Wireless neurostimulators are medical devices designed to stimulate the nervous system through invasive or non-invasive means, such as electric, magnetic and other ways. Neurostimulation is employed in the treatment of several neurological conditions, such as epilepsy, Parkinson’s disease, dystonia, tremors, depression, obsessive compulsive disorder, diabetic neuropathy and pain management.
Rising incidences of neurological conditions is the key driver responsible for the growth of the wireless neurostimulator market. According to the World Health Organization (WHO), more than 50 million and 47.5 million people suffer from epilepsy and dementia worldwide. The WHO also further estimates that the prevalence of migraine is quite high worldwide, approximately 50 million people suffer from migraine worldwide. The existence of these health disorders will promote the growth of wireless neurostimulators during the forecast period.
Rise in risk factors are further driving additional patient base. The growing number of geriatric patients, growing sports culture, sedentary lifestyle and other such factors are driving large market expansion. The WHO states that the world’s population aged above 60 years will nearly double and grow from 12% to 22% between 2015 and 2050. The number of people aged 60 years and above is expected to outnumber children younger than 5 years by 2020.
Growing potential of wireless neurostimulator wearables owing to technological advancements in wave generation and wave forms and growing trend of smart devices that simplify recording, storing and analysing data are some of the technical drivers for wireless neurostimulator market. Advancement of non-invasive, affordable and user-friendly devices coupled with development of apps to control these devices is further driving the wireless neurostimulator product development.
However, concerns regarding the effectiveness of wireless neurostimulator is the prominent factor restraining the growth of the wireless neurostimulator market. There is lack of accurate scientific validation, which is hampering wireless neurostimulator market’s growth. Owing to scepticism, only a few doctors prescribe wireless neurostimulator as a form of therapy.
Wireless Neurostimulator Market: Overview
The global market for wireless neurostimulators is consolidated with a handful players dominating the scene owing to the nascent stage of market and the high technological intensity of these devices. Developing regions of Asia Pacific, such as India and China, represent enormous market opportunity for wireless neurostimulators. China has emerged as a large and cheap base for electronic manufacturing, which is expected to boost the growth of the wireless neurostimulator market in the region. Online distribution and ecommerce is expected to drive distribution efficiency, which will be further pushed by the emergence of self-educated customers. Technology gains from product development represent the largest value proposition over cost. Product development is another attractive strategy followed by several wireless neurostimulator companies.
Wireless Neurostimulator Market: Regional Outlook
The global wireless neurostimulator market is classified into North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific, Japan and Middle East & Africa. North America dominated by the U.S. accounts for the largest share in the global wireless neurostimulator market, primarily due to the concentration of key market players, high awareness and faster uptake of latest technologies. The Europe wireless neurostimulator market is expected to be led by Germany, France and the U.K. The advanced medical devices industry of Germany is a significant driver for the European wireless neurostimulator market.
The Asia Pacific excluding Japan wireless neurostimulator market is expected to generate fastest CAGR owing to growing awareness as well as a growing manufacturing base and ecommerce. In addition, China and India are expected to hold a large share in the wireless neurostimulator market due to the high population density in these regions.
The Middle East and Africa wireless neurostimulator market is expected to be dominated by the wealthy gulf economies of Saudi Arabia, Kuwait, UAE and Qatar. However, the poor income of African economies coupled and poor social conditions are the two factors hampering the wireless neurostimulator market in Africa.
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Wireless Neurostimulator Market: Key Players
Some of the major vendors operating in the global wireless neurostimulator market are Abbott, Medtronic, Neurometrix, Stimwave LLC, BlueWind Medical, Sigenics, Inc., Sigenics, Inc., Vigon, electroCore, Inc., and others.