Neurostimulation Devices Market Trends

Growth Drivers

• Increasing Cases of Parkinson Disease in All Age Groups of People – Parkinson's disease is affecting a growing number of individuals worldwide, with an ageing population being the primary cause of this development. However, Parkinson's disease instances are not just restricted to the elderly; younger people can also get the condition. According to the World Health Organization (WHO) data, in 2019, more than 8.5 million people were diagnosed with Parkinson's disease across the globe. In addition, the death and disability ratio in Parkinson's disease is increasing faster than in any other neurological diseases.
• Increased Research & Development Expenditure Supported by Government and the Public Sector – As per data by the World Bank, global research and development expenditure in proportion with gross domestic product (GDP) was around 2.63% in 2020, up from 2.2% in 2018 globally.
• Increased Prevalence of Arthritis Owing to Unhealthy Food Habits – Around the world, arthritis is becoming more common, and poor eating habits are thought to be a significant reason. Weight gain and obesity, which are significant risk factors for arthritis, can be brought on by a diet rich in processed foods, sweets, and saturated fats. Osteoarthritis is known to be influenced by obesity, especially in weight-bearing joints such as the hips and knees. Therefore, rising demand for osteoarthritis treatment is expected to boost the neurostimulation devices market’ growth. According to estimates from the Centers for Disease Control and Prevention, approximately 78.4 million adults globally are projected to suffer from arthritis by 2040, and approximately 34.6 million adults around the world are projected to report arthritis-attributable activity limitations.
• Growth of Hearing Loss Cases Among the World’s Population – The biggest risk factor for hearing loss is ageing, and as the world's population ages, more individuals are projected to get hearing loss. Another important risk factor for hearing loss is exposure to loud noise, and it is anticipated that as personal audio device use and occupational noise exposure increase, so will the number of persons who suffer from noise-induced hearing loss. According to the World Health Organization (WHO) data, in 2021, there are about 1.5 billion people suffering from hearing loss globally, with this figure projected to reach 2.5 billion by 2030 around the globe.
• Rising Healthcare Expenditure Across the World – Every country, regardless of economic development level, is seeing rises in healthcare spending, which is a worldwide trend. Developed nations, where access to healthcare is more widespread and healthcare systems are more expensive, tend to have greater healthcare spending as a proportion of GDP.  According to World Bank data, the global health expenditure to GDP ratio was around 9.83% in 2019, up from 9.7% in 2018.

Challenges

• Rising Complications Associated with Neurostimulation Devices - The increasing complications, such as stroke, heart problems, bleeding in the brain, seizures, breathing issues, and wrong placements of leads are estimated to hamper the market growth. The increasing use of neurostimulators can lead to complications that can be biological, hardware, therapy, and programming-related which hinders the growth of the market.

• Stringent Rules and Regulations to allow Market Availability of these Devices
• High Cost of Neurostimulation Devices