The report’s segmentation section focuses on each category while also identifying those with the greatest influence on the North America Stem Cell Umbilical Cord Blood Market. The segmentation provided the framework for locating businesses and assessing their financial health, product portfolios, and potential for future growth. In order to forecast the level of competition, the second step involved analysing the core competencies and market shares of leading companies. To determine the size of the market as a whole, a bottom-up approach was adopted.
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Based on device type, the market is divided into implantable and external devices. Among these, the implantable device segment holds the highest share in the Global Neurostimulation Device Market in 2021 and further registers the highest CAGR during the forecast period. Growing cases of depression, anxiety, and neurological disorders along with the new and improved innovations in implantable devices is fueling market growth. Further, within implantable devices type, the spinal cord stimulation device holds the highest market share in 2021.
In terms of application, the neurostimulation device market is segmented into pain management, hearing loss, urinary incontinence, Parkinson’s disease, epilepsy, gastroparesis, depression, and others. The pain management segment has the highest market share in 2021 and is projected to continue its dominance over the forecast period. These devices provide pain reliefs for patients who have been exhausted using conservative measures--including physical therapy, neuropathic pain medications, and adjuvant medications.
End Users Insights
Based on end-users, the market is segmented into hospitals/clinics, cognitive care centers, research Institutes, and others. The hospitals/clinics segment holds the highest share in the Global Neurostimulation Device Market in 2021. With the growing aging population and subsequent rise in the chronic diseases such as Parkinson’s, Alzheimer’s etc., an increase is expected in the number of patients requiring treatments for the above diseases. However, the research institutes segment holds the highest growth rate over the projection period. This is due to growing research and development activities in the medical sector and increasing government funding for better treatment of neurological disorders.
North Americadominates the Global Neurostimulation Device Market in 2021. According to Global Burden of Disease study – stroke, dementias, and migraine cause the most disability among neurological disorders inthe United States. However, theAsia Pacificregion records the highest CAGR over the projection owing to rising cases of depression and dementia in South Asian countries likeJapan,South Korea, andChina. Furthermore, rising disposable income in APAC countries has increased the healthcare expenditure of individuals, which again is expected to propel market growth over the forecast period.
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The following are the various segments of the Global Neurostimulation Device Market:
- By Device Typesegment of the Global Neurostimulation Device Market is sub-segmented into:
- Implantable Device
- Cochlear Implants (CI)
- Sacral Nerve Stimulation (SNS)
- Gastric Electric Stimulation (GES)
- Deep Brain Stimulation (DBS)
- Vagus Nerve Stimulation (VNS)
- Spinal Cord Stimulation (SCS)
- External Device
- Transcranial Magnetic Stimulation (TMS)
- Transcutaneous Electrical Nerve Stimulation (TENS)
- Implantable Device
- By Application segment of the Global Neurostimulation Device Market is sub-segmented into:
- Pain Management
- Hearing Loss
- Urinary Incontinence
- Parkinson’s Disease
- By End User segment of the Global Neurostimulation Device Market is sub-segmented into:
- Cognitive Care Centres
- Research Institutes
- By Regionsegment of the Global Neurostimulation Device Market is sub-segmented into:
- North America
- The U.S.
- Western Europe
- The UK
- Rest ofWestern Europe
- Eastern Europe
- Rest ofEastern Europe
- Western Europe
- Asia Pacific
- South Korea
- Australia&New Zealand
- Rest of APAC
- Middle East&Africa(MEA)
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Rest ofSouth America
- North America
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According to the United States, Bureau of Labor Statistics, healthcare employment is likely to grow 16% from 2020 to 2030, much faster than the average for all occupations, with about 2.6 million new jobs. This projected increase is primarily due to an aging population, which indicates a higher demand for healthcare services. In May 2021, the median annual wage for healthcare practitioners and technical sectors (such as registered nurses, physicians and surgeons, and dental hygienists) was US$ 75,040, which was higher than the economy’s median annual wage of US$ 45,760.
The European legislature and decision-makers should be aware that EU health systems are facing challenges arising from an aging population, citizens’ rising expectations, migration, and mobility of patients and health care professionals. Statista data shows the number of individuals employed in Europe’s hospitals in 2019. In 2019, there were more than 1.5 million people employed in hospitals in the UK, the largest number in Europe.
Impact Analysis of COVID-19
Global COVID-19 cases have climbed above 516 million as of May 2022, and the death toll has exceeded 6.25 million. COVID-19 has disproportionately impacted specific racial and ethnic minority groups, as well as underserved and marginalized communities, highlighting the persistent challenges of health equity and health outcomes.
COVID-19 is causing a great deal of emotional, physical, and professional stress among health care personnel. The changing attitudes and behaviors of consumers, the integration of life sciences and health care, fast-growing digital health technology, new talent, and care delivery models, and clinical innovation advanced by COVID-19.
As sector players and the customers, they serve to adapt to a new world of remote working, virtual doctor visits, and a supply chain plagued by shortages of medical goods, employees, and services, the sector is reforming to become more customer-centric.
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