North America Neuromodulation Market Size, Share & Industry Trends Analysis Report By Technology (Internal and External), By Biomaterial, By Application, By Country and Growth Forecast, 2022 - 2028
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Market Report Description
The North America Neuromodulation Market would witness Market growth of 5.5% CAGR during the forecast period (2022-2028).
The increased frequency of neurological illnesses, combined with an aging population, as well as novel indications and expanded number of applications, are driving the Market growth. According to estimates from World Population Prospects: The 2019 Revision, one in every six people in the world will be over the age of 65 (16%) by 2050, up from one in every eleven in 2019. (9 percent). Almost 25 percent of all people in Europe and Northern America will be 65 or older by 2050. For the first time in history, people aged 65 and up outnumbered children under the age of five on a global scale in 2018. The number of people aged 80 and more is expected to quadruple by 2050, from 143 million in 2019 to 426 million.
According to a report published in 2019 by the Parkinson's Disease Foundation, the number of new instances of Parkinson's disease has grown over the last 30 years. According to the organization's data, approximately 10 million people worldwide suffer from Parkinson's disease. Parkinson's disease is more common as people get older, however about 4% of persons with the disease are diagnosed before they turn 50.
The healthcare infrastructure of the region is one of the most robust healthcare infrastructures in the world. Moreover, the incidence of neurological disorders is also on rise across the region. Therefore, healthcare practitioners are majorly focusing on providing enhanced treatment for these illnesses. In addition, there is a rise in the geriatric population across the region. As per the Journal of Aging in the United States, in July 2019, the number of Americans aged 65 and over is estimated to more than double from 52 million in 2018 to over 95 million by 2060, with a share of nearly 23%, up from 16%. Increased R&D activities in the healthcare sector, as well as product launch of neuromodulation devices, all contribute to the Market 's growth. For example, the FDA approved Nevro Corporation's 10 kHz high-frequency spinal cord stimulation therapy for the treatment of chronic pain associated with severe diabetic neuropathy in July 2021.
The US Market dominated the North America Neuromodulation Market by Country in 2021, and would continue to be a dominant Market till 2028; thereby, achieving a Market value of $1,028.8 million by 2028. The Canada Market is experiencing a CAGR of 7.9% during (2022 - 2028). Additionally, The Mexico Market would exhibit a CAGR of 6.9% during (2022 - 2028).
Based on Technology, the Market is segmented into Internal and External. Based on Biomaterial, the Market is segmented into Metallic, Polymeric, and Ceramic. Based on Application, the Market is segmented into Chronic Pain, Urinary & Fecal Incontinence, Migraine, Failed Back Syndrome, Parkinson Disease, Epilepsy, Tremor, Depression, and Others. Based on countries, the Market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Neuromodulation Market is Estimated to reach $3.8 Billion by 2028, at a CAGR of 6%
The Market research report covers the analysis of key stake holders of the Market . Key companies profiled in the report include Medtronic PLC, LivaNova PLC, Boston Scientific Corporation, Abbott Laboratories, Nevro Corporation, NeuroSigma, Inc., NeuroPace, Inc., Neuronetics, Inc., MicroTransponder Inc., and Bioventus Inc.
Scope of the Study
Market Segments Covered in the Report:
- Chronic Pain
- Urinary & Fecal Incontinence
- Failed Back Syndrome
- Parkinson Disease
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- Medtronic PLC
- LivaNova PLC
- Boston Scientific Corporation
- Abbott Laboratories
- Nevro Corporation
- NeuroSigma, Inc.
- NeuroPace, Inc.
- Neuronetics, Inc.
- MicroTransponder Inc.
- Bioventus Inc.
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