According to the latest report by IMARC Group, titled “Neurostimulation Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global neurostimulation devices market size reached US$ 5.5 Billion in 2019. Neurostimulation devices are medical instruments that generate electrical impulses to stimulate, modify, inhibit, regulate and alter the activity of the central, autonomous, and peripheral nervous systems in the patient’s body. They have emerged as effective therapeutic solutions for treating various medical conditions, including chronic pain, diabetic neuropathy, movement disorders, epilepsy and Parkinson’s disease. In recent years, electrical stimulation technologies have evolved that can deliver stimulation with a higher spatial resolution to provide customized neuromodulation for optimal clinical outcomes.
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Global Neurostimulation Devices Market Trends:
The rising prevalence of chronic pain ailments across the world has resulted in an escalating demand for neurostimulation devices. Besides this, the advancements made in neurotechnology and neuroimaging, coupled with the increasing understanding of neurocircuitry has facilitated the development of advanced devices that provide relief from several neurologic and psychiatric disorders. Furthermore, rapid growth in the geriatric population, increasing healthcare expenditure, and the rising preference for minimally invasive (MI) procedures among patients are some of the other factors bolstering the growth of the market across the globe. Looking forward, the market value is projected to reach US$ 9.6 Billion by 2025, registering a CAGR of 9.5% during 2020-2025.
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Market Summary:
- Based on the stimulation type, the market has been bifurcated into internal and external stimulation.
- On the basis of the device type, the market has been classified into spinal cord stimulation (SCS), deep brain stimulation (DBS), sacral nerve stimulation (SNS), vagus nerve stimulation (VNS), gastric electrical stimulation (GES), transcutaneous electrical nerve stimulation, transcranial magnetic stimulation and other devices.
- The market has been categorized based on the application into pain management, epilepsy, essential tremors, urinary and fecal incontinence, depression, dystonia, Parkinson’s disease and others.
- On the basis of the end user, the market has been divided into rehabilitation centers, hospitals, medical clinics and others.
- Region-wise, the market has been segmented into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Russia, Spain and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has also been examined with some of the key players being Biocontrol Medical Ltd., Boston Scientific Corporation, Cyberonics, Inc., Medtronic plc, Neuronetics Inc., NeuroPace, Inc., Neurosigma Inc., Nevro Corporation, St. Jude Medical, Inc. and Synapse Biomedical Inc.
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