Neurostimulation is a modulation of the nervous system’s activity. It is deliberately carried out by using invasive and non-invasive techniques. Implantable stimulation devices are most commonly used in the treatment of the neurological conditions such as epilepsy, Parkinson’s disease, dystonia, tremors, depression, obsessive compulsive disorder, diabetic neuropathy, and few other conditions. Increasing cases of the neurological disorders such as chronic pain and depression high adoption of the neurostimulation therapy are likely to improve the market of neurostimulation devices.
According to the World Health Organization (WHO) neurological disorders are responsible for 4.5%-11% of all illnesses including in low- or high-income economies. This is far higher as compared to the number of respiratory ailments, gastrointestinal disorders, or cancers, and the burden is expected to rise further over the coming years.
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The market for neurostimulation devices is growing rapidly due to an increase in the number of cases of neurological diseases which is the result of changing lifestyle along with it increase in patient’s awareness about neurological disease, related surgeries and therapies. Increasing obese population, strong encouragement from government, steady increasing medical expenditure and continuous increasing demand for the neurostimulation devices has also contributed in the growth of the market.
Global Neurostimulation Devices Market – Competitive Analysis
Key strategic approaches undertaken by the major players in the market are merger, acquisition, partnership, collaborations, new product launches. This strategy determines the growth of the companies, thus strengthening their position in the market. Other strategies are geographical expansion, help the key players to enhance their geographical presence, and serve customers across the globe.
Some of the key players in this market are:
- Autonomic Technologies
- Boston Scientific
- ImThera Medical
- Inspire Medical Systems
- LivaNova (Cyberonics)
- Neuros Medical
- Nevro Corporation
- SPR Therapeutics
- Jude Medical
- Synapse Biomedical
March 21st, 2019
It was announced that the world’s first ever wireless miniature implantable long-term therapy to be now available in Canada. The pain-relief neurostimulator has been changing the lives of many and is expected to continue its proliferation in the Canada region as well.
Global Neurostimulation Devices Market – Intended Audience
- Neurostimulation devices manufacturers and suppliers
- Contract research organizations (CROs)
- Research and development (R&D) companies
- Government & independent research laboratories
- Government and independent regulatory authorities
- Market research and consulting service providers
- Academic institutes and universities
Global Neurostimulation Devices Market – Segments
The Global Neurostimulation Devices Market segmentation is done on the basis of application, type, and end-user.
By application, the market includes Parkinson’s disease, epilepsy, dystonia, urinary and fecal incontinence, depression, tremors, gastroparesis, pain management, and others.
By end-user, the market divides into external devices and implantable devices. External devices segment breaks down transcranial magnetic stimulator and transcutaneous electrical nerve stimulator. Implantable devices segment comprises of spinal cord simulators, sacral nerve stimulators, cochlear implants, vagus nerve stimulators, and deep brain stimulators gastric electric stimulators.
By end-user, the market includes research institutes, hospitals & clinics, cognitive care centers, and others.
Global Neurostimulation Devices Market – Regional Analysis
America account for the largest market share in neurostimulation devices market. The growth is attributed to an increasing demand for cardiovascular devices for the treatment of cardiovascular diseases and increasing prevalence of neurological diseases in the market. Additionally, the market growth is also boosted by increasing expenditure on neurostimulation devices in North America.
Additionally, invention of new technology, increasing awareness, and investments in research and development have boosted the neurostimulation market. However, high cost associated with monitoring and diagnosis of disease may restrain the market growth.
Additionally, rising geriatric population across the globe also fuels the growth of the Neurostimulation Devices Market. According to World Population Ageing Report, in 2017, there are an estimated 962 million people aged 60 or over globally, which is 13% of the total global population. According to the population reference bureau, the number of Americans ageing 65 and older is projected to more than double from 46 million in 2015 to over 98 million by 2060. According to the StastsCan, 2015, over 5.7 million Canadians have aged 65 and older, which was 16.1 % of Canadian population.
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