iCrowdNewswire Jan 5, 2021 1:45 PM ET
Neurostimulation devices are implanted inside the body for modifying or modulating neural activities for therapeutic purposes. It delivers electric stimulation to intended sections of the brain, spinal cord, and peripheral nervous system. The global neurostimulation devices market report by Market Research Future (MRFR) consider the drivers and challenges for the industry coupled with implications of the sudden outbreak of the COVID-19 virus for the period of 2015 to 2022 (forecast period).
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The global neurostimulation devices market size can touch USD 11.5 billion by 2022. It is majorly driven by the prevalence of neurological disorders. According to the World Health Organization (WHO), neurological disorders accounted for 4.5%-11.5% of diseases in low-income countries. Introduction of advanced products, the large geriatric population, and unmet patient needs are prime drivers of the market. In 2017, Nuvectra gained recognition for its proprietary product, Algovita, a spinal cord stimulation (SCS) system used in treating chronic pain in the spinal cord. In addition, investments in research and development and preference of non-invasive devices can shape the market size by the end of the forecast period.
The global neurostimulation devices market is segmented by type, application, and end user.
On the basis of type, it is divided into implantable devices and external devices. Implantable devices include gastric electric stimulators, sacral nerve stimulators, deep brain stimulators, sacral nerve stimulators, spinal cord stimulators, and cochlear implants, whereas external devices include transcranial magnetic stimulator and transcutaneous electrical nerve stimulator.
On the basis of application, the market is segmented into urinary and fecal incontinence, Parkinson’s disease, dystonia, epilepsy, depression, tremors, gastroparesis, pain management, and others.
On the basis of end user, market is segmented into research institutes, hospitals/clinics, cognitive care centers, and others.
The Americas is believed to be the largest market for neurostimulation devices. Encouragement for technologically advanced equipment and new clinical trials can fuel the market growth. Recently, Masimo got an FDA approval for the commoditization of Masimo, a device that stimulates the nerves to control opioid withdrawal symptoms in patients. This can assist patients suffering with chronic pain and lower the numbers of opioid-use disorder (OUD). Other factors influencing market growth are sophisticated healthcare infrastructure, presence of large players, and investments in R&D.
Europe is catching up to the Americas in the global market and has currently assumed the second position. It can exhibit a stellar growth rate owing to approval of products and a large patient pool consisting of geriatrics.
On the other hand, the APAC neurostimulation devices market is expected to grow at a rapid pace in the during the forecast period. Shift of international manufacturers to developing countries and the rise of disposable income levels of patients in China and India are prime factors driving market growth.
Lastly, the MEA region can experience a limited but steady growth in the market.
Autonomic Technologies, LivaNova (Cyberonics), Medtronic, SPR Therapeutics, St.Jude Medical, NeuroMetrix, NeuroSigma, Synapse Biomedical, ElectroCore, ImThera Medical, Neuros Medical, Boston Scientific, Nevro Corporation, NeuroPace, and Inspire Medical Systems are key players of the global neurostimulation devices market. The market is characterized by mergers, acquisitions, product launches, alliances, and joint ventures.
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