Market Trends of Australia Neurology Devices Industry
Neurostimulation Devices is Expected to Grow Fastest during the Forecast Period
Neurostimulation devices are a device that generates electrical impulses (placed under the skin in the abdomen or upper buttock). Neurostimulators have been used to treat and relieve symptoms of neurological disorders, including pain, Parkinson's disease, epilepsy, tremor, dystonia, tinnitus, stroke, incontinence, and gastroparesis.
The neurostimulation devices segment is likely to grow over the forecast period owing to the fact that increasing usage of sacral nerve stimulation devices and deep brain stimulation devices, and the high prevalence of neurological diseases such as dementia, Alzheimer’s disease, and autism. Furthermore as per Australian Institute of Health and Welfare 2022 update, the number of Australians with dementia is predicted to more than double by 2058, from 386,200 in 2021 to 849,300 in 2058 (533,800 women and 315,500 men). Hence, people tend to adopt neuromodulation devices for improving their living and curing the severity of the disease. This is likely to boost the market growth of neurostimulation devices in Australia over the forecast period. Furthermore, the presence of competitors, product launches, and collaborations is also boosting the market growth. For instance, in March 2021, Mainstay Medical commercially launched its implantable neurostimulation system, ReActiv8, for treating chronic low back pain (CLBP) in Australia.
Hence, as per the factors mentioned above, the neurostimulation devices segment is likely to witness growth over the forecast period.
