- Demand for neurostimulation devices is on the rise to manage severe neurological conditions such as Parkinson’s disease, depression, neuropathic pain and nociceptive pain.
- Factors that can hinder growth of the neurostimulation devices market include lack of trained healthcare experts in neurology and soaring costs of neuro-disease treatment.
- North America will have precedence over other regions in the neurostimulation devices market.
Neurostimulation devices are mostly used to diagnose and treat disorders of peripheral nervous system (PNS), central nerves system (CNS) and automatic nerves system (ANS). They are used for brain cell stimulation and to administer medication.
Demand for neurostimulation devices is on the rise to manage severe neurological conditions such as Parkinson’s disease, depression, neuropathic pain and nociceptive pain. The neurostimulation devices market is anticipated to reach an exponential growth of $11.5 billion during the forecast period (2013-2022).
Market Drivers and Impediments
Numerous factors drive growth of the neurostimulation devices market. Some of the market trends and factors in this market in an analysis conducted by Market Research Future (MRFR) include global increases in neurological disorders, increasing demand for surgeries that are minimally invasive, external funding for R & D, increasing existence of lifestyle-induced disorders, presence of surplus unmet medical needs, rising incidence of chronic diseases such as epilepsy and migraine, rising demand for the neurostimulation devices in the form of an add on therapy, introduction of new technological advancements and an increasing geriatric population base.
On the flip side, factors that can hinder growth of the neurostimulation devices market include lack of trained healthcare experts in neurology and soaring costs of neuro-disease treatment.
Market Research Future report provides a comprehensive segmented analysis of the neurostimulation devices market on the basis of type, application and end-user.
Based on type, it is segmented into external devices and implantable devices. The implantable devices segment is comprised of vagus nerve stimulators, cochlear implants, gastric electric stimulation, sacral nerve stimulation, spinal cord stimulation and deep brain stimulation. The external devices segment is comprised of transcranial magnetic stimulation and transcutaneous electrical nerve stimulation. Of these, the spinal cord stimulation will rule the neurostimulation devices market in regard to revenue.
Based on application, the neurostimulation devices market is segmented into urinary & fecal incontinence, tremors, pain management, gastroparesis, depression, Parkinson’s disease, epilepsy and dystonia. Of these, pain management will dominate the market.
Based on end-user, it is segmented into research institutes, cognitive care centers, hospitals/clinics and others.
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Based on region, the neurostimulation devices market covers growth opportunities and latest trends across North America, Europe, Asia Pacific and Middle East and Africa. Of these, North America will have precedence over other regions in the neurostimulation devices market. This can be attributed to the rising prevalence of neuro-ailments in this region. Moreover, various government and private organizations here, time and again, are organizing awareness campaigns on neurological ailments and related health impediments. Also, the accessibility of the latest neurological treatments is contributing to market growth significantly.
The market in Europe is also expanding largely due to different healthcare initiatives undertaken by public organizations augmenting the region’s healthcare sector. In the APAC region the market is anticipated to have the fastest growth rate owing to the rising incidences of neurological ailments such as osteoporosis and arthritis. In Middle East and Africa, the neurostimulation devices market is predicted to see a limited yet steady market growth.
The chief strategic approaches that the major players in the neurostimulation devices market has undertaken include new product launches, collaborations, partnership, merger and acquisition. This strategy helps in determining the companies’ growth, thereby strengthening their position within the market. There are some other strategies too such as geographical expansion that are assisting the key market players in improving their geographical presence and serving customers globally.
Leading players profiled in the neurostimulation devices market include Synapse Biomedical, St.Jude Medical, SPR Therapeutics, Nevro Corporation, NeuroSigma, Neuros Medical, NeuroPace, NeuroMetrix, Medtronic, LivaNova (Cyberonics), Inspire Medical Systems, ImThera Medical, ElectroCore, Boston Scientific, Autonomic Technologies and others.
Jan 2019- Boston Scientific has come with Vercise Gevia DBS (deep brain stimulation) and Vercise PC (primary cell). Having received approval from US FDA (Food and Drug Administration), this feature technology has been specially designed to enable health practitioners control the direction, position, shape and range of electric stimulation for treating the signs of Parkinson’s disease, with the help of personalized therapy.