Astute Analytica publishes a research report on the North America Stem Cell Umbilical Cord Blood Market. The analysis report contains in-depth data about demand, growth, opportunities, challenges, and restraints. In addition, it provides a thorough examination of the structure and possibility of global and regional industries.
The global market study includes information from key firms on R&D, new product launches, and product responses from global markets. The analysis includes a graphical presentation and a diagrammatic examination of the global market by region.
The high cost of neurostimulation procedures and equipment is restraining the market growth. The high cost of these devices may lead to disproportionate application in geographical regions with different financial resources.
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 America dominates 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 in the United States. However, the Asia Pacific region records the highest CAGR over the projection owing to rising cases of depression and dementia in South Asian countries like Japan, South Korea, and China. 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 Type segment 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 Region segment of the Global Neurostimulation Device Market is sub-segmented into:
- North America
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern 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 of South 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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