Neurostimulation Devices Market
Neurostimulation Devices Market: An Overview
According to the current analysis of Reports and Data, the Global Neurostimulation Devices Market was valued at USD 5.59 Billion in 2019 and is expected to reach USD 14.27 Billion by the year 2027, registering a CAGR of 12.4 %. Neurostimulator or neurostimulation is equipment that is used for neuromodulation. The neuromodulation process uses an implantable medical device to alter neural activities for therapeutic purposes. The recent emergence of neurostimulation devices as a neural activity modulator is a major disruptive discovery in the healthcare sector. In line with this, neurostimulation devices market leaders, as well as emerging players, are developing machines that can be used for neural activity modulation. For instance, Medtronic, the U.S.-based medical device company, launched Enterra II gastric neurostimulator, a device that can be programmed to generate mild electrical pulses for gastric electrical stimulation to treat chronic nausea and vomiting due to gastroparesis.
Neurostimulation Devices Market Dynamics
The rising prevalence of chronic diseases and lifestyle health disorders, unmet needs of patients are stimulating technological development while shifting the significant focus of healthcare companies on the development of new mechanisms, patent expiry, availability of private and public funds for research, and supportive regulatory scenario. These are some of the notable factors boosting the market growth. The launch of new devices is expected to support market growth over the coming years. For instance, Medtronic developed its pain neurostimulation system integrating the FDA-approved SureScan MRI Technology, which is engineered for patients to safely undergo an MRI scan.
The American Academy of Neurology lists stroke as the third leading cause of death in the U.S., with Alzheimer’s ranking sixth. Statistics from reliable sources indicate that Parkinson’s affects nearly 1 million Americans annually, with at least a minimum of 60,000 new cases being reported annually, factors that will necessitate the neurostimulation devices market.
Of the various types of neurostimulation devices, sacral nerve stimulators are expected to be the fastest-growing market segment during the forecast period 2020-2027, with a CAGR of 13.2%. However, associated stringent government regulation is a major challenge for the Neurostimulation Devices market growth of this market segment.
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Neurostimulation Devices Market: Regional Outlook
The Asia Pacific region is expected to account for a 19.4% share of the global neurostimulation devices market. Developing nations such as China and India are expected to witness high growth of the market. Europe is anticipated to hold 30.6% of the market share by the year 2027, with the regional segment is expected to grow at a CAGR of 12.1% over the forecast period.
Neurostimulation Devices Market: Key Players
- PLC, BioControl Medical
- Jude Medical
- Spinal Modulation
- Boston Scientific Corp.
- Synapse Biomedical, Inc.
- Cochlear, Cyberonics, Inc.
- Nevro Corp.
Impact of COVID-19 on Neurostimulation Devices Market
The outbreak of COVID-19 has impacted many aspects of business, and the healthcare sector has been the most affected by the crisis. The World Health Organization has declared COVID-19 to be a global pandemic, and the healthcare industry has to undertake a number of emergency steps to help the general public fight with the deadly disease. While hospitals and clinics have been filled to capacity, trying to help ailing patients, most patients have been told to avoid healthcare institutions if not faced with an utter emergency as hospitals are highly contagious places. The neurostimulation devices market is expected to register a slowdown as neurological disorders are not ailments that can prove to be immediately life-threatening. But the market will once again pick up its growth pace as things get back to normal after the pandemic is finally over.
- Detailed overview of the parent market
- Changing neurostimulation devices market dynamics
- In-depth neurostimulation devices market segmentation
- Historical, present, and projected neurostimulation devices market size in terms of volume and value
- Recent neurostimulation devices market trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Segments, sub-segments, and geographical regions showing growth prospects
- A neutral perspective on neurostimulation devices market performance
Neurostimulation Devices Market: Segmentation
This report forecasts revenue growth at global, regional, and country levels to provide an analysis of market trends in each of the sub-segments from 2017 to 2027. For the purpose of this report, Reports and Data has segmented the Neurostimulation Devices Market on the basis of product type, application type, type, end-use, and region:
Product Type (Revenue, USD Million; 2017–2027)
- Spinal Cord Stimulators
- Deep Brain Stimulators
- Sacral Nerve Stimulators
- Vagus Nerve Stimulators
- Gastric Electric Stimulators
Application Type (Revenue, USD Million; 2017–2027)
- Pain Management
- Essential Tremor
- Urinary and Fecal Incontinence
- Parkinson’s Disease
Type (Revenue, USD Million; 2017–2027)
End-Use (Revenue, USD Million; 2017–2027)
- Cognitive Care Centers
- Research Institutes
Regional Outlook (Revenue in USD Million; 2017–2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
Read News About “Neurostimulation Devices Market Analysis by Product, Application Type (Pain Management, Epilepsy, Essential Tremor, Urinary and Fecal Incontinence, Depression, Dystonia, Gastroparesis, Parkinson's Disease) Type and End User: Forecast to 2026” @ https://www.globenewswire.com/fr/news-release/2020/01/08/1967934/0/en/Neurostimulation-Devices-Market-To-Reach-USD-12-7-Billion-By-2026-Reports-And-Data.html