Neurostimulation Device Market Overview
The global neurostimulation device market is growing at an accelerated rate due to the increasing prevalence of chronic pain, the growth of the geriatric population and the increase in the number of neurological incidents. In addition, the growing awareness of mental illnesses and their treatment also increases the demand for neurostimulation devices.
Neurosimulation Devices Market Size:
The Neurostimulation Devices Market was worth USD 3.28 billion in 2016 and is expected to reach approximately USD 8.87 billion by 2023.
Neurostimulation Device Market Drivers and Restraints:
The growth of the neurostimulation device market is related to the increasing prevalence of chronic pain, since it is usually associated with a wide range of injuries and illnesses that last more than a year. Neurostimulation devices help reduce pain by blocking pain signals before they reach the brain. In addition, the increase in the geriatric population strengthens the growth of the market, since the elderly are more sensitive to chronic pain and neurological disorders, such as Alzheimer’s disease, epilepsy and Parkinson’s disease. In addition, the growing demand for minimally invasive treatments and the increased investment in R & D for the development of new and innovative neurostimulation devices is also increasing their demand. Neurostimulation surgery requires the establishment of minimally invasive procedures compared to other surgeries. In addition, as the prevalence of chronic pain and neurological disorders increases worldwide, the demand for minimally invasive therapies also increases. This has the effect of increasing the demand for new and effective medical technologies, including neurostimulation devices for the treatment of damaged nerves and the relief of chronic pain, thus stimulating the market of neurostimulation devices.
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Side effects caused by implanted neurostimulation devices and the high cost of these devices are the main barriers to the market growth. In addition, the availability of other treatment options, including pharmacotherapy and other surgical interventions, is holding back the market growth of these devices. Neurostimulation devices are having wide range of applications in Pain Management, Epilepsy, Essential Tremor, Urinary and Fecal Incontinence, Depression, Dystonia, Gastroparesis, Parkinson’s disease, and Others.
Neurostimulation Device Market Geographic Analysis:
Geographically, North America has the largest share in the global market for neurostimulation devices and is expected to remain the largest market during the forecast period. The North American market is growing due to the increasing prevalence of neurological disorders and the growth of the geriatric population in the region. In addition, the increasing incidence of chronic pain is also driving the market growth in this region. Among the countries of North America, the market in the United States is the largest and is expected to have a market share of XX% by 2023.
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Some of the prominent players of the market include: Aleva Neurotherapeutics SA, St. Jude Medical Inc., Medtronic PLC, Boston Scientific Corporation, LivaNova PLC, Cochlear Ltd., Neuropace Inc., Neurosigma Inc., MED-EL GmbH, Synapse Biomedical Inc., Neuronetics Inc., NDI Medical LLC, EnteroMedics Inc., and ImThera Medical.
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