The worldwide neurostimulation devices market is foreseeing huge development because of expanding predominance of chronic pain along with growing occurrences of neurological ailments.
In addition, increasing awareness regarding different neurological ailments, developing geriatric populace, and expanding investments in r&d of innovative neurostimulation gadgets are additionally fuelling the market.
On the other hand, accessibility of elective treatment treatments for neurological ailments and symptoms of neurostimulation treatment repress the market development. The worldwide market is projected to expand from a market valuation of US$ 5,088.9 Million during 2014 to touch US$ 10,445.7 Million through 2020 end, recording a 12.7% CAGR for the duration of the assessment.
In terms of the device type, the worldwide market is categorized into an external device and implantable device. Additionally, the implantable device category is further sub-categorized as cochlear sacral nerve stimulation (SNS), implants (CI), deep brain stimulation (DBS), gastric electric stimulation (GES), spinal cord stimulation (SCS) and vagus nerve stimulation (VNS).
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The external device category is further sub-categorized into transcutaneous electrical nerve stimulation (TENS) and transcranial magnetic stimulation (TMS). On the basis of application, the market is categorized into epilepsy, Parkinson’s disease, fecal and urinary incontinence, pain management, gastroparesis, depression, and hearing loss.
The North America market for neurostimulation devices is expanding because of the expanding rate of neurological ailments, for example, Alzheimer and Parkinson’s ailment. In addition, initiatives taken by the different government and private affiliations for expanding awareness regarding different chronic pain and neurological issue and increasing investments in the r&d of fresh neurostimulation devices in North America is fuelling the market in the region.
In the Europe region, the neurostimulation devices market is growing because of initiatives taken by different governments to improve healthcare amenities in the region. Moreover, expanding rates of neurological diseases and chronic pain and developing aging populace are additionally boosting the development of the Europe market for neurostimulation devices. As indicated by WHO, consistently, neurological disorders influence 33% of the populace in Europe, and roughly 1% to 2% of the populace is determined to have a psychotic issue.
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The Asia Pacific reflects the quickest-expanding region in the market for neurostimulation devices. This is mainly because of an increasing aging populace in several nations, for instance, China and India. According to the NIH (National Institutes of Health) – an establishment required in health-related research and biomedical activities – about 110 million individuals in China were of age 65 years & above during 2011 and the figure is likely to touch 330 Mn towards 2050 end. In India, roughly 60 Mn individuals were of age 65 years & over during 2011 and the figure is likely to touch 227 Mn towards 2050 end.
The major companies active in the worldwide market include Boston Scientific Corporation.,
- Medtronic plc, St. Jude Medical, Inc.
- Boston Scientific Corporation.
- Cyberonics, Inc.
- Cochlear, Ltd.
- NDI Medical, LLC.
- NeuroPace, Inc.
- NeuroSigma, Inc.