The global neurostimulation devices market is predicted to reach USD 13.70 Billion by 2027, registering a CAGR of 12.6%, according to a current analysis by Emergen Research. The market expansion can be accredited to the escalating occurrences of chronic nervous disorders and the rising requirement of less invasive surgeries from the patients due to short hospitals stays and a faster recovery period. This is boosting the adoption of neurostimulation devices. Moreover, the augmented investment in the R&D activities for the production of advanced neurostimulation devices is estimated to bolster the expansion of the industry.
The rising occurrences of nerve disorders, such as Parkinson’s disease, epilepsy, and dystonia, are estimated to create an augmented demand for neurostimulation devices. Technological advancement in the healthcare facilities across various countries because of the implementation of cutting edge tech solutions such as artificial intelligence and machine learning is projected to create an increased demand for the devices. The incorporation of AI and machine learning is accelerating the development of smart neuromodulation, which is predicted to essentially benefit patients suffering from brain damage.
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However, major side effects, such as allergic responses, and risks associated with the incorporation of neurostimulation devices might restrain the use of the devices. Additionally, the strict regulatory policies for the device approval across various countries is expected to impede the growth of the industry over the projected timeframe. Furthermore, the availability of viable alternative therapeutic procedures and the high costs associated with neurostimulation devices are predicted to restrain the market growth during the estimated years.
Key Highlights from the Report:
- The spinal cord stimulator segment occupied the largest share of the industry in 2019, accounting for 46.2% of the industry share. The growth can be accredited to the rising requirement for the treatment of spinal injuries and nerve pain that require spinal cord stimulators. Additionally, the rising geriatric populace and the growing occurrence of spinal cord issues in the elderly is driving the requirement for spinal cord stimulators.
- Pain management segment is foreseen to expand at the highest rate in the estimated timeframe, reporting a 14.0% CAGR. The augmented demand for neurostimulation devices for pain management can be accredited to escalating occurrences of acute and chronic pain disorders among patients with neurological conditions.
- The Asia Pacific is forecast to be the fastest-growing market in the global market owing to the rapid economic progress and broadening Healthcare Budgetary Allocation in progressing countries in the region.
- Major companies of the market include Abbott Laboratories, Boston Scientific Corporation, Bayer AG, Neuronetics, Inc., Medtronic, Intrapace, Nevro Corporation, Codman & Shurtleff, Inc., LivaNova PLC, and St. Jude Medical, among others.
- Medtronic, in 2019, introduced the Intellis platform to deal with a broad spectrum of chronic intractable pain. The platform circumvents limitations with the currently available spinal cord stimulation (SCS) systems and can strengthen the Evolve workflow. The platform can efficiently track patients round-the-clock and assists in screening and detection of chronic pain.
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For the purpose of this report, Emergen Research has segmented the Global Neurostimulation Devices Market on the basis of product, application, and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
- Vagus Nerve Stimulator
- Sacral Nerve stimulator
- Gastric Electric Stimulators
- Spinal Cord Stimulator
- Deep Brain Stimulators
Application Outlook (Revenue, USD Billion; 2017-2027)
- Pain management
- Urinary and Fecal Incontinence
- Parkinson’s disease
- Essential Tremor
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Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
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