Rising incidence of age-related neurological disorders and consumer awareness levels, enhanced clinical outcomes and manufacture of advanced implantable neurostimulator will stimulate global neurostimulation devices market size growth.
Significant increase in the number of people suffering from epilepsy, Parkinson?s, migraine, and Alzheimer?s will continue to boost the demand.
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Neurostimulation Devices Market size is set to exceed USD 13 billion by 2023; according to a new research report.
Despite the advancement in pharmacologic therapy for epilepsy, nearly 30% of the individuals remain medically intractable and have seizures on medications, in such cases, other treatments are required.
Pain management proved to be highest revenue generated application in 2015 with high prevalence chronic pain related conditions and positive therapeutic effects offered by neurostimulation devices. Deep brain stimulation devices are presently going through experimental stage as they are based on nascent technology.
These devices are FDA approved for the treatment of Parkinson?s and dystonia, and are awaiting approvals for obsessive compulsive disorder (OCD), cluster headache and refractory epilepsy treatment.
Latin America, controlled by Brazil and Mexico neurostimulation devices market will experience significant growth. The region accounted for approximately 4% share of the total industry in 2015.
Increased income in middle class population, increasing awareness and changing lifestyle are driving products demand in the region. Brazil will be a profitable market with a significantly large pool of under-served patients, represent the big opportunity for the leading medical devices companies.
Technological advancements such as the transdermal neuromodulation technology (Neurowave Medical Technologies) and MRI safety-enabled devices (Medtronic) are expanding the global neurostimulation devices market product trends. Rising geriatric population base with high risk of Alzheimer’s and Parkinson’s, is also promoting the product demand.
New applications will help expand the neurostimulation market over the coming years, for treatment of chronic migraine, different forms of blindness, morbid obesity, and sleep apnea, among other indications.
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Growing number of externally funded clinical programs for development of new products and increased demand and many untapped business opportunities in emerging countries of Latin America and Asia Pacific will boost the regional neurostimulation devices market size.
Spinal cord stimulation devices market was the highest revenue generating product segment in 2015. Consumer affordability provided by these devices will increase the demand during the forecast period.
The neurostimulation devices for Parkinson?s disease may grow at a rapid rate during the forecast years due to growing global geriatric population base and low availability of treatment options. Sacral nerve stimulator devices market is expected to witness notable growth with high prevalence of urinary and fecal incontinence among geriatric population.
U.S. neurostimulation devices market was valued over USD 2 billion in 2015 and is forecast to rise during the coming years due to heavy R&D investment by many startups and leading medical device companies. Germany and UK combinedly accounted for nearly 35% of overall regional revenue share in 2015.
Healthcare industry development coupled with increase in consumer affordability have positively inclined Europe neurostimulation devices market growth.
Asia Pacific neurostimulation devices market share will witness significant gains in pain management applications due to increasing geriatric population base. Technological advancement and increasing application scope in pain management, depression and epilepsy is driving overall regional demand.
Companies operating in neurostimulation devices market include Medtronic, Boston Scientific, Cyberonics, Neuronetics, Codman & Shurtleff?s, St. Jude Medical and Uroplasty. Entrants in neurostimulation device market may face barriers, mainly due to dominance by few major players.
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