Neurostimulation Devices Market
Neurostimulation Devices Market to Expand at Double Digit CAGR Through 2025; Technological Advancements Boost Market Growth
Neurostimulation Devises Market Segmented By Spinal Cord Stimulation, Deep Brain Stimulation, Sacral Nerve Strimulation, Vagus Nerve Stimulation, Cochlear Implants, Gastric Electric Stimulation Implantable Devices and Transcutaneous Electrical Nerve Stimulation, Transcranial Magnetic Stimulation External Devices
The global neurostimulation devices market is poised to grow at double-digit CAGR by the end of 2025. The growing awareness regarding mental health acts as a primary growth factor. Technological innovations implementing better patient management are expected to drive growth in the market. Novel technologies for restoring vision and aiding movement in paralysis are projected to escalate the adoption rate of these devices in the market.
COVID-19 pandemic is expected to decrease the demand for these devices, creating a depression in the market revenue. The market is expected to regain its growth rate with the relaxations in movement across different nations.
The neurostimulation devices market in Europe is expected to grow at an impressive rate during the forecast period owing to the growing preference for advanced technologies and innovations. The Asia Pacific is projected to generate lucrative growth opportunities in the companies. The market players are adopting strategies such as collaborations and product innovations. They are using the latest technologies to develop advanced products to populate their product portfolio. Established players in the market include NeuroSigma, Inc., Boston Scientific Corporation, NDI Medical, LLC., and Medtronic plc, St. Jude Medical, Inc.
Neurostimulation devices are commonly used for diagnosing and treating disorders of autonomic nerves system (ANS), central nerves system (CNS) and peripheral nervous system (PNS). Neurostimulation devices are used for stimulation of brain cells and for administering medication. Diseases that do not react or respond to systematic drug therapies need advanced stimulation devices for treating them.
Demand for such devices are growing, especially for managing chronic neurological conditions such as nociceptive pain, neuropathic pain, epilepsy, depression and parkinson’s disease. In addition, higher cases of nociceptive pain arising from diseases such as cancer, arthritis and diabetes is compelling healthcare experts and manufacturers to jointly work on developing enhanced models of neurostimulation devices. In 2014, the global neurostimulation devices market was valued at US$ 5,088.9 Million. PMR forecast that the global neurostimulation devices market will register a CAGR of above 12% to reach US$ 10,445.7 Million by 2020.
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Some of the major players in the neurostimulation devices market:
- Medtronic plc, St. Jude Medical, Inc.
- Boston Scientific Corporation.
- Cyberonics, Inc.
- Cochlear, Ltd.
- NDI Medical, LLC.
- NeuroPace, Inc.
- NeuroSigma, Inc.
These key market players have been profiled on the basis of attributes such as company overview, recent developments, growth strategies, sustainability, and financial overview.
Key Market Dynamics
PMR indicates that the global neurostimulation devices market will primarily be driven by increasing incidences of neurological diseases and higher occurrence of associated chronic pain and discomfort. On contrary, factors such as increasing geriatric population, growing awareness on better neurological treatment and advancement in functionality of neurostimulation devices are expected to equally influence the overall growth of market during the forecast period. In contrast, side-effects and risks associated with neurostimulation therapy and availability of other options of treatment for neurological disorders are some of the negative factors likely to hinder the market growth.
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The global neurostimulation devices market has been classified into device type, by application and by region.
On the basis of device type, the market is segmented into implantable device and external device. In addition, the implantable device segment is further sub-segmented into, cochlear implants (CI), sacral nerve stimulation (SNS), gastric electric stimulation (GES), deep brain stimulation (DBS), vagus nerve stimulation (VNS) and spinal cord stimulation (SCS).
The external device segment is bifurcated into transcranial magnetic stimulation (TMS) and transcutaneous electrical nerve stimulation (TENS). Based on application, the market is segmented into parkinson’s disease, epilepsy, urinary and fecal incontinence, gastroparesis, pain management, hearing loss and depression.
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Based on geography, the global neurostimulation devices market is segmented into four key regions namely North America, Asia Pacific, Europe and rest of the world (RoW). North America is in pole position of the global neurostimulation devices market, which is largely attributed to the growing prevalence of neurological disorders in the region.
In addition, various private and government organizations in the region are frequently running awareness campaigns on neurological disorders and associated health impediments. Likewise, availability of advanced neurological treatments is also adding up significantly to the market growth in the region.
The neurostimulation devices market in Europe, is largely expanding due to several healthcare initiatives taken by various public organizations to improve the healthcare sector in the region. Further, the market in Asia Pacific is expected to register the fastest growth rate during the forecast period primarily due to the increasing incidences of neurological disorders such as arthritis and osteoporosis in countries such as Japan and China.
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