The South & Central America Neuromodulation market was valued at US$ 316.72 million in 2019 and is projected to reach US$ 627.22 million by 2027; it is expected to grow at a CAGR of 9.2% during 2020–2027. The growth of the market is mainly attributed to factors, such as increasing product launches in the market, the rising product innovation for neuromodulation devices and growing developments in neuromodulation technology. However, high cost of neuromodulation devices is likely to restraint the growth of the market during the forecast years.
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, tension-type headache and obsessive-compulsive disorder areusually observed in aging population. According to a healthdata.org in 2016, there were 35,208 cases of tension-type headache per 100,000 population in the Brazil. Also, in 2016, there were 5.4 deaths of Parkinson’s disease per 100,000 in Argentina. 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.
Based on the technology, the South & Central America Neuromodulation market is segmented into External (Non-Invasive) Neuromodulation and Internal Neuromodulation. In 2019, the Internal Neuromodulation segment held the largest share of the market and is projected to register the highest CAGR in the market during the forecast period.
Based on application, the global South & Central America Neuromodulation market is segmented into Chronic Pain Management, Failed Back Syndrome, Epilepsy, Tremor, Incontinence, Depression, Dystonia, Gastroparesis, Parkinson’s Disease, Obsessive-Compulsive Disorder, and Migraine. In 2019, Chronic Pain Management segment held the largest share of the market in 2019 and is estimated to register the highest CAGR in the market during the forecast period.
Based on end user, the South & Central America Neuromodulation market is segmented into Hospitals, Clinics, and Home Healthcare. The hospitals segment held the largest share of the market in 2019 and is further estimated to register the highest CAGR during 2020–2027. The World Health Organization, Food and Drug Administration, National Health Service, Mental Health Database, Neurological diseases databases, Alzheimer’s websites, and Centers for Disease Control and Preventionare some of the major primary and secondary sources referred for preparing this report.
Our reports have been used by over 10K customers, including: