The size of the U.S. neurostimulation devices market is estimated to grow at a promising CAGR during the forecast period.
Neurostimulation Devices are mainly used to treat various diseases, such as movement disorders, epilepsy, Parkinson's disease, chronic pain, and depression. The Neurostimulation Devices market growth in the U.S. is expected to be driven by the increasing prevalence of neurological disorders, increasing research into expanding the applications of neuromodulation, and awareness of neurodegenerative disorders. Neurostimulators assist in treating neurologic diseases by delivering electrical stimulation to the patient's brain, peripheral nervous system, and spinal cord.
On the other hand, the market growth is attributed to the growing geriatric population, the introduction of technologically advanced products, escalating product demand as add-on therapy. In addition, the rising prevalence of chronic disorders, including migraine and epilepsy, and the existence of unmet medical needs in these disease populations, are several of the main factors driving the neurostimulation devices market. The rising prevalence of neurological diseases and lifestyle-related disorders also are driving the market growth. Over the years in the United States, increasing high demand for minimally invasive surgeries is projected to propel the market growth. Growing investment and funding by government and private organizations for research and development activities are more likely to encourage market growth.
The market growth is restricted by restraining factors such as the high cost of neuromodulation procedures and the unavailability of a skilled workforce. However, the region's growth could be hampered by stringent U.S. government regulations and an increase in the total number of days expected in the FDA approval process.
Impact of COVID-19 on the U.S. neurostimulation devices market:
The emergence of COVID-19 has affected the U.S. Neurostimulation market negatively. During the pandemic, the utility-owned segment is mainly driven by increasing financial incentives and regulatory support from the governments globally. Most of the US, Germany, and South Korea projects have been delayed, and the companies face short-term operational issues due to supply chain constraints. Hence the market has witnessed the market downfall.
The united states are anticipated to get highly affected by the spread of the COVID-19 due to the effect of the pandemic in North America. However, the market is anticipated to have better growth in the coming years.
This research report on the U.S. neurostimulation devices market has been segmented and sub-segmented into the following categories.
Geographically, the United States Neurostimulation Devices Market is expected to account for a significant chunk of share in the global market during the forecast period due to the high incidence of neurological disorders, increasing public and private investments, and ongoing research. According to the National Center for Health Statistics of the United States Centers for Disease Control and Prevention, approximately 50% of older Americans had urinary or bowel leakage; approximately 25% had moderate to extreme urinary leakage, and approximately 8% had moderate to severe bowel leakage. As per the American Academy of Neurology, stroke is the third leading cause of death in the United States, with Alzheimer's disease coming in sixth. However, in a recent period same article shows, Parkinson's disease affects almost one million Americans yearly, with at least 60,000 new cases recorded each year. The increasing number of neurological disorders and growing demand for neurostimulation devices are most likely to improve the market growth. However, the region's growth could be hampered by stringent U.S. government regulations and an increase in the total number of days expected in the FDA approval process.
KEY MARKET PLAYERS:
Abbott, Bayer AG, Boston Scientific Corporation, IntraPace, Inc., Laborie, Inc., LivaNova PLC, Medtronic, Neuronetics, Inc., NuroPace Inc., Nevro Corp., and SPR Therapeutics are some of the notable players in the U.S. neurostimulation devices market.
U.S. Neurostimulation Devices Market