June 09, 2021
According to the report titled ‘Neurostimulation Devices Market Insights, Competitive Landscape and Market Forecast-2026’ available with Market Study Report LLC, global neurostimulation devices market share is anticipated to rise steadily during 2018-2026.
The report cites that worldwide neurostimulation devices industry growth is propelled by rising occurrence of diseases, namely depression and chronic pain, caused by hectic & unhealthy lifestyle. Further, prevalence of neurological disorders, subsequently leading to investments in neurological research & development will catalyze the market growth. Leveraging various invasive and non-invasive techniques for neurostimulation to ease neuronal activity has become one of the most reliable treatments worldwide.
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It is to be noted that the human body’s peripheral nervous system (PNS) and central nervous system (CNS) are affected by neurological conditions. In order to streamline the neuronal processes, the electrodes in the machine produce medium electronic pulses. Neurostimulation devices can be implanted within the brain, CNS or PNS, or or can be placed externally.
On the contrary, strict government regulations for device & treatment approvals is major hinderance in the growth of neurostimulation devices market. Also, study on the use of neurostimulators for treating OCD, asthma, and interstitial cystitis is in progress, hence a roadblock for the market outlook.
Based on type, neurostimulation devices market is classified into implantable devices, and external devices. In terms of application, the marketplace can be divided into Parkinson’s disease, dystonia, pain management, gastroparesis, tremors, urinary & fecal incontinence, and others. While the end use scope includes hospitals/clinics, cognitive care centers, and others.
Speaking of regional framework, the industry sphere is scrutinized for nations like Japan, United States, Spain, Italy, France, United Kingdom, and Germany. Insights pertaining to revenue contribution of each country and lucrative growth opportunities are discussed in the report.
Moving on the competitive landscape, companies like Bayer AG, Abbott Laboratories, IntraPace Inc., Boston Scientific Corporation, Nevro Corp., Medtronic plc, Laborie (Vision-Sciences Inc.), LivaNova plc, Neuronetics Inc., SPR Therapeutics, and NeuroPace are influencing worldwide neurostimulation devices industry trends.