According to a report by Grand View Research, Inc.; the global neurostimulation devices market is projected to attain a valuation of around USD 9.8 billion by 2024. Growing cases of epilepsy and migraine owing to unhealthy lifestyle is anticipated to propel demand for neurostimulation devices. Such devices can treat neurological disorders through electrical stimulation to specific parts of patient’s brain, spinal cord, and nervous system. This factor is anticipated to boost the market over the forecast period.
High prevalence of chronic diseases such as epilepsy and migraine is expected to influence growth of the market in the coming years. High demand for minimally invasive surgeries owing to increasing cases of neurological disorders can influence market growth. Increasing number of geriatric population easily prone to neurological problems such as Parkinson and Alzheimer diseases are likely to stimulate growth of the market.
The worldwide neurostimulation devices market can be segregated on the basis of product, application, and region. Based on product, the market can be classified into deep brainer stimulator, spinal cord stimulator, and sacral nerve stimulator. In the past, spinal cord stimulators dominated the market owing to growing penetration rate of commercially available devices in this segment. In addition, high prevalence of application base is likely to impel demand for such simulators in past few years. However, revenue share is expected to fall by 2024 owing to rising demand for other products such as deep brain stimulators and sacral nerve stimulators.
Full Research Report On Neurostimulation Devices Market Analysis:
Deep brain stimulators can be used to treat debilitating neurological disorders such as Parkinson’s disease. These stimulators are expected to be based on nascent technology and are likely to be undergoing an experimental phase. The Food and Drug Administration (FDA) is anticipated to approve such simulators to treat brain related disorders such as dystonia, Parkinson’s, and obsessive compulsive disorder (OCD).
Sacral nerve stimulators can be used to treat chronic diseases such as fecal incontinence and urinary incontinence by generating electrical pulses to stimulate the sacral nerve. Risks associated with the use of such stimulators can be mechanical failures, post-surgery pains, and lead movements. Rising awareness regarding these stimulators is expected to fuel growth of the neurostimulation devices market share of such devices in the forthcoming years.
Based on application, the market can be segmented into epilepsy, depression, urinary and fecal incontinence, dystonia, Parkinson’s disease, essential tremors, and gastroparesis. In past years, pain management segment dominated the market in terms of revenue share. High demand for neurostimulation devices for pain management coupled with rising cases of chronic pain can stimulate growth of the market for neurostimulation devices. In addition, patient preference for short hospital stay is likely to further propel market growth over the forecast period.
On the other hand, the Parkinson’s disease segment is likely to witness significant growth in the coming years owing to low availability of treatment options and increasing geriatric population.
Moreover, high efficacy offered by neurostimulation devices while treating epilepsy is anticipated to foster market growth during the forecast period. Epilepsy causes neurological disorders and involuntary limb movements. It can also affect neck, jaw, and other body parts.
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Regional segmentation includes Europe, Asia Pacific, North America, Latin America, and Middle East and Africa. In the past, North America accounted for the maximum revenue share in the market for neurostimulation devices. However, the market share is expected to fall during the forecast period owing to prevalence of stern government regulation. In addition, increasing delays in the Food and Drug Administration (FDA) approval process can also fuel regional market growth over the forecast period.
In Europe, the market is estimated to witness steady growth till 2024 owing to contribution from European economies such as France, Germany, Italy, and Belgium. In addition, economic development in the eastern European countries is further anticipated to influence market growth in the coming future. Moreover, easy CE approvals in comparison to FDA approvals can boost growth of the market.
In Asia Pacific, the market is anticipated to exhibit the fastest growth during the forecast period owing to increasing healthcare expenses in emerging economies such as India and China. In addition, high prevalence of untapped growth opportunities and unmet medical needs is predicted to spur regional market growth in near future.
Some of the leading companies offering advanced products in the global neurostimulation devices market are Medtronic; Cyberonics; St. Jude Medical; Inc.; Boston Scientific Corporation; and Nevro Corporation.
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