The neurostimulation devices market is expected to
reach USD 9.8 billion by 2024, according to a new report by Grand View
Research, Inc. The neurostimulation devices market is anticipated to witness a
significant growth during the study period from 2016 to 2024. This growth is
majorly attributed to high prevalence of chronic diseases, including migraine
and epilepsy. Increasing adoption of unhealthy lifestyle, diet, and growth in
aging population is resulting in a growing incidence of the chronic disease in
individuals. However, adverse effects and risks associated with
neurostimulation devices and presence of stringent device approval regulations
are expected to hamper the growth.
Apart from the above
mentioned factors, increasing incidence of road traffic accidents (RTAs) is
also an additional factor propagating growth. Hence, the neurostimulation
devices market holds enormous growth prospects and as a result manufacturers
are participating in precise R&D exercises to develop new products
empowered by advance technology. Some of the technological advancements such as
the following are expected to serve as drivers:
·
Minimally
invasive transdermal neuromodulation technology by Neurowave Medical
Technologies
·
MRI
safety incorporated devices by Medtronic Inc.
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Further Key Findings from the Study Suggest:
·
North
America is estimated to dominate the global neurostimulation devices market.
The growing demand for neurostimulation devices as an add-on therapy, presence
of high patient disposable incomes &patient awareness levels coupled with
sophisticated healthcare infrastructure and high prevalence of target diseases,
such as epilepsy, Parkinson’s disease, incontinence, etc., are expected to
facilitate growth in near future
·
Asia
Pacific is the fastest growing region in the neurostimulation devices. The high
growth rate is explained by the following drivers:
o
Economic
developments in emerging areas, such as India and China
o
Rising
healthcare expenditures
o
Presence
of unmet medical needs and untapped markets coupled with increasing patient
disposable incomes
o
Changing
lifestyle of the people resulting in various lifestyle-related diseases, for
example, low-back pain resulting from long working hours.
o
Increasing
RTAs, for example, nerve injuries (paralysis) due to RTA, which require
neurostimulation postoperatively
The immense growth
opportunities available in the Asia Pacific region have attracted manufacturers
to enter these areas, for example, Medtronic aims at generating 20% of its
revenue from emerging economies in the next 5 years, commencing from 2011
·
Spinal
cord stimulation devices dominated the market in 2015 with highest share of
over 54.0%. These devices were the prime neurostimulation devices to be
commercialized, thus, hold a competitive edge over the rest of the devices in
terms of share. The cost-effectiveness provided by these devices in terms of
quality-adjusted life years will also drive the growth
·
Pain
management dominated the overall market in terms of revenue share at over 65.0%
in 2015. High global prevalence of chronic pain disorders and the growing
adoption rates of neurostimulation devices for pain management were the major
drivers recognized as contributors to the growth
·
The
industry involves several global as well as local players. Some of the key
players are Medtronic; St. Jude Medical; Boston Scientific Corporation;
Cyberonics, Inc.; and Nevro Corporation. New and innovative product development
using latest technology is expected to be a universal strategy followed by the
players
·
For
instance, in June, 2015, according to new data presented by Boston Scientific
Corporation, the company’s spinal cord stimulator system, also known as
Precision Spectra, claimed that the system provided better pain relief than its
previous generation of Precision Plus SCS systems
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this category by Grand View Research: http://www.grandviewresearch.com/industry/medical-devices
Grand View Research has
segmented the neurostimulation devices market on the basis of product,
application, and region:
Neurostimulation
Devices Product Outlook (Revenue, USD Million, Volume, 000 units, 2013
- 2024)
·
Deep
Brain Stimulators
·
Gastric
Electric Stimulators
·
Spinal
Cord Stimulators
·
Sacral
Nerve Stimulators
·
Vagus
Nerve Stimulators
Neurostimulation
Devices Application Outlook (Revenue, USD Million, 2013 - 2024)
·
Pain
Management
·
Epilepsy
·
Essential
Tremor
·
Urinary
and Fecal Incontinence
·
Depression
·
Dystonia
·
Gastroparesis
·
Parkinson's
Disease
·
Others
Neurostimulation
Devices Regional Outlook (Revenue, USD Million, 2013 - 2024)
·
North
America
o
U.S.
o
Canada
·
Europe
o
Germany
o
UK
·
Asia
Pacific
o
China
o
India
·
Latin
America
o
Brazil
o
Mexico
o
Argentina
·
MEA
o
South
Africa
o
Saudi
Arabia
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About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more information:
http://www.grandviewresearch.com
