Latin America Neurostimulation Devices Market

Latin America Neurostimulation Devices Market Size (2023 to 2028)

The Latin American neurostimulation devices market size is estimated to be growing at a healthy CAGR during the forecast period.

These devices are used in particular to treat various diseases, such as movement disorders, epilepsy, Parkinson's disease, chronic pain, and depression.

Some of the key factors driving the Latin American neurostimulation devices market include the growing geriatric population, introduction of technologically advanced products, increasing demand for products as a complementary therapy, and increasing incidence of chronic diseases, such as migraine and epilepsy of critical diseases.

Additionally, the increasing prevalence of neurological and lifestyle disorders, external R&D funding, and demand for minimally invasive surgeries are other factors driving the market growth. According to the American Academy of Neurology, stroke is ranked as the third leading cause of death in the United States, and Alzheimer's disease is ranked as the sixth leading cause of death. In addition, statistics from the same source indicate that Parkinson's disease affects nearly one million Americans each year, with at least a minimum of 65,000 new cases reported each year.

Therefore, with the increasing number of neurological diseases, the demand for neurostimulation devices is expected to increase shortly in Latin America. In addition, manufacturers are investing more in R&D for the development of advanced products and technologies, such as implantable neurostimulation devices, which are expected to drive market growth. Furthermore, the implantation of neurostimulation devices is a minimally invasive process. The increasing demand for such surgeries due to shorter hospital stays and faster recovery is expected to provide new growth opportunities for the market.

However, factors such as strict government regulations for neurostimulation devices and an increase in the average number of days required in the FDA approval process may hamper the region's growth during the forecast period.

Impact of COVID-19 on the Latin American neurostimulation devices market:

The emergence of COVID-19 has slowed market growth; however, due to the pandemic lockdowns, the market is slowly gaining business again. The sudden increase in CAGR can be attributed to the demand and growth of this market, which reverts to pre-pandemic levels once the pandemic ends.

This research report on the Latin America neurostimulation devices market is segmented and sub-segmented into the following categories.

By Technology:

• Internal
• External

By Application:

• Spinal Cord Stimulation
• Deep Brain Stimulation
• Sacral Nerve Stimulation
• Gastric Electrical Stimulation
• Transcutaneous Electrical Nerve Stimulation
• Transcranial Magnetic Stimulation
• Respiratory Electrical Stimulation

By Country:

• Mexico
• Brazil
• Argentina
• Chile
• Rest of Latin America

Governments in Latin America have made significant investments to promote Alzheimer's disease and dementia research to develop new neurological devices. For example, the Alzheimer's Association has invested around $ 86 million in many active projects in Latin American countries. The main objective of this investment is to provide new and advanced devices to treat neurological disorders such as Alzheimer's disease and dementia. Therefore, the aforementioned factor is expected to drive the growth of the neurostimulation devices market in the region.

The Brazilian neurostimulation devices market is forecasted to rule with accounting for a dominating share in the Latin American market owing to the quick adoption of the latest technologies. The Brazilian government has also introduced various health programs and policies to promote the physical, mental and social well-being of the elderly. Although the market for Alzheimer's disease diagnostics in Brazil is very underdeveloped, there is enormous potential for significant growth at the end of the prognostic years. For example, the Brazilian Alzheimer's Association supports families with dementia.

The Mexican neurostimulation devices market is another lucrative regional market in the Latin American region. According to Mexican population studies, women are more likely to be affected by Alzheimer's disease and metabolic syndrome, cardiovascular disease, or depression.

The government takes various initiatives to meet these challenges. For example, the National Institute of Geriatrics of Mexico has published proposals for a national plan for Alzheimer's disease and other dementias. The plan's main objective is to promote the well-being of people with Alzheimer's disease by strengthening the Mexican health system and supporting other responsible institutions.

The Mexican Dementia Plan has a wide scope since it aims to guarantee access to quality services, rapid diagnosis and treatment, the training of specific and sufficient human resources, the increase in research on dementia, and the provision of long-term care in the later stages of the disease. These initiatives are expected to create massive opportunities for the adoption of neurostimulation devices, thereby boosting the market growth in the country. However, low disposable income and high out-of-pocket expenses can hamper the market.

KEY MARKET PLAYERS:

A few of the prominent companies operating in the Latin American neurostimulation devices market profiled in this report are Abbott, Bayer AG, Boston Scientific Corporation, IntraPace, Inc., Laborie, Inc., LivaNova PLC, Medtronic, Neuronetics, Inc., NuroPace Inc., Nevro Corp., and SPR Therapeutics.