging or itching of the skin due to the implantation of devices or drugs. Additionally, neurotherapeutics devices are costly, which may hamper the market during the studied market.
This research report on the European neurotherapeutics market has been segmented and sub-segmented into the following categories.
By Distribution channels:
Geographically, Germany is anticipated to grow at the highest CAGR in this region over the forecast period. This market is growing with increasing prevalence of depression in adolescents, large neurotherapeutics key markets, developed healthcare sectors, growing awareness and research and development activities. According to Barmer, a German health insurance company, around 470,500 German students suffered from mental disorders. And, currently more than 1.58 million people live with Alzheimer's disease. This has led to the growth in healthcare expenditure for the treatment of such diseases and which provides lucrative opportunities to drive the growth of the neurotherapeutics market in Germany.
In Europe, the United Kingdom had largest market share in 2020, owing to favourable reimbursement polices and high incidences of CNS diseases in the region. At least 6.65 million people suffer from epilepsy and 15.6 million Europeans will have a seizure at some point in their life. However, in some European countries, up to 41% of people suffering from epilepsy do not receive treatment as it is not considered as a brain disorder. While in UK, the incidence is estimated around 51 per 100,000 per year, the cases of active epilepsy was estimated over 10 cases per 1000. Two-thirds of people with active epilepsy have their success with antiepileptic drugs (EAF).
Meanwhile Spain is projected to have steady growth rate during the analysis period, attributed to the increase in demand for neurostimulation devices and demand for good quality healthcare. This nation is making efforts to improve the overall quality of life of patients, thus promoting the adoption of neurotherapeutics in the country. Moreover, the reimbursements of neurostimulation devices and increased public awareness is also driving the market growth.
KEY MARKET PLAYERS:
Some of the major players in Europe Neurotherapeutics Market are Abbott Laboratories, Inc., Becton, Novartis AG, Dickinson and Company, Pfizer, Inc., Johnson & Johnson, Biogen, Inc., GlaxoSmithKline, Inc., AstraZeneca plc, Sanofi-Aventis, Spiegelberg, stryker, Covidien, Medtronic, GE healthcare, and Merck & Co.
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