According to the research report titled ‘GLOBAL NEUROSTIMULATION DEVICE MARKET 2019-2027‘, available with Market Study Report, global neurostimulation device market is anticipated to record a y-o-y growth rate of 10.23% through 2027.
 

Rise in geriatric population, high demand for MRI scans, increasing cases of neurological diseases along with supportive reimbursement policies are the major factors expected to drive global neurostimulation device market during the forecast period. Further, technological developments, rising prevalence of chronic illnesses, and high potential of SCS (spinal cord stimulator) devices in neurostimulation will create opportunities for global neurostimulation device industry outlook.
 

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On the downside, presence of treatment alternatives along with high cost of neuromodulation procedures are expected to hamper the market growth. Moreover, strict regulatory approvals and side-effects related to neurostimulation devices are the major challenges faced by the market players.
 

Considering the system terrain, worldwide neurostimulation device industry is categorized into gastric electric stimulator, vagus nerve stimulator, sacral nerve stimulator, deep brain stimulator, spinal cord stimulator, and others. Various applications of the device include Parkinson’s disease, gastroparesis, dystonia, depression, urinary & fecal incontinence, essential tremor, epilepsy, and pain management among others.
 

Based on regional overview, Asia-Pacific neurostimulation device market is witnessing rapid growth presently, owing to improvements in healthcare infrastructure, increasing incidences of lifestyle diseases such as atherosclerosis, stroke, & heart diseases, leading to rise in surgeries, and improved confidence of physicians in using neurostimulation devices.
 

However, preference for traditional treatment methods like physiotherapy, yoga, and ayurvedic means in countries like India and China will impede the demand for neurostimulation devices. Furthermore, lack of skilled professionals, low public awareness regarding neurostimulation devices, and the high cost of procedures are likely to hamper the market growth in Asia Pacific.
 

Key players operating in global neurostimulation device market landscape are Ectron Limited, Aleva Neurotherapeutics SA, Cogentix Medical Inc., The Magstim Company Limited, Boston Scientific Corporation, Cyberonics Inc., Nevro Corp., DePuy Synthes Companies, Dr. Langer Medical GmbH, St. Jude Medical Inc. (acquired by Abbott Laboratories), Ekso Bionics Holdings Inc., Medtronic plc, Helius Medical Technologies, Hocoma AG, and Neuronetics Inc.