Market Trends of United Kingdom Neurology Devices Industry
This section covers the major market trends shaping the UK Neurology Devices Market according to our research experts:
Neurostimulation Devices Expected to Witness Significant Growth Over The Forecast Period
- Neurostimulation devices are implantable, programmable medical devices that deliver electrical stimulation to specific parts of the patient's brain, spinal cord, or peripheral nervous system to help treat various conditions, including chronic pain, movement disorders, epilepsy, and Parkinson's disease. Neuromodulation is an intracranial, electrical neuromodulation therapy with Food and Drug Administration approval for treating most neurological conditions such as bladder control, headache, tremors, chronic pain, stroke, minimally conscious state, and spinal cord injury, which are most commonly found in the elderly population.
- The high burden of neurological diseases and the increasing use of neurostimulation to treat such conditions is projected to augment the segment's growth. As per NICE, in 2020, there were around 137,000 people having Parkinson's disease in the United Kingdom. Also, in September 2022, the National Institute for Health and Care Excellence (NICE) issued a recommendation that ReActiv8 Restorative Neurostimulation is used in the National Health Service in the United Kingdom with special arrangements for clinical governance, consent, and audit or research. The high burden of neurological diseases is associated with the increase in the utility of neurostimulation devices for their management and is ultimately projected to boost the market growth.
- Furthermore, the key market players' technological advancement, product launches, and availability of devices in the United Kingdom are propelling the segment's growth. For instance, in November 2021, Neuvana LLC, a wellness and neuroscience technology company, launched its new product, Xen, to be available to consumers in the 27 countries that comprise the European Union and the United Kingdom. Xen is a pocket-sized device that connects to a mobile phone through an app and sends a gentle electrical signal through patented earbuds to stimulate the vagus nerve in the ear. Such technological advancements and launches are linked to boosting the demand for these devices, which is ultimately projected to increase during the forecast period.
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Rising Aging Population Expected to Propel the Market Growth Over The Forecast Period.
- The prevalence of most neurological diseases increases with age, and age also modulates the impact of risk factors, clinical presentation, and the natural course of these diseases.
- According to NHS Digital 2022 report, in England in 2022, 689,079.8 patients aged 65 years and above with dementia were estimated to be diagnosed, out of which 424,326 patients were diagnosed. The diagnosis rate was 61% in England. The estimated number of elderly patients with dementia diagnosed with dementia is 71,179.4 in London. The high burden of dementia in the United Kingdom is expected to propel market growth.
- Furthermore, according to the Office for National Statistics, United Kingdom, 2022 report, over 11 million people representing 18.6% of the total population, were aged 65 years or older in England and Wales. This comprised 527,900 individuals who were 90 years of age or older. In England and Wales, the average (median) age increased to 40 years in 2021, reflecting changes in the population's age distribution. Therefore, the high burden of the aging population in the country is estimated to propel the market growth over the forecast period.
