The global neuromodulation market is estimated to be $4503.9 million in 2013, and is expected to reach $7810.4 million by 2018 at a CAGR of 11.6%. Amongst one of the advanced technologies, neuromodulation treats a wide range of chronic and refractory disorders.
The North American neuromodulation market is expected to grow at a CAGR of 10.8% from $2740.89 million in 2013 to $4546.21 million in 2018. In the next five years primarily due to technical advances and patient-friendly techniques such as minimally invasive and non-invasive. The main drivers for the neuromodulation market are the rising population of aged people and age-related diseases like Alzheimer’s, epilepsy, spinal cord injury, and Parkinson’s disease. According to the U.S. Epilepsy Foundation, about 3 million Americans have suffered from epilepsy until 2012 and about 200,000 cases of seizures and epilepsy occur each year. According to the U.S. Alzheimer’s Associations, about 5.4 million Americans are expected to suffer from Alzheimer’s in 2012.The large pool of patients that suffer from depression, stroke, anxiety disorders, lower back pain, urinary incontinence, and tremor, offers the neuromodulation industry opportunities to grow in the next five years. The market for treatment of tinnitus, in particular, represents an emerging application of neuromodulation.
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European Neurostimulation/Neuromodulation Market
The European neuromodulation market is expected to grow at a CAGR of 12.1% from $1122.06 million in 2013 to $1987.82 million in 2018. Europe is the second largest market, and accounts for a share of 24.8% in 2012. Rapidly aging population and higher incidence of chronic disorders will drive the European neuromodulation market. According to the European Commission’s ‘The 2012 Aging Report’, there will be a significant increase in the population aged 65 and above by 2060. It was predicted that the population will increase twice over from 87.5 million in 2010 to 152.6 million in 2060 in the European Union, whereas people aged 80 years and above is expected to increase from 23.7 million in 2010 to 62.4 million in 2060.
Asian Neurostimulation/Neuromodulation Market
The Asian neuromodulation market is expected to grow at a CAGR of 13.4% from $415.32 million in 2013 to $777.62 million in 2018. This region contributes 9.1% to the total neuromodulation market (2012). The population is aging at an unprecedented rate, and so are the associated diseases and disorders. Some countries are also witnessing a decline in population. According to WHO, about 142 million people in the South-East Asia region are above the age of 60 years in 2012, and this number is expected to reach 250 million by 2025. The incidence of dementia is more in the Asian region, which accounted for a share of 58% in 2010. This number is expected to rise by 71% in 2050. Thus, rise in the aging population in this region will also increase the incidence of neurology disorders, and hence the overall market for neuromodulation.
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