The global neurostimulation devices market is projected to grow at a CAGR of 10.9% over the forecast period of 2019-2025. The market size of the neurostimulation devices market in 2018 was approximately USD 4.7 billion and is expected to reach USD 9.8 billion over the forecast period.
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Neurostimulator devices work on the principle of purposeful modulation of the nervous system’s signals by introducing microelectrodes or by transcranial magnetic stimulation or transcranial electric stimulation. The major factor contributing to the growth of the market is a rising number of geriatric populations. According to WHO Between 2015 and 2050, the proportion of the world’s population over 60 years will nearly double from 12% to 22%. By 2020, the number of people aged 60 years and older will outnumber children younger than 5 years. These stats are directly proportional to the increase in disorders such as chronic pain and spinal cord injuries with others, contributing to the rising demand for neurostimulation devices.
Increasing Cases of Parkinson’s Disease, Epilepsy and Depression Globally are Another Major Factor Fuelling the Growth of the Market
Another factor contributing to the growth of the market is the rising number of sports-based injuries and the increasing rate of road accidents are equally contributing to the growth of the market. Moreover, increasing cases of Parkinson’s disease, epilepsy and depression globally are another major factor fuelling the growth of the market. On the other hand, high cost associated with devices and lack of trained experts can hamper the growth of the market. However, rising research and development activities and increasing awareness about the advanced pain management systems will provide ample opportunities to the market.
Global neurostimulation devices market segmented based on the product, application, and end-user. Product segment comprises of spinal cord stimulation devices, deep brain stimulation devices, vagus nerve stimulation devices, sacral nerve stimulation devices, gastric electric stimulation devices and others. Spinal cord stimulation devices accounts for the largest share of nearly 45% owing to its wide applications in pain management therapies. Application segment bifurcated into Parkinson’s disease, epilepsy, chronic pain management, Alzheimer’s, ischemia, and others. The End-user segment classified into hospitals, scientific research laboratories, and others. Hospital segment dominates the segment owing to the rising prevalence of neurological diseases and surgical procedures globally.
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Global Neurostimulation Devices Market: Regional Analysis
Geographically, global neurostimulation devices market segmented by North America, Europe, Asia-Pacific and RoW. North America dominates the market and anticipated to keep its dominance in the forecast period, followed by Europe. Advanced healthcare facilities and increasing funding for research and development are and well-established reimbursement policies are supporting the growth of the market in these regions. The market in Asia-Pacific is expected to grow with a steady rate, high cost of the treatment and unsupportive reimbursement policies causing the slow growth of the market.
Competitive Wise Performance of “Neurostimulation Devices Industry”
Key players in the market are Boston Scientific Corporation, Medtronic, Inc., Nevro Corporation, Neurosigma, Inc., Neuropace, Inc., St. Jude Medical Inc., Aleva Neurotherapeutics SA, Synapse Biomedical, Inc., Neuronetics, Inc., Cyberonics, Inc. and others. Boston Scientific Corporation and Medtronic, Inc. have a stronghold of the market with their innovative product launch. In January 2018, Nevro Corporation developed and commercialized the SENZA® spinal cord stimulation (SCS) system, an evidence-based, non-pharmacologic neuromodulation platform for the treatment of chronic pain. The SENZA® system is the only SCS system that delivers Nevro’s proprietary HF10™ therapy.
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