The process of neurostimulation is widely used in the treatment of several debilitating situations and medical conditions such as incontinence, gastroparesis, epilepsy, Parkinson’s disease, essential tremors and depression. Moreover, neurostimulation is considered to be a highly potential option of treatment for those patients who do not achieve relief from surgical therapies and medications. In addition, it improves the overall quality of life of patients, especially those who are drastically serious or paralyzed from loss of various intense sense organs. Hence, the technique of neurostimulation is highly recommended and is considered broadly instrumental in hearing aids, artificial vision, other prosthetics and artificial limbs. Also, medical device manufacturers and other healthcare companies as well as their technological developments and affiliates and subsidiaries are rapidly working on development of novel technologies and devices which can improve the overall efficacy of existing devices and treatments. In addition, the strategic approach followed by such companies is further focusing on generating and creating new avenues and markets and hence is aiding in increasing the existing market share and anticipated to do the same throughout the forecast period. The global neurostimulation market is fueled by increasing cases of neurological disorders such as epilepsy, Parkinson’s disease, and incidences of depression and chronic pain related disorders among others.
The global neurostimulation devices market is projected to be primarily driven by rising incidences of neurological diseases and disorders as well as relatively higher occurrences of discomfort and chronic pain. On the contrary, several factors such as rising number of aging population and increasing geriatric population, rising awareness on enhanced neurological techniques and treatments as well as advancement in the overall functionality of neurostimulation devices are some of the major factors projected to drive the growth of overall neurostimulation devices market over the forecast period. In addition, various side effects and several types of risks associated with neurostimulation therapy as well as increasing availability of substitutes, and other options of treatment for neurological disabilities are some key factors that are anticipated to hamper the growth of global market over the forecast period.
The global neurostimulation devices market can be segmented on the basis of application, technology and region. On the basis of application, the global neurostimulation market can be segmented into spinal cord stimulation, deep brain stimulation, sacral nerve stimulation and vagus nerve stimulation, failed back surgery, ischemia, chronic pain, Parkinson's disease, tremor depression, urine incontinence, fecal incontinence and others. On the basis of technology, the global neurostimulation market can be segmented into internal neuromodulation and external neuromodulation. On the basis of region, the global neurostimulation market can be segmented into North America, Latin America, Europe, Middle East & Africa (MEA) and Asia-Pacific. The robust demand in Asia-Pacific is expected to be the major driving factor for the growth of global neurostimulation devices market. China is anticipated to account for the largest share and lead the overall demand for neurostimulation devices owing to the increasing industrial production over last few years. The markets in other developing countries such as Brazil, Russia, Poland, Indonesia, New Zealand, Argentina and India among others are also anticipated to grow rapidly throughout the forecast period.
Major players operating in the global neurostimulation devices market are focusing on some key market strategies such as mergers and acquisitions to keep hold in the ever competitive market. Moreover, they are concentrating on collaborating with local players to increase their market reach as well as strengthen their goodwill in the global market. Some of the major players in the global neurostimulation devices market include St. Jude Medical, Inc., Boston Scientific Corporation, Medtronic, Plc, Cochlear, Ltd., LLC, MED-EL.,NDI Medical, NeuroSigma, Inc., Cyberonics, Inc. and NeuroPace, Inc. among others.
Market by Technology
· Internal neuromodulation
· External neuromodulation
Market by Application
· Spinal cord stimulation
· Deep brain stimulation
· Sacral nerve stimulation and vagus nerve stimulation
· Failed back surgery
· Chronic pain
· Parkinson's disease
· Tremor depression
· Urine incontinence
· Fecal incontinence
Market by Geography
· North America
o Rest of Europe
o Rest of Asia-Pacific
· Latin America
o Rest of Latin America
· Middle East and Africa (MEA)
o South Africa
o Saudi Arabia
o Rest of MEA
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