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.
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.
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.
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.
Key Market Participants
Key participants identified in the global neurostimulation devices market include Boston Scientific Corporation, St. Jude Medical, Inc., Cochlear, Ltd., Medtronic, Plc, NDI Medical, LLC, MED-EL., Cyberonics, Inc., NeuroSigma, Inc., and NeuroPace, Inc.,
Persistence Market Research (PMR) provides key insights on the global neurostimulation devices market over the forecast period (2014-2020). The primary objective of the report is to provide in-depth analysis and future market estimations, including growth drivers, restraints, opportunities, trends, key segments, status of the regional markets and key market participants operating in the global scar treatment market. Along with the provision of quality insights quantification of data has been considered through discussions with market experts, clinicians and product managers.
To understand and assess opportunities in the global marketplace, the report is categorically split into four sections in terms of market value (US$ Mn), namely market analysis by device type, by application and by geography. The report further provides comprehensive data on forecast values, global market estimations, and competitive landscape. The aforementioned segments have been analyzed in terms of Basis Point (BPS) to understand each segment’s relative contribution to the overall market growth.
The geographical analysis studies the market on the basis of the regional opportunities and estimates the market value for each region during the forecast period. The report also considers a year-on-year growth based on regional market analysis, in order to identify right opportunities in each of the regions and to understand predictability of the market.
The last part of the report provides an exhaustive analysis on the global competitive landscape including leading market participants and a dashboard view. Market strategies of prominent players and their key developments have also been included in the report.
To deduce the global neurostimulation devices market, the report considers various aspects based on secondary research. Furthermore, key data points such as region-wise split and market split by device type, by application and qualitative inputs from primary respondents have been incorporated to arrive at appropriate market estimates. The forecast presented in the report assesses the total revenue generated and expected revenue contribution in the global neurostimulation devices market.
The report begins with sizing the market in terms of value and volume for the base year, which forms the basis for forecasting how the market is anticipated to take shape in the near future. Given the characteristics of the market, gathered data is triangulated via different analysis based on the supply side and demand side drivers and other key dynamics of the global global neurostimulation devices market. To develop the market forecast, Persistence Market Research has also conducted a factor analysis to understand the impact of various forces/factors on the target market. The report provides forecasts not only in terms of CAGR but also presents a detailed analysis based on key parameters such as Year-on-Year (Y-o-Y) growth to understand market predictability and to identify the right opportunities.
Another key feature of this report is an analysis of the global neurostimulation devices market and the corresponding revenue forecast in terms of absolute dollar opportunity, usually overlooked while forecasting the market. However, absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales perspective in the global neurostimulation devices market. Further, to understand key segments in terms of their growth and overall global neurostimulation devices market performance, Persistence Market Research has developed a market attractiveness index to help providers identify existing market opportunities in the global neurostimulation devices market.
Some of the major players in the neurostimulation devices market:
These key market players have been profiled on the basis of attributes such as company overview, recent developments, growth strategies, sustainability, and financial overview.