The size of the global neurostimulation devices market was evaluated at 4600 million US dollars during year 2015. It is predicted to expand by 13700 million US dollars by the end of forecasted year 2023 at more than 14.7% of CAGR.
Growing old age population along with rising occurrence of ailments like Parkinson disease is predicted to enhance the demand and growth of the global neurostimulation devices market during the estimated span.
Neurostimulation equipments hold tremendous future growth potential and thus producers carry out extensive research & development activities to create novel products assisted by new technologies.
Growing occurrence of chronic pain, increasing consciousness about neurological ailments and rising proportion of neurological disorders are few of the main factors stimulating the growth of the global neurostimulation devices market. Further, rising old age population and growing capital investments in research & development activities for manufacturing new neurostimulation instruments are few of the factors promoting the growth of the global neurostimulation devices market.
But the availability of alternate modes of treatment for neurological disorders and adverse effects of the Neurostimulation treatment are few of the key inhibitors hindering the growth & expansion of the global neurostimulation devices market.
Government initiatives enhancing the growth of new products and financing by external agencies to carry out clinical research related to the area of neuromodulation are few of the factors predicted to stimulate the growth of the global neurostimulation devices market.
Based on the product, the global neurostimulation devices market is bifurcated into external stimulation devices and implantable stimulation devices.
The external stimulation devices section includes transcranial magnetic stimulation, transcutaneous electrical nerve stimulation and others.
The implantable stimulation devices section includes spinal cord stimulator, deep brain stimulator, gastric electric stimulator, cochlear implants, sacral nerve stimulator, vagus nerve stimulator and others.
Spinal cord stimulator section was the biggest product section during year 2013. The presence of comparatively bigger application base and high rates of market penetration of commercially accessible products in the section contributed towards the biggest share of the global market.
Sacral nerve stimulators section is predicted to experience profitable growth during the estimated span. Increase in proportion of patients affected from bowel incontinence and urinary incontinence along with growing demand for consumer friendly equipments are the driving factors predicted to stimulate/promote the growth of global neurostimulation devices market.
The gastric stimulator is also predicted to witness a surge in demand during the estimated span due to the growth of its application support or launching of novel applications for treating fatness.
All the above described products are predicted to experience heavy demand owing to its widespread utilization in various applications, rising demand in healthcare clinics & organizations and consequent commercialization of products in rapidly expanding product sections like deep brain stimulators.
Based on the application, the global neurostimulation devices market is divided into pain management, loss of hearing, Parkinson ailment, gastroparesis, faecal & urinary incontinence, depression and epilepsy.
Pain management section was one of the dominant application sections producing biggest market revenue share during year 2013. High occurrence of painful ailments like leg pain, chronic pain and disk surgery along with growing demand for rapid relief offering equipments are few of the factors contributing to the domination of the section during year 2013.
Neurostimulation equipment for Parkinson ailment is predicted to experience lucrative development owing to factors like growing patient population that includes old age population and available number of alternative therapies for treating the ailment.
Growing occurrence of neurological and chronic ailments as well as rising rates of acceptance of neurostimulation equipments owing to their high curative value is one of the drivers stimulating the growth of the global neurostimulation devices market.
Depending upon the geographical locations, the global neurostimulation devices market is bifurcated into four geographical locations, namely, North American subcontinent, APAC zone, Europe and rest of the world.
The neurostimulation devices market of North America contributed biggest share during year 2013. High occurrence of ailments like Parkinson ailment, epilepsy and incontinence in the region along with high disposable incomes of patients is predicted to stimulate the expansion of the neurostimulation sector.
The subcontinent of North America leads the global neurostimulation devices market due to growing occurrence of different neurological ailments and many initiatives taken by government & private firms to increase the consciousness about the neurological ailments and chronic pain among the people of this region. In addition to this, high rate of occurrence of Parkinson ailment and incontinence along with high disposable incomes of patients of the subcontinent is predicted to stimulate the growth & demand of the neurostimulation devices market in the subcontinent. Further, technological breakthroughs in neurostimulation equipments are also assisting the expansion & growth of the neurostimulation devices industry in the subcontinent.
Europe is the second most revenue producing continent. Easy approval procedure from European CE and extensive patient base owing to growing aging population are few of the factors driving the growth of the neurostimulation devices market in Europe. Fast economic growth in nations like Germany, Italy and France are also predicted to offer a platform for neurostimulation device producers.
In addition to this, the neurostimulation devices market in Europe is expanding owing to initiatives taken by different government firms to enhance healthcare activities in the continent. Further, growing occurrence of chronic pain, neurological diseases and rising geriatric population base are the factors promoting the growth of neurostimulation devices industry in the continent.
Asia Pacific zone is likely to record rapid growth during the estimated period. Growing clinical requirements and unexplored market potential along with growing disposable incomes of patients are key factors contributing to the rapid growth & expansion of the neurostimulation devices market in APAC zone.
In addition to this the rapid growth of the neurostimulation devices market in Asia Pacific zone can be attributed to the aspects like growing occurrence of chronic pain owing to conditions like arthritis and osteoporosis in various nations like Japan and China.
Widespread research & development activities carried out by firms for the growth of effective and new products are predicted to support the growth of the neurostimulation devices market global.
Key industry players involved in the neurostimulation devices business and contributing to the growth of the global neurostimulation devices market are as follows:
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