Neurostimulation Devices Market to amass $8120 Mn by 2024

October 03, 2019


As per the new study by titled ‘Global Neurostimulation Devices Market Growth 2019-2024’ available with Market Study Report LLC, the global neurostimulation devices market is predicted to grow with a CAGR of 11.2% over 2019-2024 and is predicted to attain a market valuation of US $8120 million by the year 2024.
 

Neurostimulation devices use microelectrodes to excite the target tissue in the nervous system. This therapy is applied to restore sensation and to control an organ. Increasing geriatric population, along with rising cases of nervous system disorders will augment the market landscape in the upcoming years.
 

According to the report, the average price of neurostimulation devices around the world showed fluctuating trend in the past, but the prices are expected to decrease over the forecast timeline owing to global economic development. This factor will boost the growth of neurostimulation devices market.
 

Based on the product type, implantable neurostimulation devices market is dominated by spinal cord simulation segment which had 57% market share in 2016. Other market fragments based on device type includes sacral nerve stimulation, gastric electric stimulation, deep brain stimulation, and vagus nerve stimulation.
 

Considering the application spectrum, the neurostimulation devices market is divided into Parkinson’s disease, epilepsy, pain management, fecal & urinary incontinence, and gastroparesis. In terms of implantable neurostimulation devices, the pain management application segment witnessed maximum consumption with 55% share in 2016.
 

Speaking of regional contribution, North America dominated the global implantable neurostimulation devices market in terms of supply as well as consumption. The region contributed to the market with 82% production share and 42% consumption share in 2016.
 

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Europe neurostimulation devices market is another significant contributor after North America. The region accounted for 12% production share and 31% consumption share in 2016.
 

The prominent contenders of neurostimulation devices market profiled in the study are Jude Medical (Abbott), Beijing Pins, Medtronic, LivaNova, Boston Scientific, Nevro, NeruoPace, and Synapse Biomedical.