Neurotech Devices Market Regional Analysis:
North American Market Insights
North America region in neurotech devices market is poised to account for around 41% revenue share by 2035. The region’s neurotech devices sector is thriving, because of the prevalence of a large number of patients suffering from neurology disorders. According to research by the World Federation of Neurology, over 40% of people in North America recently have a neurological ailment, and by 2050, this number is set to almost quadruple.
The market for neurotech devices has expanded in the U.S. as a result of the increasing cases of stroke, migraine, AD, and other types of dementia in this country. TTH (121 [95% UI, 110-130] million people), migraine (69 [95% UI, 64-74] million people), stroke (8 [95% UI, 7.5-8.2] million people), AD and other dementias (3 [95% UI, 2.8-3.5] million people), and SCI (3 [95% UI, 2.0-2.3] million people) were the five most common neurological disorders.
The Canadian neurotech devices development mainly lies in the rising investment of the Canadian government in the advancement of neurotech devices and dementia care products in this country. The OECD Council approved a recommendation on responsible innovation in neurotechnology in December 2019, right before the pandemic.
European Market Insights
Europe region in neurotech devices market size is estimated to witness significant growth through 2035, owing to the rising cases of Alzheimer's in this region. According to the National Library of Medicine, there were 7.5 million AD patients in the EU in 2013 out of a total population of 508 million. According to the forecast, there will be 13.1 million AD sufferers worldwide in 2040 out of 524 million EU citizens.
Neurotech devices are especially in actual demand in the United Kingdom, driven by the rising technological advancement of neurological devices in this country. For instance, wales-based Magstim is now leading the advancement of transcranial magnetic stimulation (TMS), a successful non-invasive outpatient therapy option for those with depression that was developed in the UK.
In Germany, neurotech devices will encounter massive growth because this country belongs to the five biggest robot markets globally driven by the rising cases of mental diseases in this country. The Federal Ministry of Health reports that the percentage of people between the ages of 25 and 30 who use antidepressant medications climbed from 0.1% in 1986 to 1.1% in 2019.
The neurotech devices sector will also be huge in France due to the increasing cases of chronic disease in this country. In France in 2020, the two most common illness-specific causes of death were stroke (5.4%) and ischemic heart disease (5.6%).
