Global Epilepsy Devices Market, By Product Type (Vagus Nerve Stimulator, Responsive Neurostimulation), By End-users (Hospitals, Ambulatory Surgical Centers, Neurology Centers, Others), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The global epilepsy devices market was valued US$ 7.5 Bn at the end of 2020 and expected to reach at a value of US$ 13.7 Bn by 2028 with a significant CAGR of 7.9%.
The enormously rising incidence of neurological disorders and brain injuries among the population, worldwide, is one of the primary reasons that is boosting the growth of the global epilepsy devices market. Basically, Epilepsy can be understood as the non-transmissible chronic brain disorder, and can affect individuals of all ages.
Epilepsy can cause frequent and cyclical seizures, which are brief episodes of instinctive and unconscious movement. As per the Word Health Organization (WHO), one single seizure episode cannot be considered as a symptom of epilepsy (roughly 10% of people across the world have one seizure during their lifetime).
Epilepsy can be defined as having more than one or multiple unjustified seizures. The briskly increasing prevalence of epilepsy among the geriatric population across the world is majorly driving the growth of the global epilepsy devices market worldwide.
The growing incidence of brain tumors and cerebrovascular diseases among the elderly population globally is commonly leading its way to occurrence of epilepsy among the aged people. Attributing to which, the global epilepsy devices market is projected to grow substantially in the near future.
In addition to that, the elevating count of road accidents in the present day and age also paves its way to brain injuries, ultimately causing epilepsy among the population, further accelerating the growth in the demand of epilepsy devices in the global markets. Such factors are further estimated to elevate the growth of the global epilepsy devices market in the years to come.
Moreover, in the modern age, the entire healthcare industry across the globe is evolving at its best pace along with excellent technological advancements and innovations in medical devices and treatment procedures, which ultimately results in the enhancement of epilepsy diagnosis and treatment devices. Owing to such factors, the global epilepsy devices market is estimated to rise significantly in the forthcoming years.
On the other side, the diagnosis and medical treatment of epilepsy might cost higher than usual which is likely to act as a restraining factor for the growth of the global epilepsy devices market in the given timeframe. Nevertheless, the massive funding for the research activities for epilepsy is expected to positively fuel the growth of the global epilepsy devices market in the coming years.
MMC Study identifies some of the key participating players in the epilepsy devices market globally are Cerbomed GmbH, electroCore, Inc., Cyberonics, Inc., NeuroPace, Inc., Boston Scientific Corporation, Medtronic plc, among others.
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