The North America neuromodulation market is projected to reach US$ 6,612. 00 millionby2027 from US$3,029. 72million in 2019; it is anticipated to grow at a CAGR of 10. 6% from 2020 to 2027. Themarket growth is attributed to increasing incidence of neurological disorders and developments in neuromodulation technology across the region.
New York, Dec. 23, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "North America Neuromodulation Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Technology, Application, and End User and Country" - https://www.reportlinker.com/p05999775/?utm_source=GNW
Depression is the most common neurological disorder among all age groups.In the developing regions, most people suffer from depression owing to various socioeconomic factors such as financial stress and poverty. Other neurological disorders such as dystonia, Parkinson’s disease, and obsessive-compulsive disorder areusually observed in aging population. According to a study ‘Incidence and Prevalence of Major Neurologic Disorders,’ published in January 2018, ~36% of elderly have moderate or severe memory impairmentin the US. Each year nearly 1.2 million adults are diagnosed with brain disorders, of which 51.3% is due to stroke and 21% due to Alzheimer’s disease. In addition, nearly 135 million people are diagnosed with Parkinson’s disease, traumatic brain injury, and epilepsy each year. Moreover, ~500,000 cases of brain tumor, multiple sclerosis, and amyotrophic lateral sclerosis are reported annually. Therefore, the growing prevalence of neurological disorders is consequently propelling the demand for neuromodulators as these help in relieving neurological symptoms.
In 2019, the external (non-invasive) neuromodulation segment basis of technology held the largest share of the neuromodulation market in North America. The increasing incidence of neurological disorders is likely to drive the market growth of thissegment during the forecast period.
A few of the primary and secondary sources referred to while preparing this report on the North America neuromodulation market are, the US Food and Drug Administration (FDA),and Canada Foundation of Innovation.
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