Neurostimulation is a modulation of the nervous system’s activity. It is deliberately carried out by using invasive and non-invasive techniques. Implantable stimulation devices are most commonly used in the treatment of the neurological conditions such as epilepsy, Parkinson’s disease, dystonia, tremors, depression, obsessive compulsive disorder, diabetic neuropathy and few other conditions. Increasing cases of the neurological disorders such as chronic pain and depression high adoption of the Neurostimulation therapy are likely to improve the market of Neurostimulation devices. Globally, this Neurostimulation Devices Market Size is growing steadily and it is anticipated to show an exponential growth reaching approximately $11.5 billion in 2022
Global Neurostimulation devices industry has been segmented on the basis of type which comprises implantable devices, and external devices. Implantable devices include deep brain stimulators, spinal cord stimulators, sacral nerve stimulators, gastric electric stimulators, cochlear implants, and vagus nerve stimulators; whereas external devices include transcutaneous electrical nerve stimulator, and transcranial magnetic stimulator. On the basis of application, the market is segmented into dystonia, epilepsy, Parkinson's disease, depression, gastroparesis, pain management, tremors, urinary and fecal incontinence, and others. On the basis of end user, market is segmented into hospitals/clinics, cognitive care centers, research institutes and others.
Regional Analysis of Neurostimulation devices Market:
Considering the global scenario of the market, Americas region is believed to be the largest market for Neurostimulation devices. Moreover, the European market is also growing continuously and slowly catching up with the American market. On the other hand, Asia-Pacific market is expected to grow at the fastest pace in the Neurostimulation devices segment during the forecast period. Middle East & Africa region are likely to have a limited but steady growth in the market.
Key Players for Neurostimulation devices Market:
Some of the key players in this market are: Autonomic Technologies, Boston Scientific, ElectroCore, ImThera Medical, Inspire Medical Systems, LivaNova (Cyberonics), Medtronic, NeuroMetrix, NeuroPace, Neuros Medical, NeuroSigma, Nevro Corporation, SPR Therapeutics, St.Jude Medical, Synapse Biomedical, and others.
Regional Market Summary
Geographically, the Americas is anticipated to dominate the global Neurostimulation Devices market owing to the rising prevalence of the cardiovascular diseases such as cardiac arrhythmia, arterial blockage, and coronary artery disease among others. The development of the better therapeutic approaches and advanced treatment procedures have affected the growth of the American market in a positive way.
According to the data published by the Department of Health, New York in May 2018, percutaneous coronary intervention is one of the two most common procedures performed on patients with coronary artery disease. Besides this, the high medical awareness among American population, high disposable income, presence of the top medical device manufacturers in the region are some of the many factors that drive the growth of the Neurostimulation Devices market in this region.
Europe is expected to hold the second largest market share in the global Neurostimulation Devices market. The market growth in this region is majorly attributed to the increasing government support for the device manufacturers. Geographical expansion of companies has led to the wider reach of the medical products and services which has brought a huge change in terms of the acceptance and implementation of the new products as well as procedures. Similarly, Asia-Pacific region has observed a rapid growth in the Neurostimulation Devices market owing to the development in the medical sector in developing countries like India and China. Moreover, increase in government funding for healthcare, rising R&D expenditure, and growing number of medical device companies in the region has led to its fastest growth during the forecast period. The Middle East and Africa region is anticipated to show minor growth opportunities in the Neurostimulation Devices market during the forecast period.
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