- Report ID: BMRC 288 | Number of pages: 200 | Publish Date: Jan 2021
Status: Published | Category: Healthcare | Delivery Timeline:
"Neurostimulation Devices Market is valued at USD 6.25 Billion in 2020 and expected to reach USD 14.34 Billion by 2027 with the CAGR of 12.59% over the forecast period"
Neurostimulation Devices Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2027. Increasing pervasiveness of neurological diseases in the growing geriatric population is the major growth factor of the Global Neurostimulation Devices Market.
Neurostimulation devices are surgically implantable, programmable medical devices that transmit electrical stimulation to distinct part of the patient’s brain, spinal cord or peripheral nervous system to support and cure conditions, including chronic pain, epilepsy , Parkinson’s disease. They are powerful solution for pain brought on by diversified medical conditions, such as diabetic neuropathy or failed back surgery. Neuromodulation is an intracranial, electrical neuromodulation therapy approved by FDA for the treatment for most of the neurological diseases such as bladder control, migraine, tremors, chronic pain, stroke, minimally conscious state, and spinal cord injury, which are most commonly found in the aged population. The proven efficacy and advancement of this technology are expected to lead to the surge in the market demand during the forecast period.
Global neurostimulation devices market report is segmented on the basis of type, application, end-users and region & country level. Based on type, global neurostimulation devices market is classified as implantable and external. Based upon application, the market is classified as dystonia, epilepsy, Parkinson’s disease, depression, gastroparesis, pain management and others. Based upon end-users, global neurostimulation devices market is classified into hospitals/clinics, cognitive care centers, research institutes, others.
The implantable, programmable medical devices that transfer electrical simulation to specific parts of the patient’s brain, spinal cord and peripheral nervous system is called neurosimulation devices. These devices are used for treating conditions such as chronic pain, movement disorders, epilepsy and Parkinson’s disease. The device provides pain relief by disrupting the pain signals roaming between spinal cord and brain. The device has the features of adjusting the strength and location of simulation to solve the pain problem at the time changing body position. It has several components such as neurostimulator, leads and patient’s programmer. These implantable neurostimulation devices aim specific deep subcortical, cortical, spinal, cranial, and peripheral nerve structures to control neuronal activity, offering therapeutic effects for different types of neuropsychiatric disorders.
Global Neurostimulation Devices Market report is segmented on the basis of product, application, and by regional & country level. Based on product, global Neurostimulation Devices market is classified as deep brain, gastric electric, spinal cord, sacral nerve, vagus nerve. Based upon application, global Neurostimulation Devices is classified into pain management, epilepsy, essential tremor, urinary and fecal incontinence, depression, dystonia, gastroparesis, Parkinson’s disease.
The regions covered in this Neurostimulation Devices market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of clinical decision support system is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Global Neurostimulation Devices market report covers prominent players like Autonomic Technologies, Boston Scientific, ElectroCore, ImThera Medical, Inspire Medical Systems, LivaNova (Cyberonics), Medtronic, NeuroMetrix, NeuroPace, Neuros Medical, and others.
News: Medtronic Announces Comprehensive U.S. Launch of New InterStim Micro Neurostimulator
August 5th, 2020: Medtronic plc announced that its recently FDA-approved InterStim Micro neurostimulator for sacral neuromodulation (SNM) therapy is now available in the United States. Cleveland Clinic performed the first patient implant in the nation with the new device. Sacral neuromodulation sends electrical impulses to the sacral nerves located in the lower back to improve bladder and bowel control. Unlike oral medications that target the muscular component of bladder control, SNM offers control of symptoms through direct modulation of the nerve activity, normalizing the communication between the bladder and the brain.
Increase in neural disorders such as epilepsy, lifestyle diseases such as depression and chronic pain and growing research on neurology and brain activity are the factors driving the neurostimulation devices market. For instance, the updated Global Burden of Diseases, Injuries, and Risk Factors Study (GBD) 2016 on neurological disorders published in The Lancet Neurology states that 9 million deaths have occurred due to neural disorders and with 16.5% global deaths, it is the second leading cause of death after heart disease and with 276 million disability-adjusted life-years (DALYs) which is 11.6% of global DALYs, neurological disorder is the major cause of disability. This number in turn shows the growing demand and usability of neurostimulation devices for the people who are constantly in pain due neurological disorders. Technological advancement such as nervous system stimulator device allows patient management for varied types of nerve disorders which will accelerate neurostimulation device business growth. For instance, new technological devices are being developed to restore vision and to recover from serious injuries such as researchers are applying electric stimulation that support patients in regaining their body function and FDA approval of first visual prosthesis for treatment purpose. But side effects of neurostimulation devices such as allergic reaction, and tingling or prickling sensation at the time of implantation as well as growing device cost is restraining the market up to some extent.
The global neurostimulation devices market is segmented into North America, Europe, Asia-Pacific, Latin America and Middle East & Africa. North America is expected to dominate the neurostimulation devices market due to high prevalence of chronic diseases and the growing geriatric population in this region. For instance; according to the Centers for Disease Control and Prevention (CDC); in 2015 approximately 23.1 million people in the U.S. had diabetes. In addition, according to National Institutes of Health, in the U.S. approximately one million people have Parkinson’s disease. And as per the Alzheimer’s Association; in 2017; 5.5 million Americans had Alzheimer and about 5.3 million of this patient population’s age was 65 years or more. In addition, Alzheimer’s Association estimated approximately 14 million people are expected to suffer from Alzheimer in 2050.
Asia-Pacific is observed to witness the fastest growing region in this market. The scale of the problem it faces is clear with the projected number of deaths attributable to chronic diseases rising from 3.78 million in 1990 (40.4% of all deaths) to an expected 7.63 million in 2020 (66.7% of all deaths). Increasing occurrence of neurological, growing geriatric population and rising adoption of neurostimulation devices are some factors which makes positive impact on the neurostimulation device market growth in this region.
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Global Neurostimulation Devices Market: By Regional & Country Analysis
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Neurostimulation Devices Market Size By Type (Implantable, External), By Application Analysis (Dystonia, Epilepsy, Parkinson’s disease, Depression, Gastroparesis, Pain Management, Others), By End-User (Hospitals/Clinics, Cognitive Care Centers, Research Institutes, Others) Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027