According to a new report published by Allied Market Research, titled, “Neurostimulation devices Market by device type, application and region: Opportunity Analysis and Industry Forecast, 2019–2026,” the global neurostimulation devices market size is expected to reach $11.2 billion by 2026, registering a CAGR of 12.5% from 2019 to 2026, in terms of value. Neurostimulation functions by altering the pain signals that travel to the brain. Neurostimulation are programmable and implantable devices that deliver electrical stimulation to parts of brain, peripheral nervous system, and spinal cord. These devices are used to treat various medical conditions such as epilepsy, movement disorders, Parkinson’s disease, and chronic pain.
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Rise in prevalence of lifestyle diseases such as depression and chronic pain, increase in number of neurological disorders, and investment for neurological R&D are some of the factors that drive the growth of the global neurostimulation devices market. Moreover, rise in demand for minimal invasive surgery, adoption of technologically advanced products, and surge in aging population further propel the growth of the market as they are more susceptible to neurological disorders, such as Epilepsy, Parkinson’s disease, Alzheimer’s disease, and chronic pain. The major barriers for the growth of the neurostimulation devices market are side effects such as allergic reaction and tingling or prickling of the skin due to implantation of neurostimulation device into the body and increase in device cost. However, the availability of other treatment options such as drug therapies and surgeries restrict the growth of the market.
Key Market Benefits
- North America occupied 40.0% share of the global neurostimulation devices market in 2018.
- Asia-Pacific is anticipated to grow with the highest CAGR throughout the forecast period.
- The spinal cord stimulators segment accounted for 49.9% share of the market in 2018.
- The pain management segment is anticipated to grow at the 14.5% during the analysis period.
Comprehensive competitive analysis and profiles of major market players such as Abbott Laboratories, Aleva neurotherapeutics SA, Boston scientific corporation, ElectroCore Inc., EndoStim Inc., Medtronic plc, NeuroPace Inc., Nevro Corporation, Neuronetics Inc., NeuroSigma, Inc., and Synapse Biomedical Inc.
Key Market Segments
- BY APPLICATION
- Pain Management
- Hearing Loss
- Urinary Incontinence
- Parkinson’s Disease
- BY DEVICE TYPE
- Spinal Cord Stimulators
- Deep Brain Stimulators
- Sacral Nerve Stimulators
- Vagus Nerve Stimulators
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