This study covers the market dynamics and trends in major countries that are expected to influence the current market scenario and future status of the Global Nerve Stimulator Market over the forecast period. The global nerve stimulators market is expected to grow at a CAGR of 9.7% during the forecast period 2017-2023.
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Nerve stimulation is considered as a gold standard technique for the treatment of treat different types of health problems such as joint, or bone problems that occur in case of osteoarthritis or fibromyalgia, or low back pain, neck pain, neurological disorders, overactive bladder, and others. According to a study published in Research and Reports’ Urology journal in 2014, it is found that nerve stimulation is an effective intervention for OAB patients, who are not responsive to pharmacologic therapy. Even in case of neurological disorders, complex seizures are not being controlled by medication. Vagal nerve stimulation is most commonly recommended when medications aren’t effective. Among neurological disorders, nerve stimulation therapy is most commonly used for epilepsy and depression. The most commonly used nerve stimulators are deep brain stimulator (DBS), vagus nerve stimulator (VNS), and spinal cord stimulator (SCS).
Rising incidence of chronic health problems, technological improvements, increasing popularity of minimally invasive procedures, increasing geriatric population, and improvement in reimbursement policies are the key factors driving the nerve stimulators market.
However, the high cost of treatment and lack of skilled or trained physicians may hinder the growth of the market to an extent.
It is estimated that nerve stimulators market is expected to grow at a CAGR of 9.7% during the forecast period 2017-2023.
Taste the market data and market information presented through more than 296 market data tables and figures spread over 251 pages of the project report. Avail the in-depth table of content TOC & market synopsis on “nerve stimulators market research report–Global forecast till 2023.”
Increasing popularity of minimally invasive procedures across the globe is also fueling the market growth. For instance, gammaCore developed by a neuroscience and technology company, Electrocore, was the first non-invasive vagus nerve stimulation (VNS) therapy approved by FDA. It is used for episodic cluster headache. GammaCore received FDA approval on April 18, 2017.
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Major Key Players in Nerve Stimulator Market:
Some of key the players in the market are Boston Scientific Corporation, Cochlear Ltd, Medtronic plc, St Jude Medical, Inc., Cyberonics, Inc., Aleva Neurotherapeutics SA, NeuroPace, Inc, and others.
- The global nerve stimulators market is expected to reach USD 10,978.5 million by 2023 at a CAGR of 9.7%.
- On the basis of type, blood sample market is expected to command the largest market share of 41.4% over the review period and Spinal Cord Stimulator (SCS) is expected to grow at the fastest CAGR of 10.1% during the forecast period 2017-2023
- The Americas hold the largest share of the nerve stimulators market and is expected to reach USD 3,755.8 million by 2023
- Asia Pacific is the fastest growing market, which is expected to grow at a CAGR of 10.1% over the 2017-2023
The global nerve stimulators market is segmented on the basis of type, application, and end-users.
On the basis of the type, the market is segmented into deep brain stimulator (DBS), vagus nerve stimulator (VNS), and spinal cord stimulator (SCS).
On the basis of the application, the market is classified as chronic pain, depression, dystonia, epilepsy, Parkinson’s disease, and others.
On the basis of the end -users, the market is segmented into ambulatory surgical centers, hospital & clinics, and trauma centers.
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The Americas dominate the nerve stimulators market owing to the rising prevalence of chronic diseases, a well-developed technology, high healthcare expenditure, and the presence of the leading players. According to a study published in Drug and Alcohol Dependence journal in 2017, more than 100 million adult Americans are living with chronic pain. Chronic low back pain and headaches are the most commonly diagnosed conditions. It is also stated that conditions are more prevalent in women than men i.e. 34.3% in women, and 26.7% in men in the U.S.
Europe holds the second position in the nerve stimulators market. It is expected that the support provided by the government bodies for research & development, along with a well-developed technology drives the market in the European region.
Asia Pacific region is projected to be the fastest growing region during the forecast period. Increasing need for cost-effective nerve stimulators, rapidly improving technology, and the presence of huge patient pool drive the growth of this market in Asia Pacific region.
The Middle East and Africa hold the least share in the market owing to the presence of poor and slow developing countries, especially, in the African region.
What makes our report unique?
1) An extensive research study on the Global Nerve Stimulator market, and its entire ecosystem, describes the market trends, drivers, restraints and opportunities of the Nerve Stimulator market.
2) We provide you the longest possible market segmentation based on type of products, procedures and geography and describe the market share region wise.
3) The report gives a bird eyes view on the competitive landscape which includes mergers and acquisitions, collaborations, market strategies, and new product launches.
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