Global Neurostimulation Devices Market Report, published by Variant Market Research, forecast that the global market is expected to reach $10.2 Billion by 2024 from $4 Billion in 2016, growing at a CAGR of 12.7% from 2016 to 2024. By geography, Asia-Pacific and Europe are expected to grow at a CAGR of 13.8% and 12.9%, respectively, during the forecast period.
GlobalNeurostimulation Devices Market Report, published by Variant Market Research, forecast that the global market is expected to reach $10.2 Billion by 2024 from $4 Billion in 2016, growing at a CAGR of 12.7% from 2016 to 2024.
"Neurostimulation Devices Market (By Device: Implantable Devices and External Devices; By Application; Parkinson’s Disease, Epilepsy, Pain Management, Gastroparesis, Hearing Loss, Depression, Urinary and Fecal Incontinence, and Others; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024"
Neurostimulation devices helps to provide control and give expected result by the use of electrical stimulation of specific nerves in the body. In addition, it also aids to reduce the pain of paralyzed patients.
These devices are operationally set in the patient body and the procedure is carried out by leads or thin wires.
Neurostimulation devices are extremely valuable in reducing pain of neurological disorders such as parkinson's disease epilepsy, chronic pain, and major depression.
The global neurostimulation devices market is mainly driven by increasing occurrences of neurological diseases
Increasing occurrences of neurological diseases, and geriatric population are the primary factors to drive the global neurostimulation devices market. Additionally, upsurge in demand for add-on therapies, higher rate of associated chronic pain, discomfort rising demand for safer, less invasive, and cost-effective treatments is also expected to boost the market growth.
However, high cost of treatments and risk related with neurostimulation therapy are the major hindrance for the growth of the market. Moreover, advancement in technology, increase in clinical trials, and limited competition, are likely to generate numerous growth opportunities in the upcoming years.
The global neurostimulation devices market is majorly classified on the basis of device type, application, and geography. By device type, the market is categorized into implantable devices (deep brain stimulation, spinal cord stimulation, sacral nerve stimulation, cochlear implants, gastric electric stimulation, vagus nerve stimulation, and others) and external devices (transcutaneous electrical nerve stimulation (TENS), transcranial magnetic stimulation (TMS), and others).
by application, the market is divided into Parkinson’s disease, epilepsy, pain management, hearing loss, urinary and fecal incontinence, gastroparesis, depression, and others. Based on geographical analysis, North America, Europe, Asia-Pacific, and Rest of the World (RoW) are considered as the major segments considered in the global neurostimulation devices market.
Implantable Devices Occupied the Major Share in the Device Type Segment
In the device type segment, the largest market share was grabbed by implantable devices, in the year 2016. As it helps prevent sudden cardiac death and restores the heart to normal rhythm.
Pain Management Dominated the Application Segment
In the application segment, the largest market share was dominated by pain management with and is likely to achieve the fastest CAGR over the forecast period 2016-2024.
North America Accounted for About Half of The Market Share in 2016
Where, North America generated the largest revenue with 45% in 2016, owing to commercialization of advanced technologies and high healthcare expenditure. While, the second largest market was accounted by Europe in the year2016.
In terms of growth, Asia-Pacific is likely to achieve the fastest CAGR, due to growing healthcare facilities, and increasing consumer knowledge & awareness.
Nevro Corporation launched HF10TM therapy to provide long-lasting relief from chronic pain. The key players profiled in the market are DePuy Synthes, Cyberonics, Inc., Nevro Corporation, BioControl Medical, St.
Jude Medical, Inc., Synapse Biomedical, Inc., Boston Scientific Corporation, NDI Medical LLC, NeuroSigma, Inc., Neuropace, Inc., and among others.
Scope of the Global Neurostimulation Devices Market
Device Type Segments
- Implantable Devices
- Cochlear Implants
- Deep Brain Stimulation
- Spinal Cord Stimulation
- Vagus Nerve Stimulation
- Sacral Nerve Stimulation
- Gastric Electric Stimulation
- External Devices
- Transcranial Magnetic Stimulation (TMS)
- Transcutaneous Electrical Nerve Stimulation (TENS)
- Parkinson’s Disease
- Pain Management
- Hearing Loss
- Urinary and Fecal Incontinence
- North America
- Asia Pacific
- South America
- Middle East
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