According to a new market report published by Persistence Market Research “Global Market Study on Neurostimulation Devices – Deep Brain Stimulation Devices to Witness Highest Growth by 2020,” the global neurostimulation devices market was valued at US$ 5,088.9 Mn in 2014 and is expected to grow at a CAGR of 12.7% from 2014 to 2020, to reach US$ 10,445.7 Mn by 2020.
Neurostimulation technology involves the use of microelectrodes to activate elements of the nervous system. It involves the use of a neurostimulation device – a battery-powered stopwatch-sized device – which is surgically implanted in the brain and delivers electric signals at scheduled time intervals to the nervous system. These electric signals develop tingling sensations (paresthesia) in the damaged nerve and helps chronic pain and neurological disorders. In chronic pain conditions, these electric signals block the pain messages from the damaged nerve from reaching the brain. These devices are gaining importance in the management of chronic conditions such neuropathic pain, nociceptive pain, Parkinson’s disease, epilepsy, and depression. Neuropathic pain occurs due to nerve damage, while nociceptive pain arises from diseases such as diabetes, cancer, and arthritis. These devices are mostly used in cases where systemic drug therapies are not effective.
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The global neurostimulation devices market is witnessing significant growth due to increasing prevalence of chronic pain and rising incidences of neurological diseases. Moreover, rising awareness about various neurological diseases, growing geriatric population, and increasing investments in research and development of innovative neurostimulation devices are also driving the market. However, availability of alternative treatment therapies for neurological diseases and side-effects of neurostimulation therapy inhibit the growth of the market. The global neurostimulation devices market is anticipated to grow from an estimated US$ 5,088.9 Mn in 2014 to US$ 10,445.7 Mn by 2020 at a CAGR of 12.7% during the forecast period.
In North America, the neurostimulation devices market is growing due to increasing incidence of neurological diseases such as Alzheimer and Parkinson’s disease. Moreover, initiatives taken by various government and private associations for increasing awareness about various chronic pain and neurological disorders and rising investments in the research and development of novel neurostimulation devices in North America is driving the market in the region.
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