The nerves cells and brain cells have isolating cells around themselves that are called myelin. Demyelination means reduction of the number or size of those cells. Chronic means that the reduction lasts a long time or is permanent. Ischemic means that it is caused by lack of oxygen, which is most often due to bad blood supply.
The condition will reduce the effectiveness of the conduction of nerve impulses or even cause nerve cells to get damaged too.
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