Rising incidence of numerological diseases is the key factor propelling the neurostimulation devices market. The market stood at US$5,088.9 million in 2014. Increasing prevalence of chronic pain coupled with increasing geriatric population, and rising investments for research and development of advanced neurostimulation devices are fuelling the global neurostimulation devices market, which is expected to reach US$10,445.7 million, expanding at a CAGR of 12.7% during the period from 2014 to 2020.
On the other hand, the ample availability of options in treatment therapies for neurological diseases and the increasing incidence of side-effects of neurostimulation therapy are the major factors restricting the growth of the global neurostimulation devices market.
DBS Market, TENS Market, and Pain Management Market to Report Fastest Growth
Based on the device type, the global neurostimulation devices market is basically classified into the implantable stimulation devices market and the external stimulation devices market. Spinal cord stimulation, deep brain stimulation, sacral nerve stimulation, vagus nerve stimulation, cochlear implants, gastric electric stimulation, and others are the various sub-segments of the implantable stimulation device market. The spinal cord stimulation market holds the largest share in the implantable stimulation devices market; whereas the deep brain stimulation market is expected to register the fastest growth in the future.
The external stimulation device market is categorized into the markets for transcutaneous electrical nerve stimulation, transcranial magnetic stimulation, and others, wherein, the transcutaneous electrical nerve stimulation market is the largest as well as fastest growing market in the external devices market.
Based on application, the neurostimulation devices market can be classified into pain management, Parkinson’s disease, depression, urinary and fecal incontinence, hearing loss, epilepsy, gastro-paresis, and others. The pain management is the largest as well as fastest growing application segment in the global neurostimulation devices industry based on application.
North America: Global Market Leader
The market in North America leads the global neurostimulation devices market due to the rising incidence of several neurological diseases and multiple initiatives taken by governmental and non-governmental organizations in order to increase awareness regarding the chronic pain and neurological disorders in the region. Additionally, technical developments in neurostimulation devices are also significantly contributing to the growth of the market for neurostimulation devices in North America. The market in North America stood at US$2,449.9 million in 2014 and is expected to reach US$ 4,892.9 million by 2020, expanding at a CAGR of 12.2% between 2014 and 2020. However, the market in Asia Pacific is expected to register the fastest growth among all the key regional markets for neurostimulation devices.
Medtronic plc, Boston Scientific Corp., St. Jude Medical Inc., Cyberonics Inc., NeuroPace Inc., Cochlear Ltd., NeuroSigma Inc., MED-EL, and NDI Medical, LLC are some of the major participants operating in the global neurostimulation devices market. The emerging markets present lucrative opportunities for the market players across the globe.
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