Global Neurostimulation Device Market Size, Share, Growth Rate, Demand, Analysis and Forecast by 2024
Neurostimulation is the technology to deliver low voltage electricity to a specific nerve or target in the spinal cord or brain to affect neuronal transmission. It is a therapeutic tool used to treat neuropathic pain or to modulate the motor function and for a range of different diseases such as epilepsy, migraine, and Parkinson’s disease.
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The market for neurostimulation devices is primarily driven by the increasing number of skin diseases and escalating appearance consciousness among consumers. With the increasing occurrence of skin diseases such as vitiligo, psoriasis, eczema, and photoaging of skin and burn cases has resulted in the scar which requires surgical treatment which further increased the demand for neurostimulation devices. This offers market players immense opportunities for clinical trials, which will drive their revenue growth.
The different applications of neurostimulation device are pain management, essential tremor, Parkinson’s disease, urinary and fecal incontinence, depression, epilepsy, gastroparesis, hearing loss, dystonia, and others. The pain management segment is estimated to account the largest share in the neurostimulation device market due to the increasing number of product launches and approvals of devices to reduce chronic pain.
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Medtronic, Inc., Boston Scientific Corporation, Cyberonics, Inc., Nevro Corporation, Neurosigma, Inc., Neuropace, Inc., Coclear Ltd., St. Jude Medical Inc., LivaNova PLC, Aleva Neurotherapeutics SA, Synapse Biomedical, Inc., Neuronetics, Inc. are some of the key players offering neurostimulation devices. The key challenge for the new entrants in the survival in the capital intensive and highly regulated neurostimulation device market. However, various large neurostimulation companies can enter the neurostimulation device market through mergers and acquisitions of smaller companies.
Source: VynZ Research