January 10, 2020
According to the research report titled ‘Neurostimulation Devices Market Size By Product (Deep Brain, Gastric Electric, Spinal Cord, Sacral Nerve, Vagus Nerve), By Application (Pain Management, Epilepsy, Essential Tremor, Urinary and Fecal Incontinence, Depression, Dystonia, Gastroparesis, Parkinson's Disease) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Japan, China, India, Mexico, Brazil, South Africa, Saudi Arabia), Application Potential, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report LLC, the global neurostimulation devices market is expected to cross USD 19 billion by the year 2025.
According to the report, technological advancements and rising adoption rates of neurostimulators are the major factors driving the neurostimulation devices market growth. Key industry players are developing innovative and cost-effective devices in order to improve patient convenience hence, driving industry size.
Growing geriatric population which is highly susceptible to neurological diseases is aiding the expansion of the market. However, lack of skilled professionals in healthcare sector will hinder the growth of the neurostimulation market.
As per product type, the report cites that sacral nerve stimulator segment held 17% share in the year 2018 and is expected to register continuous growth during the estimated timeframe. Development of electric current-based sacral nerve stimulators which are capable of reducing pelvic pain and improving bowel and bladder function are stimulating the industry outlook. High occurrence rates of urinary urge incontinence is fueling the growth of the segment.
Based on application spectrum, Parkinson’s disease segment was worth USD 530 million in the year 2018. Neurostimulators help improve the quality of life and decrease motor disability among individuals suffering from Parkinson’s disease. Moreover, increasing awareness pertaining to availability of various new devices that help manage patient’s health effectively is facilitating the business scenario.
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Considering the geographical landscape, the report cites that the U.S. held 75% share of North America neurostimulation devices market in the year 2018 and is expected to grow substantially during the forecast period. Rising instances of neurological diseases and burgeoning health concerns coupled with escalating healthcare expenditure are contributing towards the popularity of the neurostimulation devices across the region.
NeuroPace Inc., ImThera Medical Inc., Uroplasty Inc. (Cogentix Medical), Nevro Corp., Neuronetics, IntraPace Inc., Cyberonics Inc. (LivaNova), Bayer AG, St. Jude Medical (Abbott), Medtronic and Boston Scientific Corp. are the prominent companies operating in the neurostimulation devices market.
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