According to the latest report published by Variant Market Research, the global neurostimulation devices market is estimated to reach $10.2 Billion by 2024, from $4 Billion in 2016; at a CAGR of 12.7% from 2016 to 2024.
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Rising demand for add-on therapies to drive the global neurostimulation devicesmarket
The global neurostimulation devices market is driven by factors such as rising demand for add-on therapies, high demand from healthcare institutions, rise in number of neurological diseases, and availability of advanced products. High cost of treatments may hamper the market growth. Furthermore, increasing R&D budgets and technological advancementswould provide an opportunity for market players of neurostimulation devices market.
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The global neurostimulation devices market is classified into device type, application,and geography. Device type segment includes implantable devices (cochlear implants, deep brain stimulation, spinal cord stimulation, vagus nerve stimulation, sacral nerve stimulation, gastric electric stimulation, and others) and external devices (transcranial magnetic stimulation (TMS), transcutaneous electrical nerve stimulation (TENS), and others). Parkinson’s disease, pain management, epilepsy, hearing loss, gastroparesis, urinary and fecal incontinence, depression, and other applications are covered under the application sub segment. North America (Canada, U.S., and Mexico), Europe (UK, France, Germany, and others), Asia-Pacific (China, India, Japan, and others) and RoW (Middle East, South America, and Africa) are the key geographical regions included in the global neurostimulation devices market.
Implantable devices, by device type, is estimated to dominated the global market in 2016
Implantable devices held for the highest market share in 2016, and expected to continue its dominance over the forecast period, 2016 – 2024.
Pain management, by application, is estimated to dominated the global market in 2016
Pain management held for the highest market share in 2016, and expected to continue its dominance over the forecast period, 2016 – 2024.
Asia-Pacific is estimated to witness fastest CAGR from 2016 to 2024
Asia-Pacific is predicted to grow at a fastest CAGR over the forecast period 2016 to 2024. The growth is attributed to growing healthcare facilities, and increasing consumer knowledge and awareness.
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The key market players in the market are DePuy Synthes Companies, Cyberonics, Inc., Nevro Corporation, St. Jude Medical, Inc., BioControl Medical, Synapse Biomedical, Inc., Neuropace, Inc., Boston Scientific Corporation, NDI Medical, LLC, and NeuroSigma, Inc., among others.
Scope of the Global Neurostimulation Devices Market
Device Type Segments
- Implantable Devices
- Cochlear Implants
- Deep Brain Stimulation
- Spinal Cord Stimulation
- Vagus Nerve Stimulation
- Sacral Nerve Stimulation
- Gastric Electric Stimulation
- External Devices
- Transcranial Magnetic Stimulation (TMS)
- Transcutaneous Electrical Nerve Stimulation (TENS)
- Parkinson’s Disease
- Pain Management
- Hearing Loss
- Urinary and Fecal Incontinence
- North America
- Asia Pacific
- South America
- Middle East
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