Neurostimulation Devices Market by Device Type (Spinal Cord Stimulators, Deep Brain Stimulators, Sacral Nerve Stimulators, Vagus Nerve Stimulators, and Others) Application (Pain Management, Hearing Loss, Urinary Incontinence, Parkinson’s Disease, Epilepsy, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026
The global neurostimulation devices market was valued at $4,387.5 million in 2018 and is projected to reach $11,257.4 million by 2026, registering a CAGR of 12.5% from 2019 to 2026. Neurostimulation is an electrical process of stimulating, inhibiting, modifying, regulating, and altering the activity in the central, autonomous, or peripheral nervous system in the human body. Neurostimulation devices send electrical impulse near to the spine region wherein these signals block the pain signals from reaching the brain. These devices deliver electrical stimulation to the patient’s brain, spinal cord, and peripheral nervous system. Neurostimulation devices are particularly used for the treatment of neurological disorders such as epilepsy, chronic pain, Parkinson’s disease, depression, and other diseases. Advancements in the neurological technologies is delivering relief to the patients affected by psychiatric and neurological disorders.
According to the data published by WHO, there are around 50 million cases of dementia across the globe among which 60–70% are Alzheimer’s and 10 million are added every year. Dementia is the fifth leading cause of death worldwide. Furthermore, the incidence rate for Parkinson’s disease is 4.5–19 per 100,000 population every year.
Rise in prevalence of lifestyle diseases such as depression and chronic pain, increase in number of neurological disorders, and investment for neurological R&D are some of the factors that drive the growth of the global neurostimulation devices market. Moreover, rise in demand for minimal invasive surgery, adoption of technologically advanced products, and surge in aging population also propel the growth of the market as they are more susceptible to neurological disorders, such as Epilepsy, Parkinson’s disease, Alzheimer’s disease, and chronic pain. The major barriers for the growth of the neurostimulation devices market are side effects such as allergic reaction and tingling or prickling of the skin due to implantation of neurostimulation device into the body and increase in device cost. However, the availability of other treatment options such as drug therapies and surgeries restrict the growth of the market.
The neurostimulation devices market is classified on the basis of device type, application, and region. Based on device type, the neurostimulation devices market is divided into spinal cord stimulators, deep brain stimulators, sacral nerve stimulators, vagus nerve stimulators, and others. On the basis of application, the market is classified into pain management, hearing loss, urinary incontinence, Parkinson’s disease, epilepsy, and others. Region wise, it is studied across North America, Europe, Asia-Pacific, and LAMEA.
Some of the major players operating in the neurostimulation devices market include Abbott Laboratories, Aleva neurotherapeutics SA, Boston scientific corporation, ElectroCore Inc., EndoStim Inc., Medtronic plc, NeuroPace Inc., Nevro corporation, Neuronetics Inc., NeuroSigma, Inc., and Synapse Biomedical Inc.
KEY BENEFITS FOR STAKEHOLDERS - The study provides an in-depth analysis of the market along with the current trends and future estimations to elucidate the imminent investment pockets.
- It offers a quantitative analysis from 2018 to 2026, which is expected to enable the stakeholders to capitalize on prevailing market opportunities.
- Comprehensive analysis of all geographical regions is provided to determine the prevailing opportunities.
- The key players are profiled, and their strategies are analyzed thoroughly to understand the competitive outlook of the global market.
KEY MARKET SEGMENTS
By Device Type • Spinal Cord Stimulators
• Deep Brain Stimulators
• Sacral Nerve Stimulators
• Vagus Nerve Stimulators
By Application • Spinal Cord Stimulators
• Deep Brain Stimulators
• Sacral Nerve Stimulators
• Vagus Nerve Stimulators
By Region • North America
o Rest of Europe
o Rest of Asia-Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
LIST OF KEY PLAYERS PROFILED IN THE REPORT • Abbott Laboratories
• Aleva neurotherapeutics SA
• Boston scientific corporation
• ElectroCore Inc.
• EndoStim Inc.
• Medtronic plc
• NeuroPace Inc.
• Nevro corporation
• Neuronetics Inc.
• NeuroSigma, Inc.
• Synapse Biomedical Inc.
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