Growing chronic disease prevalence, increasing geriatric population, rising number of unfulfilled medical needs, increasing incidences of neurological diseases, and the rising demand for minimal invasive surgeries are factors fueling the neurostimulation devices market growth.
Market size: USD 5.59 billion in 2019
Growth rate: 12.4%
Market trends: New product launches and advanced R&D for developing neurostimulation devices.
The Global Neurostimulation Devices Market is estimated to escalate from USD 5.59 billion in 2019 to USD 14.27 billion by 2027, with a CAGR of 12.4% through the forecast period. Neurostimulation devices are equipment used for neuromodulation. Neuromodulation is a process of using an implantable medical device to alter and regulate the neural activities for therapeutic procedures.
A significant disruptive discovery in the healthcare industry is the recent introduction of neurostimulation devices as a neural activity modulator. With this, both industry and emerging players are developing novel mechanisms that can be used for modulating neural activities. For example, a U.S. based medical device manufacturing company has introduced Enterrall gastric neurostimulator that generates mild electric pluses for gastric electrical stimulation for treating chronic nausea and vomiting caused due to gastroparesis.
Growing chronic disease prevalence, increasing geriatric population, increasing incidences of neurological diseases, and the rising demand for minimal invasive surgeries are rising the demand for Neurostimulation market. Unfulfilled medical needs of patients are boosting the technological progression, the continuous efforts by the healthcare industries to invent novel techniques and research associated funds from public and private sectors and favourable regulatory scenario worldwide, are some of the significant factors that are enhancing the market expansion.
The American Academy of Neurology stated that stroke is the 3rd leading cause of death in the U.S. and Alzheimer’s ranks 6th in the list. Statistics from the same source indicates that about 1 million Americans are affected by Parkinson’s annually with atleast 60,000 new reported cases every year. The related adverse effects and availability of advanced alternate options are the key obstacles the neurostimulation market can face during the projection period from 2019 to 2026.
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Further key findings:
- The Asia Pacific region accounts for 13.6% of the neurostimulation devices market followed by North America at 12.3% and Europe at 12.1%. The growing cases of chronic diseases worldwide are a key factor in accelerating the growth of the neurostimulation market in all regions.
- In 2019, spinal cord stimulators held the highest share of 35% in the global neurostimulation devices market. The chief revenue generator for this sector is Europe, followed by North America and the Asia Pacific.
- The Asia Pacific is predicted to hold a market portion of 19.4% due to untapped market potential and rising chronic diseases in developing nations like India and China.
- During the foreseen period, the fastest-growing market sector, with a CAGR 13.2%, is assumed to be sacral nerve stimulators.
- In 2019, the pain management application type sector was estimated at USD 2.28 billion and is expected to expand to USD 5.97 billion by the end of 2027.
- Based on applications, the essential tremor segment is expected to rise at 11.7% during the projected period.
Key participants in the market:
- BioControl Medical
- Spinal Modulation
- Cochlear, Cyberonics, Inc.
- Jude Medical
- Synapse Biomedical, Inc.
- Medtronic PLC
- Boston Scientific Corp.
- Nevro Corp.
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For the purpose of this report, Reports and Data has segmented the Neurostimulation Devices Market on the basis of type, product type, application type, end-use, and region:
Type Outlook (Revenue, USD Million; 2017–2027)
Product Type Outlook (Revenue, USD Million; 2017–2027)
- Spinal Cord Stimulators
- Gastric Electric Stimulators
- Sacral Nerve Stimulators
- Deep Brain Stimulators
- Vagus Nerve Stimulators
Application Type Outlook (Revenue, USD Million; 2017–2027)
- Urinary and Fecal Incontinence
- Pain Management
- Parkinson’s Disease
- Essential Tremor
End-Use Outlook (Revenue, USD Million; 2017–2027)
- Research Institutes
- Cognitive Care Centers
Regional Outlook (Revenue in USD Million; 2017–2027)
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Table of Contents:
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2018 – 2026
Chapter 3. Indicative Metrics
3.1. Rising prevalence of neurological disorders
3.2. Increasing incidences of chronic diseases
3.3. Technological Advancements
3.4. Non-Lenient government regulations
Chapter 4. Neurostimulation Devices Segmentation & Impact Analysis
4.1. Neurostimulation Devices Segmentation Analysis
4.2. Neurostimulation Devices Market Value Chain Analysis, 2016-2026
4.3. Regulatory framework
4.4. Neurostimulation Devices Market Impact Analysis
4.4.1. Market driver analysis
188.8.131.52. Rising demand for Neurostimulation devices as an add on therapy
184.108.40.206. Growing geriatric population
4.4.2. Market restraint analysis
220.127.116.11. Lack of awareness
18.104.22.168. Risks associated with Neurostimulation devices
4.5. Key opportunities prioritized
4.6. Neurostimulation Devices Pricing Analysis
4.7. Industry analysis – Porter’s
4.8. Neurostimulation Devices PESTEL Analysis
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